GPB sold many Prime dealerships for a loss

GPB sold many Prime dealerships for a loss https://ift.tt/3wLgrny

A GPB holding company that owns the majority of Prime Automotive Group's assets sold more than 20 dealerships in the past few years.

EV compromises get compounded in the real world

EV compromises get compounded in the real world https://ift.tt/3yNgnpb

Buyers will expect the Lightning to be first and foremost a pickup, capable of its basic work functions. Dealers need to make sure they don't have unrealistic expectations of the EV truck's performance.

A Nissan Leaf for 99 cents — but there's a catch

A Nissan Leaf for 99 cents — but there's a catch https://ift.tt/34wenUn

A Virginia dealership offered a two-year lease on a Nissan Leaf to anyone who bought a Titan pickup at full price.

GM'S STEVE CARLISLE: Carrying forward the crisis lessons

GM'S STEVE CARLISLE: Carrying forward the crisis lessons https://ift.tt/3fCpMIR

GM's North American chief sees reasons to be optimistic about the end of the pandemic and the automaker's ability to weather the industry's microchip shortage.

Dancing the night away in a dealership

Dancing the night away in a dealership https://ift.tt/3uyXgMs

When a Virginia high school was in danger of having to cancel its prom for the second year in a row, the used-car dealer across the street stepped in to save it.

TOYOTA'S TED OGAWA: Communication key in tough first year

TOYOTA'S TED OGAWA: Communication key in tough first year https://ift.tt/3p4GnIc

The head of Toyota Motor North America talks about the key role staying in touch with his team played in getting the company through the pandemic and supply disruptions.

OBITUARY: Jerome Glassman

OBITUARY: Jerome Glassman https://ift.tt/3vDl56W

Glassman founded Glassman Oldsmobile in 1969 in Southfield, Mich., and he became the first Kia dealer in the state in 1998.

Tight supply sends some prices well over sticker

Tight supply sends some prices well over sticker https://ift.tt/3vDny19

Cars and trucks are in high demand and selling quickly, even with few incentives or with a "market adjustment" added to the MSRP.

Book club gets employees on the same page

Book club gets employees on the same page https://ift.tt/2RSb8nu

At Hiester Automotive in North Carolina, employees read about leadership and discuss best practices that they can apply to daily operations. It has improved the dealerships' culture and increased employee engagement.

To fill vacancies, major malls seek auto dealers

To fill vacancies, major malls seek auto dealers https://ift.tt/3g9ma03

Partnerships between dealerships and shopping malls could reap cross-marketing opportunities, according to retail experts.

4 dealerships change hands in single-store deals; Morris, Thomas buy stores

4 dealerships change hands in single-store deals; Morris, Thomas buy stores https://ift.tt/3yGD8LH

Here's a quick look at four recent dealership transactions, including one by a new dealer.

U.S. consumers borrow more for longer periods to drive trucks, SUVs

U.S. consumers borrow more for longer periods to drive trucks, SUVs https://ift.tt/3oTXfkO

Average credit scores for consumers who financed new and used vehicles are higher, and delinquency rates are lower.

Soft-pull technologies driving 700Credit partnership boom

Soft-pull technologies driving 700Credit partnership boom https://ift.tt/34mOJ4l

The acceleration of digital retailing transactions during the coronavirus pandemic is prompting dealerships to incorporate soft credit pulls and credit screenings earlier in the process.

Save a little heart — and art — in shift to digital sales

Save a little heart — and art — in shift to digital sales https://ift.tt/3hWd2OC

Early findings of newly launched digital retailing tools reflect a predictable twist with online sales — that digital sales require more math than emotion when appealing to customers.

And it's a trend that's designed to grow: As digital shopping and sales increase, algorithms better identify predictive signs and become more efficient — leading to more and faster online transactions.

Lithia Motors Inc. CEO Bryan DeBoer told investors April 21 that digital sales are far more formulaic than in-store operations.

"It's quite different than what we've experienced in traditional auto retail. On the vehicle side, there is some art in it," he said. "And this is not as much art. It's a lot of science."

Recommendation engines, which use machine learning and algorithms to suggest products to shoppers, run on transaction data and customer data. The more successful transactions the system processes, the better equipped it will be to replicate the circumstances that led to a sale.

If X number of unique visitors begin their vehicle journey in a digital retailing platform, then a dealership group can expect Y sales. How do you get a bigger Y? Companies such as Lithia that engineer and operate their own platforms can compare findings in real time, and make adjustments to marketing materials and customer touch points.

If digital sales are a science, does that mean data scientists are best suited to master online retailing?

For the foreseeable future, more science means lessening reliance on vehicle sales tactics that require reading a customer's expression or hand gesture, analyzing specific responses during the finance-and-insurance interview and responding to objections. Dealerships can expect fewer handshakes across a table and perhaps more tinkering with font size and photo display to ensnare potential customers.

For DeBoer, after two years of developing Lithia's customer care associates, who are in-store F&I managers — along with the Driveway platform — the change is exciting, as the dealerships can please more customers and close more sales and a lower cost.

