Lithia signals profit surge ahead of third-quarter earnings

Lithia signals profit surge ahead of third-quarter earnings https://ift.tt/3n8m9Mc

The third-largest U.S. public new-vehicle retailer also announced plans to raise more than $1.1 billion in capital.

Auto delinquencies tick up as consumers roll out of forbearance

Auto delinquencies tick up as consumers roll out of forbearance https://ift.tt/2HBD1uy

Delinquency rates ticked up slightly in August as forbearance rates fell, according to TransUnion.

Protective Asset Protection to acquire rival Revolos

Protective Asset Protection to acquire rival Revolos https://ift.tt/3ihuhqf

The coronavirus pandemic disrupted initial acquisition plans, as well as the operations of both companies.

Ford cuts Mustang Mach-E prices ahead of launch

Ford cuts Mustang Mach-E prices ahead of launch https://ift.tt/3jsyRDD

The upcoming electric crossover will cost between $1,000 and $3,000 less, depending on trim, than originally announced.

Carvana wins over investors with forecast for Q3 records

Carvana wins over investors with forecast for Q3 records https://ift.tt/33eRuFf

Carvana said last week it expects to set records in several areas when it reports its third-quarter financial results. Investors have rewarded the retailer.

Dealer anniversaries

Dealer anniversaries https://ift.tt/3kShtZ1

50 with BMW

Joe Buzzetta, fourth from left, dealer principal of Competition BMW of Smithtown in Saint James, N.Y., receives a 50-year award from Tom Shanley, third from left, BMW of North America regional vice president. Also pictured are, from left, Michael Macchio, Competition BMW general manager; Jeff Rubin, Competition BMW director of operations; Tadhg O’Connor, BMW of North America area manager; and James Buzzetta Jr., Competition Automotive Group service adviser.

Hyundai dealers must have say in store upgrades

Hyundai dealers must have say in store upgrades https://ift.tt/3kPDvf5

Retailers should get to decide when and whether to invest in the costly improvements Hyundai wants to resume in its stores.

Prime Automotive Group sells 10 stores, settles disputes

Prime Automotive Group sells 10 stores, settles disputes https://ift.tt/2S6KfJe

The nation's 11th-largest new-vehicle retailer has sold some of its dealerships outside of New England and has entered into settlement agreements with Toyota and a Subaru distributor involving another eight dealerships in the Northeast.

NADA's Dandridge builds bridge between dealers, public policy

NADA's Dandridge builds bridge between dealers, public policy https://ift.tt/2Hsl6X9

The National Automobile Dealers Association's first executive director of external affairs and public policy is working to gain allies and greater support for the association's diverse membership of franchised dealers.

Carvana expects an adjusted breakeven Q3

Carvana expects an adjusted breakeven Q3 https://ift.tt/3ianNcK

The fast-growing used-vehicle retailer hasn't posted a net profit since going public in 2017, and it doesn't forecast one for the third quarter.

Ford does about-face with Sasquatch stick shift

Ford does about-face with Sasquatch stick shift https://ift.tt/308Z7Lx

The SUV can now be configured with both a seven-speed manual gearbox and the off-road Sasquatch package that includes 35-inch tires and a high-clearance suspension.

Determination, positivity drove Rick Case in sales, life

Determination, positivity drove Rick Case in sales, life https://ift.tt/2G49Sb6

The CEO of Rick Case Automotive Group was known for record-breaking sales, bets on new brands and philanthropy work in South Florida.

Omnichannel press is on for CarMax after rebound

Omnichannel press is on for CarMax after rebound https://ift.tt/3i6UR5q

A new marketing campaign around the used-car company's omnichannel retail strategy is expected to be rolled out later this year.

Michigan enters fray over direct EV sales

Michigan enters fray over direct EV sales https://ift.tt/36bumJJ

A bill in Michigan limiting direct vehicle sales outside of an exception made for Tesla has sparked pushback from startup EV makers that want to bypass dealerships and sell directly to consumers.

Old cars keep Mercedes store thriving

Old cars keep Mercedes store thriving https://ift.tt/2G5DnJt

Dealer Jeff Aiosa has built a thriving side business keeping classic Benzes road-worthy.

Big-ticket car dealers adjust to tight inventories

Big-ticket car dealers adjust to tight inventories https://ift.tt/366u3jk

For ultraluxury and exotic retailers, vehicle inventories — new and used — are tight, used models are commanding higher prices and service has taken on even greater importance.

Big-ticket car dealers adjust to tight new, used inventories

Big-ticket car dealers adjust to tight new, used inventories https://ift.tt/3kTPOam

For ultraluxury and exotic retailers, vehicle inventories — new and used — are tight, used models are commanding higher prices and service has taken on even greater importance.

Big Jeep store opens after pandemic changes sales scene

Big Jeep store opens after pandemic changes sales scene https://ift.tt/3325Us8

Construction delays helped the store avoid a head-on collision with the onset of the pandemic, and the 11-month setback let the dealership tailor its layout for the COVID-19 era.

