J.D. Power: Buyers on fence over EVs

J.D. Power: Buyers on fence over EVs https://ift.tt/3bQcyVA

The fact that so many consumers are on the fence about considering a battery-electric vehicle for their next purchase or lease presents an opportunity for automakers to sell them on the idea. But it also could create a temporary surplus in EV inventory.

Lean lots won't last without new dealer discipline

Lean lots won't last without new dealer discipline https://ift.tt/3bKOOlW

Retailers must manage inventory as well as expectations for the unexpectedly high profits of 2020 to last.

OBITURARY: Lee Vincolese

OBITURARY: Lee Vincolese https://ift.tt/3r3MkoV

The former auto dealer died Jan. 30 at age 90.

Dealer profits surge 48% to record in a ‘unique' 2020

Dealer profits surge 48% to record in a ‘unique' 2020 https://ift.tt/3kEPRHZ

The 2020 figure blew by the industry's previous profit record for the average store, recorded in 2015.

In SPACs, dealers see viable option to go public

In SPACs, dealers see viable option to go public https://ift.tt/3uIFkQA

Franchised dealers are talking to their accountants, lawyers and other advisers about the possibility of going public via special purpose acquisition companies, or SPACs, which have exploded in number during the past year.

New look at Nissan a positive sign

New look at Nissan a positive sign https://ift.tt/3dUJAXi

Redesigned Nissans should lead to sales boost, writes an Automotive News reader in a letter to the editor.

What dealers can do if D.C. power shift affects recalls

What dealers can do if D.C. power shift affects recalls https://ift.tt/3sCoKjs

Safety recall legislation will be in the crosshairs of federal lawmakers. How can dealers protect themselves?

Polestar expands to mid-America

Polestar expands to mid-America https://ift.tt/3uFj5ev

By the end of 2022, the electric vehicle maker hopes to have 35 stores in the U.S.

Is your dealership a great place to work?

Is your dealership a great place to work? https://ift.tt/3uEnQ7X

For the 10th time, Automotive News is partnering with Best Companies Group to identify dealerships that have excelled in creating quality workplaces.

To improve digital retailing, build on lessons of 2020

To improve digital retailing, build on lessons of 2020 https://ift.tt/2Plcw0u

The next year will bring opportunities to build on the digital retailing lessons learned during the coronavirus pandemic and improve the customer experience.

OBITUARY: Stuart Cavender

OBITUARY: Stuart Cavender https://ift.tt/2NHCOJY

The longtime auto dealer died Feb. 16 at age 63.

New-school solution for recruiting auto techs

New-school solution for recruiting auto techs https://ift.tt/3rhi5LD

While other dealerships struggle to find technicians, Magic Toyota in Edmonds, Wash., is training its own techs in-house, hiring a full-time professor to lead staff development efforts.

Dealers in Texas putting wintry mess in rearview

Dealers in Texas putting wintry mess in rearview https://ift.tt/37RPggN

The snow, ice and astoundingly frigid temperatures that devistated power and water systems in mid-February was just the latest catastrophe to hit Texas dealers.

Carvana Q4 net loss widens on debt costs; revenue surges

Carvana Q4 net loss widens on debt costs; revenue surges https://ift.tt/3uB1Qe4

The online used-vehicle retailer's revenue and retail sales soared in the fourth quarter, though debt retirement led to a higher net loss.

Online used-vehicle startup Gettacar raises $25M

Online used-vehicle startup Gettacar raises $25M https://ift.tt/3pX9Z9j

The Philadelphia-area company, which operates in seven markets on the East Coast, said it plans to expand into new locations and focus on product development.

Enforcement likely from new CFPB administration

Enforcement likely from new CFPB administration https://ift.tt/3bFa2Bq

Senior executives at the American Financial Services Association discussed a spate of regulatory hurdles facing auto lenders from the federal and state levels in the years ahead.

Federal credit reporting agency unlikely, AFSA says

Federal credit reporting agency unlikely, AFSA says https://ift.tt/3dFapid

Though a federally run credit-scoring agency is unlikely, the desire for greater transparency in how scores are created and maintained remains.

Subprime auto buyers pummeled by pandemic

Subprime auto buyers pummeled by pandemic https://ift.tt/2P3hVsJ

Two industry reports indicate subprime automotive originations lagged in the fourth quarter, while those customers with auto loans faced the highest levels of delinquency and financial hardship.

How the pandemic has changed the way car shoppers communicate

How the pandemic has changed the way car shoppers communicate https://ift.tt/37CBXAH

Gubagoo, a retail technology vendor that specializes in conversational and digital retailing tools, analyzed close to 20 million chat conversations from 2019 and 2020.

The ad that has dealers fighting mad

The ad that has dealers fighting mad https://ift.tt/2NOEmRM

Franchised auto dealers who run on integrity have plenty of reasons to be ticked off. New York dealer Brian Benstock says it's time to fight back.