"There is a trajectory that is different with unique customers than our traditional channel where we've had to really roll up our sleeves and fight those battles and find solutions," he said, "whereas here, you're throwing a much broader net with a lot lower closing ratio."

Should the automotive industry lament the loss of artistry in a vehicle sale? That depends on what practices constitute that art. Dealerships should shrug off a choreographed dance between the sales team and customer that leaves the latter exhausted and dissatisfied. But the art of in-store sales can also build relationships and improve loyalty, especially when sales associates help customers navigate financing challenges while adhering to compliance standards.

Lum family acquires 2nd Toyota dealership

Lum family acquires 2nd Toyota dealership https://ift.tt/3oSbua0

The Lum family already owns Lum's Auto Center, a Toyota-Chrysler-Dodge-Jeep-Ram store in Warrenton, Ore., and Lum's Buick-GMC-Cadillac in McMinnville, Ore.

Superfan dealer earns spot in basketball Hall of Fame

Superfan dealer earns spot in basketball Hall of Fame https://ift.tt/2QMLaBu

Nav Bhatia, who owns Hyundai and Genesis dealerships in Toronto and has attended every Raptors home game since the team started playing, is the first fan to be inducted alongside the sport's greatest players.

Porsche dealership has the answers 24/7

Porsche dealership has the answers 24/7 https://ift.tt/3uaMo7g

The suburban Philadelphia store has a full-time employee dedicated to answering customer questions about their new vehicles.

With digital sales, some customers still want direct help

With digital sales, some customers still want direct help https://ift.tt/3u3ADiQ

Digital retail provider Roadster found in a study in conjunction with the National Automobile Dealers Association that a large percentage of consumers who purchased a vehicle online interacted with someone at the dealership remotely for assistance.

Ford to limit F-150 Lightning output; 20K reservations booked

Ford to limit F-150 Lightning output; 20K reservations booked https://ift.tt/3vexy0M

Ford is taking $100 refundable deposits for the EV Lightning, which starts at $39,974 before shipping.

Ford to limit F-150 Lightning output; 20K reservations booked

Ford to limit F-150 Lightning output; 20K reservations booked https://ift.tt/3oB2cPf

CEO Jim Farley said the company was "off to the races" after opening up order banks after the vehicle's reveal. Ford is taking $100 refundable deposits for the Lightning, which starts at $39,974 before shipping.

McLaren pushes back Artura launch, again

McLaren pushes back Artura launch, again https://ift.tt/3fuJJjx

First U.S. deliveries of the hybrid supercar, with a twin-turbocharged 3.0-liter V-6 engine, now expected in late August or early September, sources say.

All 6 publics raise F&I profit per vehicle

All 6 publics raise F&I profit per vehicle https://ift.tt/3v7RZfO

AutoNation was the only public retailer in the quarter to report profit per vehicle over $2,000.

All six publics raise F&I profit per vehicle

All six publics raise F&I profit per vehicle https://ift.tt/3v44Nnl

AutoNation was the only public retailer in the quarter to report profit per vehicle over $2,000.

Classic car contest sparks camaraderie among techs

Classic car contest sparks camaraderie among techs https://ift.tt/3otPbap

How an idea sparked by the pandemic turned into a competition and helped form a bond between younger and older technicians.

F&I still a stumbling block in online transactions

F&I still a stumbling block in online transactions https://ift.tt/3veBUEY

Digital retail provider Roadster found in a study in conjunction with the National Automobile Dealers Association that a large percentage of consumers who purchased a vehicle online interacted with someone at the dealership remotely for assistance.

Auto lenders ease credit access in Q1

Auto lenders ease credit access in Q1 https://ift.tt/3wl3qBc

Two reports on consumer credit suggest auto lenders loosened standards for subprime consumers as the nation took on greater amounts of asset-backed debt.

Napleton suit alleges ex-general manager stole trade secrets, raided employees for competitor

Napleton suit alleges ex-general manager stole trade secrets, raided employees for competitor https://ift.tt/3wjI86D

Garrett McDonald stole confidential information from Napleton Kia of Carmel in Indianapolis and used it advantageously when he accepted a position at Bob Rohrman Kia in Lafayette, Ind., the lawsuit alleges.

Zeigler to acquire its first Subaru dealership

Zeigler to acquire its first Subaru dealership https://ift.tt/3fqSSJF

Zeigler Automotive Group said it plans to update the Subaru dealership's showroom, add additional service capacity and increase the display area for new- and used-vehicle inventory.

DealerSocket to be acquired by Solera

DealerSocket to be acquired by Solera https://ift.tt/3uUK6KI

Terms of the acquisition by Solera Holdings Inc., which specializes in data and software for the insurance and automotive industries, were not disclosed.

Automakers, dealers, suppliers to review mask mandates

Automakers, dealers, suppliers to review mask mandates https://ift.tt/3eUd5Zp

Despite relaxed CDC guidance, most companies haven't gone mask-free yet. Many seem to be taking a wait-and-see approach as regulators catch up with the CDC's latest decision.

