Recession concerns overblown, auto lenders say

Recession concerns overblown, auto lenders say https://ift.tt/34g7e8w

While vehicle affordability and portfolio management remain important in today's lending environment, auto lenders point to robust consumer confidence and stable vehicle sales.

Dealertrack F&I software adds capabilities for paperless deals

Dealertrack F&I software adds capabilities for paperless deals https://ift.tt/2BXsOTi

Electronic contracting remains a much-hyped but elusive technology intended to speed up and simplify the funding of auto deals. Cox Automotive's Dealertrack believes it has the software to close some missing links in the process.

Auto lenders: Secure customer data in mobile apps

Auto lenders: Secure customer data in mobile apps https://ift.tt/2N0rwgt

Auto lenders, alongside other financial services providers, should notify customers when suspicious activity appears on a credit profile. Allowing customers to confirm transactions also goes a long way to assure them their credit profile is secure.

Calif. wildfires, blackouts impact some dealerships

Calif. wildfires, blackouts impact some dealerships https://ift.tt/32YUinc

California auto dealerships have been affected by the fires and fire-prevention measures, such as the decision by private electricity providers to cut energy to millions of customers in areas at high risk related to heat and wind.

AutoNation expands Waymo partnership; Q3 profit dips on severance cost

AutoNation expands Waymo partnership; Q3 profit dips on severance cost https://ift.tt/2qTNitU

The dealership group took a $10 million hit tied to the brief tenure of its former CEO. Revenue from new-vehicle sales slipped while increasing in other departments.

Penske Automotive Q3 earnings dinged by higher taxes, Brexit

Penske Automotive Q3 earnings dinged by higher taxes, Brexit https://ift.tt/2NpNHvy

Net income from continuing operations for the nation's second-largest new-vehicle retailer fell 11 percent to $116.1 million in the third quarter.

Hyundai taps William Lee as new global Genesis boss

Hyundai taps William Lee as new global Genesis boss https://ift.tt/2BTmfRw

Lee, a Hyundai veteran with experience in the U.S. and Brazil, steps into the role at a critical time for Genesis as it builds out its U.S. sales network and embarks on the important rollout of the brand's first crossovers.

Porsche to try out online sales

Porsche to try out online sales https://ift.tt/2JuQm67 pilot project with 25 dealers allows customers to shop vehicle inventory and complete paperwork online.

Mini's new EV will challenge $30,000 U.S. price point

Mini's new EV will challenge $30,000 U.S. price point https://ift.tt/2BRpzwt

U.S. pricing of the Cooper SE electric vehicle will make "premium electric mobility more accessible to a broader range of customers," Mini of the Americas Vice President Michael Peyton said in a statement.

Toyota digs deeper for aftermarket gold

Toyota digs deeper for aftermarket gold https://ift.tt/2qIqOvE is looking to tear a page out of the Mopar playbook by expanding its catalog of accessories and up-fits for its performance and off-road vehicles that can either be installed at the factory or through its network of dealers.

Ford Credit CEO on sale of Canvas

Ford Credit CEO on sale of Canvas https://ift.tt/2qPEc1e

Part of the reason for the sale of used-vehicle subscription startup Canvas is the subscription model itself, which is capital-intensive and asset-heavy with razor-thin margins.

CarGurus plans acquisition route to offer more digital products

CarGurus plans acquisition route to offer more digital products https://ift.tt/2Pv5ZOV

CarGurus is looking to expand beyond its roots as a third-party vehicle listings marketplace into dealer software.

Dealer anniversaries

Dealer anniversaries https://ift.tt/2p72ymJ

The dealer featured this week is Mark Hummel, dealer principal of Hummel’s Nissan in Des Moines, Iowa.

GM dealers eager to load more vendors for websites

GM dealers eager to load more vendors for websites https://ift.tt/2NkZb3k

GM ended its exclusivity deal with software giant CDK Global Inc. to host dealers' websites, giving dealers the option to contract with one of four providers -- CDK, Dealer Inspire, Dealer.com and Dealer On -- starting in 2020.

NADA: Dealers' profitability might be stabilizing

NADA: Dealers' profitability might be stabilizing https://ift.tt/2PpN1Js

As new-car sales cool, an emphasis on controlling costs and a continuing focus on fixed operations and used-vehicle sales could help reverse last year's operating loss.

Mega dealer nabs mega discount on N.Y. penthouse

Mega dealer nabs mega discount on N.Y. penthouse https://ift.tt/2piuaVV secretive auto retailing magnate paid $31.25 million for a 5,600-square-foot Plaza Hotel penthouse that Tommy Hilfiger once listed for $80 million.

