How a Honda store nobody wanted led to a big jackpot

How a Honda store nobody wanted led to a big jackpot https://ift.tt/3t8B5ND

A bankrupt old L.A. dealership delivered a big payday for three business partners who had the patience and vision to bring it back to life.

Dealers cautious as Biden's term begins

Dealers cautious as Biden's term begins https://ift.tt/2Mn9Yh1

Dealers are anticipating the Biden administration will affect their businesses in 2021, with a majority bracing for a negative impact, according to Automotive News' 2021 Dealer Outlook Survey of more than 180 dealership executives.

Electronic signatures gaining momentum

Electronic signatures gaining momentum https://ift.tt/3aij46Y

State franchised dealer associations say efforts to allow electronic signatures on title and registration forms have gained ground during the pandemic.

Infiniti dealer leader says go hybrid

Infiniti dealer leader says go hybrid https://ift.tt/2MFhDHB

Ed Lennon Jr. suggests investment in hybrids first, rather than gambling on the market for electric vehicles.

N.C. dealer partners with TV show host to engage techs during slowdown

N.C. dealer partners with TV show host to engage techs during slowdown https://ift.tt/36twvjf

When COVID-19 hit, John Hiester wondered if his techs, when things got slow in the afternoon, would want to pass the time turning wrenches on old cars. Soon, it snowballed into a competition and having the winning car auctioned for charity.

Retailers wary of EVs even as electrification charges ahead

Retailers wary of EVs even as electrification charges ahead https://ift.tt/2MLMCl1

Automakers' retail partners often remain uncertain about the transition to electric vehicles — even luxury dealers in areas where EVs have enjoyed the deepest market penetration.

After record profits amid pandemic, dealer outlook soars for '21

After record profits amid pandemic, dealer outlook soars for '21 https://ift.tt/3cu5OyQ

Ten months ago dealers braced themselves for a financial hit as the coronavirus pandemic started to wash across the U.S. It never materialized. An Automotive News survey of dealership executives illustrates the boon.

Online sales push may refine omnichannel retail

Online sales push may refine omnichannel retail https://ift.tt/2YwyezR

Fully digital auto sales may be a ways off, but the technology and digital processes that dealerships adopted during the pandemic may improve their online-to-in-store transition.

Ricart got to work with ‘no playbook' for virus

Ricart got to work with ‘no playbook' for virus https://ift.tt/3tfDoOH

Despite the unpredictability of his term as chairman, 2020 NADA Chairman Rhett Ricart says he "wouldn't have written this script any other way."

VW dealer group leader sees crossovers driving sales

VW dealer group leader sees crossovers driving sales https://ift.tt/3crO1YO

Tom McMenamin says that the 2021 arrival of the ID4 and Taos, as well as a first full year of sales from the Atlas Cross Sport, should give the German brand sales momentum this year.

Lithia said to be near deal to buy Michigan's Suburban Collection

Lithia said to be near deal to buy Michigan's Suburban Collection https://ift.tt/3oB1CQ6

The purchase would give the nation's third-largest dealership group a big Midwest foothold as it continues an aggressive growth strategy.

Taking initiative to fill service need

Taking initiative to fill service need https://ift.tt/36uT07h

Miami-based Warren Henry Auto Group launched a pair of programs to recruit and retain hard-to-find service technicians.

Old-school Cadillac dealership takes offramp from EV future

Old-school Cadillac dealership takes offramp from EV future https://ift.tt/2MbA4Us

Downtown Louisville's Brown Bros. Cadillac — with a showroom decked out in gold chandeliers, stained-glass windows and marble fireplace — is among the more than 175 dealerships that aren't sticking around for an all-electric future. Remaining dealers are learning what upgrades they need.

Vendors scramble to bolster digital auto retailing tools

Vendors scramble to bolster digital auto retailing tools https://ift.tt/3al0Ul3

During the coronavirus pandemic, software giants and startups alike realized dealership clients needed more from their products than they had to offer — a way for customers to completely, legally, purchase a vehicle online. They got busy.

