COVID-19 brings out worst — and best — reviews

COVID-19 brings out worst — and best — reviews https://ift.tt/3mKLbjL

As the pandemic rages on, retailers often find themselves in conflict with consumers who expect more social distancing and mask-wearing or who resent being told to follow protocols. The tension has caused some of the most negative — and positive — online reviews and social media posts that reputation experts have seen.

CarLotz's go-public goal: Streamline sales

CarLotz's go-public goal: Streamline sales https://ift.tt/3kJnjfz

CarLotz is the latest online used-vehicle outlet to go public in the past few months, following Vroom and Shift. How will it differentiate itself? "We are consolidating all the middlemen into one middleman."

Group 1 reports record Q3 earnings on cost efficiencies

Group 1 reports record Q3 earnings on cost efficiencies https://ift.tt/3oy2jLj

The dealership group said net income more than tripled to $126.4 million even though revenue fell 2.5 percent to $3 billion.

Tesla plans to open about 52 new service centers in 2021, report says

Tesla plans to open about 52 new service centers in 2021, report says https://ift.tt/3e60nEO

Last week, analysts at Brokerage RBC noted that Tesla's investment in service and quality has not been enough to keep up with its increasing sales and has the potential to damage the brand.

Ford net income surges to $2.4 billion in Q3; 2020 forecast raised

Ford net income surges to $2.4 billion in Q3; 2020 forecast raised https://ift.tt/3oDLiPC

The automaker's adjusted earnings before interest and taxes more than doubled from the same period a year ago to $3.6 billion, and margins jumped to 9.7 percent.

Election outcome likely to impact auto finance landscape

Election outcome likely to impact auto finance landscape https://ift.tt/35LZc9M

Three factors will be pivotal in shaping the automotive industry's trajectory, according to Cox Automotive Chief Economist Jonathan Smoke: the spread of COVID-19 and a potential vaccine; the size and timing of an additional round of government stimulus; and the outcome of the 2020 election. But perhaps the most important is who will be president, because it will likely influence the continuing efforts to abate the deadly virus and provide financial support to impacted Americans.

In a Tuesday blog post that posits former Vice President Joe Biden will win the presidential race next week, Smoke outlined several ways that a new leader would impact the auto finance landscape.

Here are some key takeaways:

Digital tools still require dealership support

Digital tools still require dealership support https://ift.tt/3kE5Nt5

Lithia Motors executives said last week that in-store F&I managers provide the best behind-the-scenes support for virtual car deals.

Digital auto selling and lending has a weak spot: Fraud

Digital auto selling and lending has a weak spot: Fraud https://ift.tt/3oDUofA

The last few months have pushed forward the adoption of digital selling, lending and servicing solutions at breakneck speed — and consumers are happy with the changes. However, with great digital services comes great responsibility to ensure that fraud doesn't grow to an even bigger problem.

The shift to digital allowed car dealers and lenders to keep employees and customers safe while maintaining a semblance of business continuity amidst the crisis. At the same time, the rapid, urgent shift to digitization has meant auto fraud — a perennial problem — had a chance to proliferate. Indeed, in the digital world, bad actors can learn the digital fraud measures that are put into place and beat the system.

According to TransUnion research, the percentage of high-risk global financial interactions has jumped by 11 percent since March. Auto finance has been hit particularly hard with fraud spiking by 30 percent each week since March, despite a drop-off in originations.

Given the potentially greater risk of remote auto transactions, dealers and lenders may be tempted to bring customers back to the dealership as soon as possible. But digital is here to stay.

Here are some of the measures dealers and lenders can take to maintain or expand their digital offerings while preventing fraudsters from entering the system:

• Get digitally verified: In June, the Social Security Administration introduced the Electronic Consent-Based SSN Verification (eCBSV) service, which enables financial institutions to accept an electronic signature from the purported holder of a Social Security number to verify whether the applicant's submitted name and birth date combination matches.
• Examine context clues: Details that are part of the application can provide valuable context cues. For example, looking at how long a customer's email address has been active can suggest whether a synthetic identity has been "manufactured" recently.
• Implement digital ID verification: Having a customer submit their ID electronically along with a selfie taken in "live" mode and holding up the ID can add another layer of valuable protection. The photo in the ID is automatically compared to the selfie using facial recognition technology, with accuracy rates nearing 100 percent.
• Maintain open channels with dealerships: Dealerships can share information about scams among themselves to prevent repeat incidents.
• Maintain open channels with lenders: Dealerships can turn to their captive lender for support in busting online fraud, as lenders may have techniques or resources unavailable to the dealers.