Dealer turns grocery store into car center

Dealer turns grocery store into car center https://ift.tt/2WkmZsr

Colonial Toyota in Milford, Conn., made the switch this spring and has already witnessed a considerable sales boost. They are optimistic about customer response in the winter.

Used-vehicle values returning to normal?

Used-vehicle values returning to normal? https://ift.tt/31QBsgO

After another abnormal summer, used-vehicle values appear to be returning to normal.

Roger Penske awarded Presidential Medal of Freedom

Roger Penske awarded Presidential Medal of Freedom https://ift.tt/2Jf8wbZ

Roger Penske, racing icon, businessman and automotive retail leader, joined a dozen other individuals who President Trump has bestowed with the nation's top civilian honor.

Group 1 posts record Q3 revenue, higher profits on strength of used vehicles, service

Group 1 posts record Q3 revenue, higher profits on strength of used vehicles, service https://ift.tt/2MHw8bk Earl Hesterberg credited strong U.S. same-store performance in used vehicles and service for driving what he described as "one of the best quarters" in company history.

Sonic Q3 net income soars on used cars, F&I

Sonic Q3 net income soars on used cars, F&I https://ift.tt/2JllG7f

Sonic Automotive's third-quarter earnings were propelled by record used-vehicle sales, growth at its EchoPark standalone used-vehicle stores, and record finance and insurance results.

Dealership stockpiles stay high for Chinese brands, locally built global marques

Dealership stockpiles stay high for Chinese brands, locally built global marques https://ift.tt/2pU70oD

New vehicle inventories remained well above the normal range in September at dealerships for Chinese brands and mass-market global marques as the overall market downturn continued.

Lithia?s adjusted Q3 profits rise on record revenue

Lithia?s adjusted Q3 profits rise on record revenue https://ift.tt/2JeaF7x

Third-quarter revenue reached a record high for the Medford, Ore., auto retailer.

Fixed ops, finance boost Q3 profits for Lithia

Fixed ops, finance boost Q3 profits for Lithia https://ift.tt/31II0Om revenue reached a record high for the Medford, Ore., auto retailer.

Ford Q3 earnings fall 57% amid restructuring; 2019 guidance lowered

Ford Q3 earnings fall 57% amid restructuring; 2019 guidance lowered https://ift.tt/2NaPKU8

The automaker was hit by $1 billion in special charges and cited anticipated higher warranty and incentive costs for its revised full-year profit forecast.

Former VW U.S. boss Woebcken to advise Digital Motors

Former VW U.S. boss Woebcken to advise Digital Motors https://ift.tt/31MoDUY

Hinrich Woebcken, a former BMW executive who led Volkswagen Group's North American operations until last year, is also an investor in the startup retail and financial technology platform.

Technology making vehicles less affordable

Technology making vehicles less affordable https://ift.tt/2oc3TIp

While some features added to new vehicles improve safety and value, dealer leaders say gratuitous add-ons are contributing to a growing concern about affordability.

Asbury's Q3 profits rise on strength of F&I, service

Asbury's Q3 profits rise on strength of F&I, service https://ift.tt/343usyT

Growth in income from finance and insurance and service and parts compensated for the drop in new-vehicle sales and profits, which was attributed to a cutback in automaker incentive money.

Zotye USA signs dealers in 100 markets

Zotye USA signs dealers in 100 markets https://ift.tt/2W9Gsfh

CEO Duke Hale said the company plans to have agreements signed in 250 markets before its sales launch. Eventually, it expects to have about 325 locations.

Penske to try its hand in car-sharing as others shy away

Penske to try its hand in car-sharing as others shy away https://ift.tt/31BZGvd

While other auto companies are pulling back on their car-sharing services, Penske Corp. has launched a new program, Penske Dash.

Zotye USA signs dealers in 100 markets

Zotye USA signs dealers in 100 markets https://ift.tt/2BzhRqO

CEO Duke Hale said the company plans to have agreements signed in 250 markets prior to its sales launch. Eventually, it expects to have about 325 total locations.

Ford botches Explorer launch, putting Hackett back on the hot seat

Ford botches Explorer launch, putting Hackett back on the hot seat https://ift.tt/2BycxDS

Rather than help the third-quarter earnings results Ford delivers this week, the Explorer will be a hindrance. Sales have plunged as a plant plagued by personnel problems has struggled to get the new utility vehicle out the door.