Automakers, dealers to review mask mandates

Automakers, dealers to review mask mandates https://ift.tt/3w7QyOo

Despite relaxed CDC guidance, most companies haven't gone mask-free yet. Many seem to be taking a wait-and-see approach as regulators catch up with the CDC's latest decision.

N.H. dealer reacquires Nissan dealership

N.H. dealer reacquires Nissan dealership https://ift.tt/2Rqwqs7

Key Auto Group, of Portsmouth, N.H., which last month acquired two dealerships, sold a Nissan store last week to another dealer in the state.

Burt Watson group buys Ford store in Michigan

Burt Watson group buys Ford store in Michigan https://ift.tt/3tPfYPj

Burt Watson Auto Group has acquired its first Ford dealership, buying a store in Pinconning, Mich., from Matt Arbour of Dean Arbour Auto Group.

Tesla is closing in on major luxe rivals

Tesla is closing in on major luxe rivals https://ift.tt/2Qn74Lh

The EV maker's gain in U.S. registrations in the first quarter outpaced all but Genesis, whose much smaller total more than doubled.

Dealer anniversaries

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

Dealers featured this week include Norwood and Eason Bryan of Bryan Honda in Fayetteville, N.C.; Avis Bailey, dealer principal of Superior Nissan of Fayetteville in Arkansas; and Mike Webb, dealer principal, and Terri Smith, manager, of Webb Ford in Highland, Ind.

You have the right to pose and say ‘cheese'

You have the right to pose and say ‘cheese' https://ift.tt/3eRzOp9

Police identified a man they say used a stolen identity to steal a Ford Explorer because he posed for a photo after taking delivery.

The real role auto shows play in the U.S. industry

The real role auto shows play in the U.S. industry https://ift.tt/3wgZmlr

There's an easy answer to why they have been in place since the inception of the horseless carriage. Simply put, the industry's largest experiential marketing option works.

Why the long delay in digital retail?

Why the long delay in digital retail? https://ift.tt/3wgZgKB

Twenty years ago in my dealerships, we sold more than 2,000 new cars in a 100 percent e-commerce system, writes an Automotive News reader in a letter to the editor.

Ex-dealership worker gets slice of the pizza pie

Ex-dealership worker gets slice of the pizza pie https://ift.tt/3uUTJsP

A Ford store in England discriminated against a part-time service adviser by not asking her if she wanted to place an order for Pizza Friday, a judge ruled.

Inventory constricts further to 2.24 million

Inventory constricts further to 2.24 million https://ift.tt/3fiFXJQ

The days' supply dropped to 44 days in April, according to data compiled by Cox Automotive.

Retailer finds success with camper vans

Retailer finds success with camper vans https://ift.tt/3ycqFPk

In 2015, Campbell Auto Group launched Caravan Outfitter to fill a unique hole in the market.

Infiniti to suspend QX50 output because of chip shortfall

Infiniti to suspend QX50 output because of chip shortfall https://ift.tt/3ogYTg4

Infiniti will halt QX50 crossover, its top-selling model, as well as Q50 sedan production next month as it conserves chips for a key launch in the fall.

Dealer Bernie Moreno unable to buy back Cleveland-area dealership

Dealer Bernie Moreno unable to buy back Cleveland-area dealership https://ift.tt/3eJFtgP

Moreno, who last month announced a bid for U.S. Senate in Ohio, said a handshake deal with dealership owner Terry Rafih fell through last month.

Shift's sales jump, net loss expands in Q1

Shift's sales jump, net loss expands in Q1 https://ift.tt/3yh84lx

First-quarter revenue more than tripled to $106 million. The company's net loss grew to $42.8 million.

Musk makes U-turn on use of Bitcoin for buying Teslas

Musk makes U-turn on use of Bitcoin for buying Teslas https://ift.tt/2SE6HwC

Tesla's CEO cited concerns about “rapidly increasing use of fossil fuels for Bitcoin mining and transactions.”

Record rise in used-car prices is key culprit in inflation jump

Record rise in used-car prices is key culprit in inflation jump https://ift.tt/3oi8y67

The cost of previously owned sedans, pickups and SUVs soared 10 percent in April.

Chip shortage shifts F&I product sales trends

Chip shortage shifts F&I product sales trends https://ift.tt/3bm7Hfm

F&I product companies say dealership sales of service contracts and guaranteed asset protection products are rising, though products such as key fob protection and tire-and-wheel are falling by the wayside.

Dealership software provider SpinCar acquires Pulsar AI

Dealership software provider SpinCar acquires Pulsar AI https://ift.tt/2Q7UYWe

The acquisition allows SpinCar to feature its own digital content and images in more communication between dealers and customers.

N.Y. Ford dealer buys Long Island Chrysler-Dodge-Jeep-Ram store

N.Y. Ford dealer buys Long Island Chrysler-Dodge-Jeep-Ram store https://ift.tt/3o647vf

Riverhead Chrysler-Dodge-Jeep-Ram had been owned by the Strollo family since 1976.

Make online retail interaction same as in-store

Make online retail interaction same as in-store https://ift.tt/3eCxTVf

Dealers should start thinking of the online experiences they offer at their stores in the same way they do in-person experiences. That includes how customers get information.