While the movement toward more digital auto lending and selling has been largely positive, it does present unique challenges when it comes to fraud. Yet digital channels also open up possibilities to catch fraud through automated, sophisticated technology that can rival or even beat the accuracy of in-person verification.

— Zviki Ben Ishay is CEO of Lightico, which provides digital solutions for customer interactions.

Sonic Automotive CEO's court hearing moved to Dec. 1

Sonic Automotive CEO's court hearing moved to Dec. 1 https://ift.tt/3dZCw9Z

Sonic Automotive CEO David Smith faces a felony assault by strangulation charge and other misdemeanor charges relating to his arrest in Charlotte on Oct. 5.

Asbury more than doubles Q3 net income

Asbury more than doubles Q3 net income https://ift.tt/34xDuXO

The supply-and-demand disparity favored per-vehicle profit for auto retailers this quarter, though the megadealers that gave reports last week warned short supply would strain earnings in the long term.

VW hires former Honda exec Mikiciuk as sales VP

VW hires former Honda exec Mikiciuk as sales VP https://ift.tt/31IyGgA

Ray Mikiciuk left American Honda in 2019 and worked for Victory Automotive Group before joining Volkswagen of America on Oct. 26 as senior vice president of sales.

Nissan, Lexus defend top spots in 2020 Reputation.com study

Nissan, Lexus defend top spots in 2020 Reputation.com study https://ift.tt/31L7SMz

Tesla ranked third from last among luxury brands, followed only by Cadillac and Genesis. Tesla scored a 520, 29 points lower than its score of 549 in 2019.

Auction association eyes road ahead

Auction association eyes road ahead https://ift.tt/35CocQK

Recalls, EVs, safety technologies are focal points.

How VW can up its SUV, pickup cred

How VW can up its SUV, pickup cred https://ift.tt/2Tw4K2p

Volkswagen's proposed purchase of Navistar International would bring with it the International Harvester brand, which has a strong following among SUV fans.

Dealer anniversaries

Dealer anniversaries https://ift.tt/3dX06Uz

Dealers featured this week include Denny Murphy, dealer principal of Murphy Chevrolet in Foley, Minn.; Steve Serra, dealer principal of Serra Toyota of Decatur in Alabama; and Tom, Paul and Brittany Barberino, owners of Barberino Nissan in Wallingford, Conn.

NADA's next CEO to face new hurdles in 2021

NADA's next CEO to face new hurdles in 2021 https://ift.tt/3ooAwNb

Mike Stanton, 52, said his main goal will be to "further unlock the greatness" of NADA's 160 employees and 16,000-plus dealer members.

AutoNation ramps up plans for used-only stores

AutoNation ramps up plans for used-only stores https://ift.tt/3mnFlEA

The company aims to have 100 or more standalone AutoNation USA stores by 2030, up from five today. It expects to open five of those new stores by the end of next year.

DMS provider Tekion raises $150 million more

DMS provider Tekion raises $150 million more https://ift.tt/3kyXRcI

The new dealership management system provider has raised money from automakers and dealers as it seeks to bring more retailers onto its platform.

Deal could open tech, growth opportunities at Atlantic Auto

Deal could open tech, growth opportunities at Atlantic Auto https://ift.tt/35x3WQB

In its bid to become a major public dealership group, vehicle subscription provider LMP Automotive Holdings Inc. has agreed to purchase a 70 percent stake in Atlantic Auto Group, a large chunk of Staluppi Auto Group.

Pricey Maybach ready to roll out

Pricey Maybach ready to roll out https://ift.tt/3okPwvs

The Alabama-built Mercedes-Maybach GLS is the most expensive passenger vehicle made in America.

Toyota dealer profitability nears record

Toyota dealer profitability nears record https://ift.tt/31JY2dP

Bob Carter, head of sales for Toyota and Lexus in North America, said dealer profitability in the U.S. is up 32 percent year-over-year on higher transaction prices and strong retail demand, while production is almost back to pre-COVID levels.