Ford details Bronco allocation process to dealers; top performers could get 'hundreds'

Ford details Bronco allocation process to dealers; top performers could get 'hundreds' https://ift.tt/369ufyq

Mark LaNeve, Ford's vice president of U.S. marketing, sales and service, said he thinks Ford will initially be able to convert "over 75 percent" of its 165,000 Bronco reservations.

Michigan House committee OKs bill limiting direct EV sales

Michigan House committee OKs bill limiting direct EV sales https://ift.tt/3i1jwID

A bill in Michigan that would prevent electric vehicle manufacturers beyond Tesla from selling directly to consumers in the state sets up another fight over direct sales.

CarMax rebounds to record revenue, profits in Q2

CarMax rebounds to record revenue, profits in Q2 https://ift.tt/2RVkefH

CarMax's record results reflected the larger rebound of the industry in the summer months after the outbreak of the coronavirus pandemic.

Florida dealer Rick Case dies of cancer

Florida dealer Rick Case dies of cancer https://ift.tt/32WlSnA

Longtime auto dealer Rick Case died Sept. 21 after a short battle with cancer. In his nearly 60 years in auto retail, Case helped launch some of the first U.S. dealerships for several car brands and set many sales records.

Florida dealer Rick Case dies of cancer

Florida dealer Rick Case dies of cancer https://ift.tt/3cpPn4f

Longtime auto dealer Rick Case died Sept. 21 after a short battle with cancer. In his nearly 60 years in auto retail, Case helped launch some of the first U.S. dealerships for several car brands and set many sales records.

Fed move to keep benchmark interest rate may not help auto customers

Fed move to keep benchmark interest rate may not help auto customers https://ift.tt/2RUjSpO

Rather than a positive omen, the move signals a slow economic recovery as the U.S. continues to grapple with the coronavirus pandemic.

Industry eyes virtual notary services to identify digital car buyers

Industry eyes virtual notary services to identify digital car buyers https://ift.tt/2RUkvQe

In the COVID-19 era, social distancing, mask requirements and an uptick in online sales transactions add hurdles to confirming customer identity, dealers say. Perhaps because of this, there has been an increased interest in leveraging virtual notary services in auto sales.

Fed move to stay benchmark interest rate may not help auto customers

Fed move to stay benchmark interest rate may not help auto customers https://ift.tt/3hQXeJm

Rather than a positive omen, the move signals a slow economic recovery as the U.S. continues to grapple with the coronavirus pandemic.

Black Widow investment shows pictures are worth millions of dollars

Black Widow investment shows pictures are worth millions of dollars https://ift.tt/3cnQrG8

Within condition reports, images are a key component intended to give buyers confidence in the vehicles on which they're bidding.

Carvana expects record Q3 revenue, retail vehicle sales

Carvana expects record Q3 revenue, retail vehicle sales https://ift.tt/33ONQRA

Like many used-vehicle retailers, the company has benefited from a seller's market after emerging from a trough in early April.

Polestar plans to double global showrooms this year, hit new markets

Polestar plans to double global showrooms this year, hit new markets https://ift.tt/3kwbFV0

CEO Thomas Ingenlath said the electric vehicle maker is looking to expand in the Asia Pacific region and the Middle East.

Musk says Tesla has 'shot at record quarter'

Musk says Tesla has 'shot at record quarter' https://ift.tt/3mHbxny

“We have a shot at a record quarter for vehicle deliveries, but will have to rally hard to achieve it,” Musk wrote in an internal email Sunday. “This is the most number of vehicles per day that we’ve ever had to deliver.”

OBITUARY: John Weinberger

OBITUARY: John Weinberger https://ift.tt/2FDwyio

John Weinberger, co-founder of Chicago retailer Continental Motors Group, died Sept. 12 at age 88.

It's still Day 1 for vehicle subscriptions

It's still Day 1 for vehicle subscriptions https://ift.tt/3j1bK2o

In a July editorial, Automotive News called time on vehicle subscriptions. At Clutch and Cox Automotive, we couldn’t disagree more. 

Dealership lets city use its pickups

Dealership lets city use its pickups https://ift.tt/3hL7qTP

City employees borrowed pickups from Toth Buick-GMC's new-vehicle inventory so they didn't have to ride with colleagues while traveling to job sites during the coronavirus pandemic.

Hyundai wants to restart facility upgrades; dealers wary

Hyundai wants to restart facility upgrades; dealers wary https://ift.tt/33MiURL

Hyundai and Genesis say it's time to get back to their pandemic-delayed dealership upgrade programs. Some retailers think it's too soon.

Dealer anniversary

Dealer anniversary https://ift.tt/33MDYb2

25 with Chevy, Buick, GMC, Cadillac

Britt Bacon, left, dealer principal, and Bryson Bacon, Internet manager of Bacon Auto Country in Jacksonville, Texas, received 25-year awards from General Motors for Chevrolet, Buick, GMC and Cadillac.