How to manage a downturn? Clues are in the data

How to manage a downturn? Clues are in the data https://ift.tt/3buwTQg

Data can help us understand how and when certain economic indicators might trigger movement in the industry. It'll help us plan and prepare well in advance, and importantly, allow us to find opportunity for quicker recoveries once the downturns hit.

Dealer anniversaries

Dealer anniversaries https://ift.tt/3bo8X0O

Dealers featured this week include Thomas DeFelice Jr., founder of Circle BMW in Eatontown, N.J.; and Jane Fox, dealer principal of Fox Toyota in Auburn, N.Y., and her brother, Bill Fox.

Dealership team hunts for vaccine

Dealership team hunts for vaccine https://ift.tt/3qHBrt1

Earl Stewart Toyota's team of 10 people who search for available vaccinations reached a milestone this month when all 24 of the store's at-risk or older employees were able to get their shots.

Va. dealers pivot on emissions rules

Va. dealers pivot on emissions rules https://ift.tt/3dukpuy

The CEO of the Virginia Automobile Dealers Association says factors including a package of electric vehicle bills and automaker commitments to reducing emissions led the trade group to support state legislation that imposes California's vehicle emissions standards and zero-emission vehicle mandates.

Benefits remain clear for on-site used-car auctions

Benefits remain clear for on-site used-car auctions https://ift.tt/37ATLfK

Even as some companies tried to switch entirely to online-only auctions, the industry learned what we knew all along — the dealers who buy and sell cars from our sales prefer to buy and sell their vehicles on-site.

Buying EV without dealer is just easier

Buying EV without dealer is just easier https://ift.tt/3k8DmEr

Dealers weren't necessary for his recent EV purchases, writes an Automotive News reader in a letter to the editor.

Infiniti dealers settle in for extended QX60 drought

Infiniti dealers settle in for extended QX60 drought https://ift.tt/2NKEeTE

The old crossover is gone, and the next version of the brand’s bestselling model is months away.

Dealers are right to worry about EVs

Dealers are right to worry about EVs https://ift.tt/3kcFN96

Dealers are about to be flooded with EVs and the makers need to address the grid issues involved in supporting their sale, writes an Automotive News reader in a letter to the editor.

Canadian dealers have Lone Star in their eyes

Canadian dealers have Lone Star in their eyes https://ift.tt/2Mb1ppx

Texas, home of some of North America's largest and fastest-growing cities, is attracting acquisitions by retailers north of the border.

Subaru store's grand plan: Snap pics with pets

Subaru store's grand plan: Snap pics with pets https://ift.tt/3pIGI1Q

Bergstrom Subaru of Green Bay celebrated the grand opening of its new location last week by taking free portraits of customers with their pets.

Al Maroone, part of AutoNation's inception, dies at 98

Al Maroone, part of AutoNation's inception, dies at 98 https://ift.tt/3aIAkUl

He bought a small Ford dealership in 1955 by borrowing from his father's life savings, his sister's pension and his father-in-law's remortgage. Son Mike was later AutoNation's longtime COO.

Dealer lots could stay emptier long term

Dealer lots could stay emptier long term https://ift.tt/2ZQnJs1

Executives at GM and other automakers, after pandemic-induced factory disruptions showed what tight supplies can do for the bottom line, aim to keep lots sparser long-term.

McLaren gets in early on hybrid-supercar action

McLaren gets in early on hybrid-supercar action https://ift.tt/2P2jwPF

For the automaker and its retailers in the United States, the addition of the Artura plug-in hybrid is more than just a new supercar with a list of impressive performance specs.

AutoNation sells Vroom stake after plans fizzle

AutoNation sells Vroom stake after plans fizzle https://ift.tt/3pL23YC

The largest new-vehicle retailer in the U.S. and the online used-car startup “were doing nothing together,” AutoNation CEO Mike Jackson said.

For Ohio dealer, virtual sales manager is the real deal

For Ohio dealer, virtual sales manager is the real deal https://ift.tt/3bHcSpR

John Connelly, owner of Acura Columbus, can't imagine working now without his virtual sales manager, and is considering expanding his virtual team to include an F&I manager and a service representative.

Let's go shopping, say public retailers

Let's go shopping, say public retailers https://ift.tt/3ui0gxM

Several that haven't been active in purchasing stores say they are again in acquisition mode and looking to buy franchised dealerships to expand their companies.

Dealerships, assembly plants snarled by winter weather slowly resuming operations

Dealerships, assembly plants snarled by winter weather slowly resuming operations https://ift.tt/3uhAEBd

It's not unlike the aftermath of a hurricane, said Darren Whitehurst, president of the Texas Automobile Dealers Association.

Al Maroone, whose stores helped build AutoNation, dies at 98

Al Maroone, whose stores helped build AutoNation, dies at 98 https://ift.tt/2M4XASM

Maroone bought a small Ford dealership in 1955 by borrowing from his father's life savings, his sister's pension and his father-in-law's remortgage. His son Mike was later AutoNation's longtime COO.