Matthews Auto Group buys 5 N.Y. dealerships from Fuccillo

Matthews Auto Group buys 5 N.Y. dealerships from Fuccillo https://ift.tt/2Ynr2pF

The acquisition involves two Kia dealerships, two Hyundai dealerships and a Nissan dealership, bringing Matthews' store count to 13.

Rick Case group sells Ohio dealerships to Spitzer

Rick Case group sells Ohio dealerships to Spitzer https://ift.tt/39lzYlN

Rick Case Automotive Group has sold its two Northeast Ohio stores and will focus on its 14 dealerships in metro Atlanta and in South Florida, where the group is based. The remaining dealerships are not for sale, CEO Rita Case said.

Cadillac dealers to begin EV prep next month

Cadillac dealers to begin EV prep next month https://ift.tt/3ot93sl

The luxury brand is working with ABM, a provider of electrification solutions, to assess the upgrades and costs necessary for each dealer to sell and service EVs.

Rick Case sells Ohio dealerships to Spitzer

Rick Case sells Ohio dealerships to Spitzer https://ift.tt/3iT3yCr

Rick Case Automotive Group has sold its two Northeast Ohio stores and will focus on its 14 dealerships in metro Atlanta and in South Florida, where the group is based. The remaining dealerships are not for sale, CEO Rita Case said.

AutoFi launches ‘lending-as-a-service' business unit

AutoFi launches ‘lending-as-a-service' business unit https://ift.tt/3qXdU6Z

The tool, which integrates with dealership and auto lender software, is supported by the new Enterprise Unit of the finance software's company, expanding on the existing Digital Retail Solutions Division.

Ally ramps up automation on wave of consumer confidence

Ally ramps up automation on wave of consumer confidence https://ift.tt/3cdagSp

The change signals a growing confidence in the company's underwriting tools and the financial stability of its customer base amid the ongoing coronavirus pandemic.

Illinois rate cap bill would impact auto lending

Illinois rate cap bill would impact auto lending https://ift.tt/3cdLVvG

The bill, which would cap the interest rate charged on installment loans below $40,000 at 36 percent, illustrates the tightrope regulators and government bodies walk in crafting rules that expand credit access for high-risk populations without burying those borrowers under insurmountable debt.

Nvidia's Huang predicts software will rule industry

Nvidia's Huang predicts software will rule industry https://ift.tt/2YbuAeD

Nvidia's CEO envisions a new order, where autos sell for near cost and manufacturers make their money on software upgrades.

Store tries to go back on Bronco Sport sale

Store tries to go back on Bronco Sport sale https://ift.tt/3ofGwXs

A Florida dealership demanded that a customer return his new vehicle because Ford had provided it on the condition that it be kept in the showroom for four months before being sold.

OBITUARY: Dale Baker

OBITUARY: Dale Baker https://ift.tt/3od12YI

The longtime auto dealer in Michigan and Ohio died Jan. 9 at age 86.

Has the day of the software-defined car arrived?

Has the day of the software-defined car arrived? https://ift.tt/3a6KoVI

ZF's new Middleware software approach to vehicle controls should help automakers move to more advanced architectures sooner.

Dealer anniversaries

Dealer anniversaries https://ift.tt/3sTnM3r

Dealers featured this week include Hanley Dawson I, president of Patrick Dealer Group; and Jared Cantanucci, president of New Country Motor Car Group.

Opportunity open online for dealers, Cox finds

Opportunity open online for dealers, Cox finds https://ift.tt/3c5Gwqj

A new study explores customers' preferences toward digital retailing and the barriers to adoption that remain.

4 myths that threaten dealers

4 myths that threaten dealers https://ift.tt/3pf0pPH

New-car and -truck retailers are facing increasing pressure from Wall Street and Silicon Valley-backed disrupters peddling false narratives.

OBITUARY: Herbert Woodbrey

OBITUARY: Herbert Woodbrey https://ift.tt/39cWc9j

The former Chevrolet dealer died Nov. 12 at age 92.