'20 NADA vice chair seeks smart input

'20 NADA vice chair seeks smart input https://ift.tt/35ToXnO dealer Paul Walser has been elected vice chairman of the National Automobile Dealers Association board, indicating he is likely to be chairman of the group representing dealers in 2021.

M-B dealer faces discrimination charges

M-B dealer faces discrimination charges https://ift.tt/2MwXjp1

After reporting racial discrimination, a former sales manager says his commission was reduced and he was later fired.

Dealers upbeat on valuations, survey finds

Dealers upbeat on valuations, survey finds https://ift.tt/31vhrMD

Dealers surveyed by Kerrigan Advisors have high expectations for brands such as Subaru and are less bullish on franchises such as Nissan.

Where is the dealer uproar over Cox?

Where is the dealer uproar over Cox? https://ift.tt/2N0lAD0

Dealers should not stand back and watch Cox Automotive undermine their businesses, writes an Automotive News reader in a letter to the editor.

Experts: Dealers should prepare now for new laws

Experts: Dealers should prepare now for new laws https://ift.tt/35QcPEj

The revision to California's franchise law adds definition to a reimbursement rate for recalls and warranties that previously was based on a vague "reasonableness" standard.

Shop talk

Shop talk https://ift.tt/2BvAP1C asked fixed ops managers: "What is your best strategy for competing with aftermarket providers in your area?"

Switch to reusable filter could help dealerships win fleet maintenance work

Switch to reusable filter could help dealerships win fleet maintenance work https://ift.tt/32xgQLT

Using a resuable filter to help cut oil service costs could help dealerships attract fleet maintenance work.

Pa. dealers, OEMs can bargain on warranty labor rates

Pa. dealers, OEMs can bargain on warranty labor rates https://ift.tt/2P71cCW

Dealerships in Pennsylvania that do warranty work can contractually negotiate with automakers to get more favorable labor reimbursement rates than those required by state law, the Pennsylvania Supreme Court ruled.

Dealerships expand service hours to meet growing workload without adding bays

Dealerships expand service hours to meet growing workload without adding bays https://ift.tt/2Bv6ZKq

As demands for service increases, limited shop capacity is a growing problem for many new-vehicle dealerships.

Trade-in talk in the service drive remains the exception to the rule

Trade-in talk in the service drive remains the exception to the rule https://ift.tt/2qxBIEJ

A service visit gives a dealership an opportunity to inform the customer of the trade-in value of his or her vehicle. But a new survey suggests that most dealerships aren't taking advantage of that prospect.

As at-your-door mechanic services grow, dealers and automakers start to respond

As at-your-door mechanic services grow, dealers and automakers start to respond https://ift.tt/31yqoVA

As more customers demand that businesses deliver services and products to their home or workplace, dealerships and automakers are taking their first steps to get technicians out of the shop.

Fixed in time

Fixed in time https://ift.tt/32wm0Yh

An historic look at West Park Chevrolet in Cleveland.

ROUNDUP: News items from the world of fixed operations

ROUNDUP: News items from the world of fixed operations https://ift.tt/2VZZAfu

CarMax Inc. plans to hire more than 850 service technicians and detailers, the largest such hiring effort by the used-vehicle retailer in its 26-year history.

One dealership's quick service, step by step

One dealership's quick service, step by step https://ift.tt/31sIOH3

When a customer visits a dealership's express service center for an oil change, time is crucial.

Almost 10 years later, Paul's still on call for service customers' emergencies

Almost 10 years later, Paul's still on call for service customers' emergencies https://ift.tt/2J8UVTn

Nearly a decade after he launched a hotline for service customers' emergencies, a dealership executive continues to staff it 24/7 -- personally.

In service war, dealerships enlist transparency, technology, mobility

In service war, dealerships enlist transparency, technology, mobility https://ift.tt/2P59Cec

Two of every three service visits are to independent shops, quick-lube chain stores, tire dealers and other competitors. Dealers are looking for new opportunites to cut into their share of the market.

Dealers battle from behind for body shop work

Dealers battle from behind for body shop work https://ift.tt/33QVg5h

Although chain and independent body shops dominate the market, some dealers continue to find big profits in collision repair.

Dealers, OEMs must make vehicle service a rewarding experience

Dealers, OEMs must make vehicle service a rewarding experience https://ift.tt/2PaYDQt than 272 million cars and light trucks are on the road in the United States. Ownership journeys -- and the aftersales and aftermarket processes that support them -- remain overdue for reimagination and investment.