Pa. auto group Zooms in on different set of skills

Pa. auto group Zooms in on different set of skills https://ift.tt/2J53j9s

The pandemic forced Tom Masano Auto Group, which had plenty of positions to fill, to try out a virtual job fair.

Ally, Time select 40 nominees for 2021 Dealer of the Year

Ally, Time select 40 nominees for 2021 Dealer of the Year https://ift.tt/3dTFOv7

The 2021 nominees are recognized for their extraordinary leadership in navigating business challenges and supporting their local communities during the COVID-19 crisis.

Ally, Time select 40 nominees for 2021 Dealer of the Year

Ally, Time select 40 nominees for 2021 Dealer of the Year https://ift.tt/3kqu7yv

The 2021 nominees are recognized for their extraordinary leadership in navigating business challenges and supporting their local communities during the COVID-19 crisis.

Nissan fine-tunes senior exec roles in North America

Nissan fine-tunes senior exec roles in North America https://ift.tt/35taDDr

Judy Wheeler, 58, will oversee U.S. sales and be tasked with shoring up the brand's retail operations.

China sales will dip 3% in 2020, resume growth in 2021, ministry forecast says

China sales will dip 3% in 2020, resume growth in 2021, ministry forecast says https://ift.tt/3md25af

Thanks to control of the coronavirus outbreak in China and government policies to revive the domestic economy, incomes of the public are increasing and their confidence in consumption has improved, a ministry spokesman said.

Sales will dip 3% in 2020, resume growth in 2021, ministry forecast says

Sales will dip 3% in 2020, resume growth in 2021, ministry forecast says https://ift.tt/34ing4A

Thanks to control of the coronavirus outbreak in China and government policies to revive the domestic economy, incomes of the public are increasing and their confidence in consumption has improved, a ministry spokesman said.

2020 auto sales will dip 3%, regain growth next year, ministry forecast says

2020 auto sales will dip 3%, regain growth next year, ministry forecast says https://ift.tt/3oowbK7

Thanks to control of the coronavirus outbreak in China and government policies to revive the domestic economy, incomes of the public are increasing and their confidence in consumption has improved, a ministry spokesman said.

Penske says Q3 most profitable in company history

Penske says Q3 most profitable in company history https://ift.tt/37CYZbs

Penske Automotive Group reported large jumps in gross profits per vehicle for both new and used vehicles and finance and insurance, helping lead to all-time quarterly record net income for the company.

Used-car consignment store CarLotz to go public via merger

Used-car consignment store CarLotz to go public via merger https://ift.tt/3dOXokf

The deal would make CarLotz the third major U.S. online car seller to go public this year, following in the trails of Vroom and Shift Technologies as online vehicle sales boom during the coronavirus pandemic.

Penske's Q3 'most profitable in company history'

Penske's Q3 'most profitable in company history' https://ift.tt/3kldhRz

Penske Automotive Group reported large jumps in gross profits per vehicle for both new and used vehicles and finance and insurance, helping lead to all-time quarterly record net income for the company.

Used-car consignment store CarLotz nears deal to go public, report says

Used-car consignment store CarLotz nears deal to go public, report says https://ift.tt/3ofptpy

The deal would make CarLotz the third major U.S. online car seller to go public this year, following in the trails of Vroom and Shift Technologies as online vehicle sales boom during the coronavirus pandemic.

GM promises no-haggle pricing for Hummer EV; Edition 1 reservations sold out in minutes

GM promises no-haggle pricing for Hummer EV; Edition 1 reservations sold out in minutes https://ift.tt/3kkJNn9

The price customers see on GMC’s website will be the price they pay, said Duncan Aldred, vice president of global Buick and GMC. All reservations available for the 2022 GMC Hummer Edition 1 were claimed within 10 minutes of Tuesday night's reveal.

FCA rebrands its online retailing platform to E-Shop

FCA rebrands its online retailing platform to E-Shop https://ift.tt/31t5pq3

The newly named E-Shop will improve consumer capability to purchase Chrysler, Dodge, Jeep, Ram, Fiat and Alfa Romeo vehicles from start to finish at home.

Subaru renews captivelike partnership with Chase Auto

Subaru renews captivelike partnership with Chase Auto https://ift.tt/2HlpKXo

Chase Auto has powered Subaru's financing arm for 19 years, making it the lender's oldest exclusive automaker agreement.