Used-car biz not getting easier, but it's better

Used-car biz not getting easier, but it's better https://ift.tt/3iHp38U

Customer satisfaction is a key battleground in the pre-owned vehicle business today, and CarMax is turning up the heat.

Trump releases gambler, car dealer Billy Walters

Trump releases gambler, car dealer Billy Walters https://ift.tt/3pfjgtR

Walters, 74, served four out of five years of his federal prison sentence for an elaborate insider-trading scheme. It's unclear whether Walters still owns car dealerships.

Dealers call on Nissan to revive Xterra

Dealers call on Nissan to revive Xterra https://ift.tt/3a43Cev

Customer enthusiasm for the new Ford Bronco has some of the Japanese brand's dealers calling for the revival of the Xterra SUV.

Time for new pre-owned pricing tack

Time for new pre-owned pricing tack https://ift.tt/2KJ5MYb

Do we have to return to normal? Or is it time to reset the market and create a new normal — one in which dealers can enjoy healthy margins again?

Employees win for doing ‘Wright' thing

Employees win for doing ‘Wright' thing https://ift.tt/3c6HItC

Dave Buck certificates are given to staff as recognition for doing something outside of their job description that enhances the dealership environment.

Hank Aaron, baseball Hall of Famer and former Georgia auto dealer, dies at 86

Hank Aaron, baseball Hall of Famer and former Georgia auto dealer, dies at 86 https://ift.tt/396pk22

The legendary home run king for several years owned an Atlanta-based auto group that consisted of BMW, Mini, Honda, Toyota, Jaguar and Land Rover franchises.

CarLotz shares start trading after reverse merger

CarLotz shares start trading after reverse merger https://ift.tt/39SmFs9

The company began trading shares Friday under the "LOTZ" ticker symbol. CarLotz CEO Michael Bor said going public should help raise the online used-car retailer's profile and visibility.

CarLotz lands on Nasdaq after reverse merger with acquisition company

CarLotz lands on Nasdaq after reverse merger with acquisition company https://ift.tt/3c5QZlE

The company was set to begin trading Friday under the "LOTZ" ticker symbol.

CarGurus promotes finance chief Jason Trevisan to CEO

CarGurus promotes finance chief Jason Trevisan to CEO https://ift.tt/2Y4IwH7

Founder and former CEO Langley Steinert will now serve as executive chairman of the expanding vehicle listings company.

Early EV adopters likely to buy another, J.D. Power finds

Early EV adopters likely to buy another, J.D. Power finds https://ift.tt/3iL3JzH

The study found that the likelihood for EV owners to purchase another EV from the same brand lessens as satisfaction declines.

Cadillac to take 500 reservations for Blackwing sedans

Cadillac to take 500 reservations for Blackwing sedans https://ift.tt/3c7Nmvo

The GM luxury brand will start accepting $1,000 deposits after revealing the CT4-V and CT5-V Blackwing sedans Feb. 1.

Former NADA President Leon Edwards dies at 89

Former NADA President Leon Edwards dies at 89 https://ift.tt/3oY7WlH

Edwards, a Chevrolet dealer from Birmingham, Ala., was NADA president in 1995.

VW ends Golf production in Mexico

VW ends Golf production in Mexico https://ift.tt/35YBsjO

The higher-priced Golf R and Golf GTI will continue in the U.S. for the 2022 model year, imported from Germany. The base-model Golf hatchback will be phased out in the U.S.

Chase secures Rivian as latest private label partner

Chase secures Rivian as latest private label partner https://ift.tt/35Y2NlY

This is Chase's first direct-to-consumer private-label automaker partnership.

Biden's pick for CFPB chief outspoken about enhanced regs for dealers

Biden's pick for CFPB chief outspoken about enhanced regs for dealers https://ift.tt/392GzBo

In deciding to nominate Federal Trade Commission member Rohit Chopra to oversee the Consumer Financial Protection Bureau, President Joe Biden tapped a vocal advocate of regulation by enforcement.