Buy-sells are unleashed after COVID slowdown

Buy-sells are unleashed after COVID slowdown https://ift.tt/32Ll0Ca

Activity picked up sharply in June after the onset of the coronavirus pandemic in March triggered delays in closing transactions.

Gift cards build up restaurants and goodwill

Gift cards build up restaurants and goodwill https://ift.tt/3iJMaiq

One upstate New York dealership group has been able to utilize livestreamed videos along with gift card giveaways to create goodwill in its community and reach new customers.

EV upgrades may be final straw for some Cadillac dealers

EV upgrades may be final straw for some Cadillac dealers https://ift.tt/2FPvbwL

The luxury brand is requiring U.S. dealers who want to keep their franchises after 2022 to spend at least $200,000 installing chargers, buying special tooling and training their employees to handle a lineup that's planned to be fully electric within a decade.

La. dealership shelters employees, community after hurricane

La. dealership shelters employees, community after hurricane https://ift.tt/3kwzc86

Lake Charles Toyota sheltered 31 people and nine animals Aug. 27 as the hurricane blew through southwest Louisiana, damaging homes and businesses. In the weeks after the storm, the dealership continued to be home base for store employees and others.

Former NADA Chairman Dale Willey dies at 79

Former NADA Chairman Dale Willey dies at 79 https://ift.tt/2ZMYGqa

Willey led the dealer organization in 2007, mitigating industry issues leading up to the U.S. financial crisis.

Audi rolls out rental program to dealerships

Audi rolls out rental program to dealerships https://ift.tt/2E9NnR4

Silvercar — the wholly owned Audi subsidiary that has been the German premium brand's platform to experiment with mobility solutions — is expanding a partnership with Audi dealerships in several U.S. metros that will make on-site Audi rentals available.

Cars.com looks to shed part of Chicago headquarters

Cars.com looks to shed part of Chicago headquarters https://ift.tt/2RzkpgL

The move comes four months after the company announced a round of layoffs triggered by the COVID-19 crisis.

Fair expands into longer-term used-vehicle leases

Fair expands into longer-term used-vehicle leases https://ift.tt/3iG5SM4

The used-vehicle subscription service is adding two- and three-year lease options to grow the company and reduce monthly costs for customers.

Gulf Coast dealers face high winds, power outages from Hurricane Sally

Gulf Coast dealers face high winds, power outages from Hurricane Sally https://ift.tt/2RwLAJ5

Dealerships in the Mobile Bay area were spared the worst when the storm hit further east than expected, said the president of the Automobile Dealers Association of Alabama.

Cadillac requiring dealers to make $200,000 in upgrades for EVs

Cadillac requiring dealers to make $200,000 in upgrades for EVs https://ift.tt/2ZHMaYX

The luxury brand told its 880 U.S. dealers that they will need to invest in chargers, tooling and training before the Lyriq EV arrives in late 2022.

Leveraging digital advertising during pandemic for quicker recovery

Leveraging digital advertising during pandemic for quicker recovery https://ift.tt/35D5YQW

Shifting digital ad spending to fixed ops campaigns is a big reason fixed ops have been a driver of revenue for auto dealers this summer, and most likely for the remainder of the year.

CarEdge launches consumer-focused website offering vehicle research, listings

CarEdge launches consumer-focused website offering vehicle research, listings https://ift.tt/3koAmTk

CarEdge, which launched this year, will combine its vehicle research on resale values with active listings and send customer leads to dealerships for free.

Subprime shrinks amid COVID-19 sales conditions

Subprime shrinks amid COVID-19 sales conditions https://ift.tt/3c1HFNK

Tighter credit and limited showroom access likely caused the notable decline of consumers in lower credit tiers, exacerbating a trend in motion since 2013.

More changes to come for F&I process online

More changes to come for F&I process online https://ift.tt/3mqPRvN

Automobile dealerships changed digital processes radically through the coronavirus pandemic, especially the finance-and-insurance portion.

A new survey from F&I product provider Protective Asset Protection indicates more change is on the horizon — especially when it comes to allowing customers to research F&I products ahead of time.

Sixty-five percent of the survey's 400 dealership respondents said adding F&I product information to their websites was their next priority. More than half of respondents also said customers should be able to select and purchase F&I products and finalize all paperwork online.

The changes themselves are not new — but the levels of dealership adoption may be shifting toward a majority.

"Creating a digital retailing environment with access to F&I product options is paramount to the success of any online retailing strategy," Rick Kurtz, senior vice president of distribution at Protective, said in a statement.

Dealerships have been incredibly flexible and fast-moving when it comes to transacting online in the COVID-19 era. But many believe there are more changes on the F&I horizon.

TrueCar adds executive leadership roles

TrueCar adds executive leadership roles https://ift.tt/3iFjsPC

Vehicle listings site TrueCar created new executive roles, including COO and chief consumer officer positions, amid an ongoing restructuring.