Subaru renews captive-like partnership with Chase Auto

Subaru renews captive-like partnership with Chase Auto https://ift.tt/2TijdyQ

Chase Auto has powered Subaru's financing arm for 19 years, making it the lender's oldest exclusive automaker agreement.

Reservations for Hummer Edition 1 sold out in minutes

Reservations for Hummer Edition 1 sold out in minutes https://ift.tt/3o6Y5dc

GMC wouldn't say how many reservations it accepted but added that "several thousand" customers are on a waitlist for the first-edition trim due out next fall.

Lithia posts record net income in Q3

Lithia posts record net income in Q3 https://ift.tt/2TflECo

The retailer attributed the profit surge to used-vehicle sales and growth in its service, body and parts business.

AutoNation plans to expand used-car business; Q3 net income soars

AutoNation plans to expand used-car business; Q3 net income soars https://ift.tt/34hWFEP

AutoNation said Q3 net income soared 84 percent to $182.6 million. Revenue slipped 1 percent to $5.4 billion.

DMS provider Tekion raises $150 million from investors

DMS provider Tekion raises $150 million from investors https://ift.tt/3dOHk1U

Tekion began enrolling franchised retailers on its dealership management system in late 2019 and has stores in 28 states using its platform.

NADA elects Michael Alford as 2021 vice chairman

NADA elects Michael Alford as 2021 vice chairman https://ift.tt/3dLyJgj

The National Automobile Dealers Association announced the election results Tuesday during the group's board meeting, held virtually this year because of the coronavirus pandemic.

VW bolsters Arteon base price to $38,190, cuts top trim price

VW bolsters Arteon base price to $38,190, cuts top trim price https://ift.tt/2HjxMzN

Volkswagen announced pricing of its freshened 2021 Arteon sedan, increasing the base price but cutting the sticker of the top trim level.

NADA picks COO Mike Stanton as successor to CEO Peter Welch

NADA picks COO Mike Stanton as successor to CEO Peter Welch https://ift.tt/3m4zXWP

After five months and at least 100 job applicants, the dealers association is promoting from within as it contends with the COVID-19 pandemic and switches gears to put on a virtual convention next year.

Planting the seeds for future dealership facilities

Planting the seeds for future dealership facilities https://ift.tt/34fjn0v

Dealerships are doing more business than ever outside dealership walls. Dealers are talking about how to make the online-to-in-store transition even smoother once the pandemic is over. All of that raises new questions about the fate of brick-and-mortar stores.

Detroit automakers face delicate dance with red-state supporters

Detroit automakers face delicate dance with red-state supporters https://ift.tt/3dKFheU

That strategy lets automakers avoid offending their most crucial audience: truck buyers. GM, Ford and FCA sell nearly three-quarters of their pickups -- their most-profitable, best-selling models -- in states President Trump won in 2016.

Maybach SUV takes Mercedes (way) upmarket

Maybach SUV takes Mercedes (way) upmarket https://ift.tt/3j7n8sY

Mercedes' 2021 Maybach GLS tops out at nearly $200,000, making it the most expensive passenger vehicle made in America. The SUV will be produced at Mercedes' factory in Vance, Ala.

Tax evasion storm swirls around Reynolds CEO

Tax evasion storm swirls around Reynolds CEO https://ift.tt/3dFFQH5

Bob Brockman, longtime chairman and CEO of Reynolds and Reynolds Co., remained in charge of the dealership management system giant while he faces U.S. tax evasion, money laundering and other charges tied to an alleged two-decade scheme to dodge paying taxes on $2 billion in income.

Subaru sees 2-year delay until return to record growth

Subaru sees 2-year delay until return to record growth https://ift.tt/2IKm7KX

The brand's streak of consecutive U.S. sales records ended with the COVID crisis. But the CEO thinks the return of the retail industry will favor his company.

Normal sales levels two years away, says Audi CEO

Normal sales levels two years away, says Audi CEO https://ift.tt/2HkXkMY

Markus Duesmann became CEO this year, just as the industry was shutting down because of the pandemic. He's eager to get the automaker moving forward again.

Lordstown taps QB to pitch electric truck's ‘endurance'

Lordstown taps QB to pitch electric truck's ‘endurance' https://ift.tt/3dEQfmg

The Ohio startup has hired Joe Burrow, the Cincinnati Bengals' rookie quarterback, to be the star of its "Work for it" marketing campaign.