Dealership stockpiles dip on strong buying ahead of New Year holiday

Dealership stockpiles dip on strong buying ahead of New Year holiday https://ift.tt/3puYjdD

Inventories at new-vehicle stores dropped across multiple brands in January because of strong purchases prior to the lunar New Year holiday that began on February 11. The average backlog at new-car dealerships declined to 46 days in January, from 54 days in December, according to the China Automobiles Dealers Association. 

Mazda tops Consumer Reports brand rankings; Lincoln drops 15 spots

Mazda tops Consumer Reports brand rankings; Lincoln drops 15 spots https://ift.tt/2Zu55py

Honda had the biggest yearly gain. It rose from No. 15 last year to No. 5 this year. Porsche, which won the top spot in 2020, fell to fourth place.

Kia systems outage hobbles dealers, owners

Kia systems outage hobbles dealers, owners https://ift.tt/3s0SPsM

Kia is struggling with a multi-day network outage that has hampered dealers' ability to order new cars and parts while cutting off consumers from key functions.

Texas dealerships close doors amid days of snow, power outages

Texas dealerships close doors amid days of snow, power outages https://ift.tt/3s0sB9S

In addition to the adverse weather, retailers have been hit by power, internet and cellular outages. It appears doubtful that many Texas dealerships will be able to open this week.

GM captive doubles profits, boosts lending in Q4

GM captive doubles profits, boosts lending in Q4 https://ift.tt/2Zn6pKS

GM Financial more than doubled profits and boosted loan and lease originations as GM's sales and average transaction prices climbed.

Dealertrack rolls out digital workflow for paper-dependent lenders

Dealertrack rolls out digital workflow for paper-dependent lenders https://ift.tt/2ZrEZ6E

The Cox subsidiary rolled out Dealertrack Digital Contracting Choice, a tool that allows a dealership to submit contracts digitally to lenders that rely on paper documents.

AIADA names Ky. auto dealer Steve Gates as 2021 chairman

AIADA names Ky. auto dealer Steve Gates as 2021 chairman https://ift.tt/2Zp49mh

Gates, 69, is a third-generation dealer who owns Gates Auto Family, which operates dealerships in Kentucky, Tennessee and Indiana. He succeeds Jason Courter, who is CEO of Honda Auto Center of Bellevue and Honda of Kirkland in Washington.

Optimism for the future despite crisis, change

Optimism for the future despite crisis, change https://ift.tt/3u6Egpt

North Carolina auto dealer John Hiester has a similar one-word suggestion for his peers as they prepare for a battery-electric vehicle future: rubber.

With new president comes ‘significant' F&I scrutiny

With new president comes ‘significant' F&I scrutiny https://ift.tt/3qtvShB

Compliance in the finance-and-insurance office is a top concern for dealerships for the next four years under President Joe Biden. With more federal eyes on their operations, dealers must recommit to following the rules in 2021.

Experts at the National Automobile Dealers Association's virtual conference last week discussed the likely uptick in federal scrutiny under an emboldened Consumer Financial Protection Bureau and Federal Trade Commission. Both organizations will be led by vocal opponents of dealership reserve and sales of F&I products.

NADA's Paul Metrey last week outlined a slew of regulatory challenges dealerships likely will face. Among them, the FTC's scrutiny of dealer participation and voluntary protection products, as well as a series of sweeping amendments proposed by the commission to its Safeguards Rule.

"Elections have consequences," Metrey said during a workshop discussion last week. "They did in 2016 when President Trump was elected. They did when President Obama was elected — President George W. Bush, President Clinton and on back. They always do. This year, they're very significant."

Reflecting on actions the CFPB undertook during the Obama administration and actions the FTC has taken in recent years, the automotive finance industry has protocols in place to manage an uptick in scrutiny. Managing appropriate compliance programs in the F&I office, and documenting those processes, should be a priority for dealerships this year. Providing a secure environment to document compliance procedures in digital transactions also should be a top concern.

Industry guides such as the NADA Fair Credit Compliance Program should also be considered, as per the CFPB task force report released last month.

The F&I office is one of the most heavily regulated areas of the dealership and most profitable. Keeping those profits safe requires staying out of trouble.

AutoNation's Q4 adjusted net income soars; CEO Jackson steps down as chairman

AutoNation's Q4 adjusted net income soars; CEO Jackson steps down as chairman https://ift.tt/2Zo5IRA

The auto retail giant said it has elected a new chairman as part of its succession planning and previously announced strategy to separate the CEO and chairman positions. Longtime Chairman Mike Jackson will remain CEO and a board member.

AutoNation Q4 profit surges 88% on resilient demand; CEO Jackson steps down as chairman

AutoNation Q4 profit surges 88% on resilient demand; CEO Jackson steps down as chairman https://ift.tt/3aracNi

AutoNation named Rick Burdick as chairman to succeed Mike Jackson, who remains CEO -- a job he’s held for much of the past 20 years. Burdick has been a director since 1991. Jackson said he's optimistic about U.S. car and truck demand going forward.

Taycan set to drive Porsche sales

Taycan set to drive Porsche sales https://ift.tt/3b0rno0

The company is expecting a double-digit sales growth this year, fueled by the popularity of its electric fastback.