Chopra's appointment as head of the federal watchdog comes at a particularly sensitive time for the auto industry, where subprime customers face heightened scrutiny when applying for auto loans and are all but vanishing from the new-vehicle market.

As an FTC commissioner, Chopra has been an outspoken critic of how some dealerships are compensated for arranging customer financing.

Chopra aired his views on indirect auto lending as part of a particularly egregious case of unfair and abusive practices the FTC pursued against New York dealership Bronx Honda.

The retailer agreed last May to pay $1.5 million to settle a gamut of FTC charges, from deceptive advertising to double-charging consumers taxes on vehicle purchases.

In particular, allegations that management knowingly discriminated against African American and Hispanic car buyers, who, as far back as 2010, were charged "statistically significant" higher markups than similarly situated white customers, were particularly heinous. According to the FTC, "The defendants told employees that these groups should be targeted due to their limited education, and not to attempt the same practices with non-Hispanic white consumers," the agency said in a statement.

In his remarks on the Bronx Honda case, Chopra chided the FTC for not following the lead of Congress in establishing more protections for consumers and against auto lending abuses, particularly members of the military: "Given the many unscrupulous actors that target military families, the FTC's rule-making authority is a particularly useful tool," he said. "Nevertheless, the agency has not even solicited comment or otherwise initiated a rule-making process to combat these harms."

Additionally, Chopra cites other areas pertinent to auto finance the FTC could exact rule-making to mitigate: "fake recall notices, yo-yo financing schemes, deceptive advertising, GPS trackers and kill switches, and add-on products" such as finance and insurance products.

The term of current CFPB Director Kathy Kraninger, appointed by President Donald Trump, officially ends in 2023, though Chopra's nomination suggests her time at the helm won't last much longer. As the light blue wave sweeps across the White House and Congress, dealerships should keep a close eye on compliance concerns in the finance office.

Mass. dealership group to pay $1 million in unemployment scheme settlement

Mass. dealership group to pay $1 million in unemployment scheme settlement https://ift.tt/35ZAfZD

The state's attorney general alleges Colonial Automotive Group furloughed sales employees last spring and then asked them to complete some unpaid work while they received unemployment benefits.

Stellantis CEO to U.S. dealers: ‘I love you'

Stellantis CEO to U.S. dealers: ‘I love you' https://ift.tt/3o3en5v

Carlos Tavares says he'll meet with dealers after addressing some immediate priorities and that the automaker eventually would consider having a captive financing arm in the U.S.

Biden to pick FTC's Chopra to steer CFPB

Biden to pick FTC's Chopra to steer CFPB https://ift.tt/39FZlOg

Rohit Chopra, whose consumer advocacy views align with Sen. Elizabeth Warren, D-Mass., has been an outspoken critic of some dealership business practices while serving as a member of the FTC.

Biden expected to pick FTC's Chopra to steer CFPB

Biden expected to pick FTC's Chopra to steer CFPB https://ift.tt/3io2BBH

Rohit Chopra, whose consumer advocacy views align with Sen. Elizabeth Warren, D-Mass., had been considered a top candidate for the job running the agency created after the 2008-09 financial crisis.

Dealer anniversaries

Dealer anniversaries https://ift.tt/39zKGUs

40 with BMW

Jay Wyatt, left, dealer principal of Valley Auto World BMW in Fayetteville, N.C., receives a 40-year award from Neil Ashton, area manager for BMW of North America.

 

25 with Chevrolet, Cadillac, Buick

Mike Molstead, left, president of Mike Molstead Motors in Charles City, Iowa, receives a 25-year award for Chevrolet, Cadillac and Buick from Craig Bailey, General Motors zone manager.

 

 

 

25 with Toyota

Ken Ganley, right, dealer principal of Ganley Toyota in Akron, Ohio, receives a 25-year award from Shane Sizemore, general manager of Toyota Motor North America’s Cincinnati region.

 

 

 

Inventory at 3 million for first time since May

Inventory at 3 million for first time since May https://ift.tt/3qz4nmv

But the ongoing computer chip shortage could mean stocks will begin to shrink again.