‘A long road ahead': Auto dealerships in damage-assessment mode after Ida

‘A long road ahead': Auto dealerships in damage-assessment mode after Ida https://ift.tt/3ByXHKF

The president of the Louisiana Automobile Dealers Association said power remains out across the region, cellular service is spotty and many roads are blocked either by debris or floodwaters.

Competing with Carvana, CarMax and... Cardoom?

Competing with Carvana, CarMax and... Cardoom? https://ift.tt/3BtldbW

Carter Myers Automotive in Virginia launched an ad campaign highlighting its brand experience against that of online used-vehicle retailers Carvana and Vroom.

Lithia acquires Canada's Pfaff Automotive dealership group

Lithia acquires Canada's Pfaff Automotive dealership group https://ift.tt/3sYsFss

Pfaff operates 16 dealerships across Canada -- 11 of them in the Toronto area. The deal marks Lithia’s first international acquisition.

Louisiana dealerships shuttered as Ida cuts power

Louisiana dealerships shuttered as Ida cuts power https://ift.tt/2WDdqsD

Ray Brandt Auto Group, with nine stores in the state, said all of its dealerships would be closed on Monday.

OBITUARY: Carl Beck

OBITUARY: Carl Beck https://ift.tt/3kAO6Mj

The longtime auto dealer who founded Beck Automotive Group in 1978 died Aug. 11 at age 81.

Who are Prime group's potential buyers?

Who are Prime group's potential buyers? https://ift.tt/3sYR5C7

The retailer, which faces termination notices from two automakers, is up for sale and is likely to be sold by the end of the year.

Dealer anniversaries

Dealer anniversaries https://ift.tt/3DDl3AH

Dealers featured this week include Jack McInerney, chairman of McInerney Chrysler-Dodge-Jeep-Ram of Thunder Bay in Alpena, Mich.; Dale Critz Sr., and Dale Critz Jr., dealer principals of Critz Inc., a Mercedes-Benz dealership in Savannah, Ga.; and Stormy Glick, dealer operator of Whitney’s Chevrolet in Montesano, Wash.

Nissan readies push to get dealers onto Nissan@Home

Nissan readies push to get dealers onto Nissan@Home https://ift.tt/3BpcY0s

So far, 460 of its 1,073 U.S. dealers have adopted the brand's digital retailing platform.

Jeep stores roll out the red carpet to pitch the Wagoneer

Jeep stores roll out the red carpet to pitch the Wagoneer https://ift.tt/3yt56t1

Dealerships' product icebreakers are occurring alongside Jeep's broader efforts to elevate the customer experience for the new Wagoneer and Grand Wagoneer SUVs.

Nominate a military veteran

Nominate a military veteran https://ift.tt/3ys13Nt

Nominate someone, or yourself, for our Notable Military Veterans in Automotive feature, which publishes Nov. 8.

How one dealership group keeps a lid on health-care costs

How one dealership group keeps a lid on health-care costs https://ift.tt/3kzYUKu

The Fred Beans Automotive Group has its own part-time wellness coordinator who helps lead healthy-living and wellness initiatives for 1,720 employees.

4 dealerships change hands in single-store acquisitions; Morgan Auto, Island Auto expand

4 dealerships change hands in single-store acquisitions; Morgan Auto, Island Auto expand https://ift.tt/3jofY7c

Morgan Auto Group and Island Auto Group each bought stores this month as part of single-store transactions, while Dunhill Auto Group in July bought its second franchised dealership and a new dealer bought his first store in July in Indiana.

Auto leaders expand into new digital retailing roles

Auto leaders expand into new digital retailing roles https://ift.tt/3mz1umQ

Consumers have made it clear they like the new digital approaches to vehicle buying.

Honda warns U.S. dealers of cuts in vehicle supplies

Honda warns U.S. dealers of cuts in vehicle supplies https://ift.tt/2WtEMBn

Because of parts shortages out of Asia, Honda's U.S. dealers could see a 40 percent drop in vehicle arrivals compared with previous estimates.

Ken Garff Automotive buys 2 Texas dealerships; set to acquire 6 more in Western states

Ken Garff Automotive buys 2 Texas dealerships; set to acquire 6 more in Western states https://ift.tt/3sTATlt

After the Arizona, Colorado and Wyoming transactions close, Ken Garff will have 62 dealerships across several states.

Audi testing EV post-sale upgrades to supplement future revenues

Audi testing EV post-sale upgrades to supplement future revenues https://ift.tt/3gDbCaj

The brand is testing temporary software upgrades with consumers, and is committed to sharing revenues with dealers.

Fair ends subscription, leasing program in pivot to marketplace model

Fair ends subscription, leasing program in pivot to marketplace model https://ift.tt/2WnwzPy

The Santa Monica, Calif.-based company plans to relaunch as a digital vehicle marketplace in early 2022, with the first quarter as a goal.

Dealers might wish to rethink auto insurance

Dealers might wish to rethink auto insurance https://ift.tt/3DklPlV

The notion of customers buying auto insurance at the same place they buy their car has been "sorely kind of neglected," according to Elliot Schor, JM&A Group vice president for sales operations.

Dealers view auto insurance sales as an extra step, extending a lengthy car-buying process and affecting customer satisfaction, Schor said Monday. The mindset was, " 'Let me just sell the car.' "

But based on recent accounts from JM&A and Asbury Automotive Group, dealers might want to rethink that philosophy.

Salty, an insurance technology company, and Asbury announced in July they had established a partnership to add car insurance quotes to Asbury's online retail tool Clicklane. According to Asbury CEO David Hult, the dealership chain's customers spend nearly $350 million on insurance annually. Asbury ranked fourth on Automotive News' list of the top 150 U.S. dealership groups based on 2020 new-vehicle sales.

Hult said on a July 21 earnings call that Salty presented quotes from more than a dozen carriers to Clicklane users. Asbury gets a commission on premiums and other policies picked by the customer, and the retailer saw "good upside and opportunity" to the arrangement, Hult said.

The partnership interested Asbury as another revenue stream and as facilitating a "sticky" customer relationship, Hult said during the Aug. 12 J.P. Morgan Automotive Conference. Asbury already pitched traditional finance and insurance products on Clicklane, and "it just seemed natural to offer car insurance," Hult said.

He anticipated high-net-worth customers wouldn't switch carriers, but other consumers might, and called the option a "nice value-add" for buyers.

JM&A on Tuesday announced it had partnered with DealerPolicy and J.D. Power subsidiary Darwin Automotive to offer auto insurance sales at is 3,800 dealerships.

Schor said the setup aggregates quotes from 30 insurers, another potential change from prior dealer forays into auto insurance.

"You're not hitching your wagon to one provider," he said.

Like Hult, Schor said offering auto insurance makes a dealer's customer "a little stickier" and brings in more revenue. However, Schor stressed the fiscal benefit to the dealer not in terms of commissions from the new insurers, but in additional sales of traditional F&I products.

By saving a customer money on their car insurance, they have more money available to buy things off an F&I menu — and they do, according to Schor. He said JM&A "almost couldn't believe" the F&I numbers it saw with DealerPolicy's option in place.

"It's pretty amazing, the dramatic increase in penetration," he said.

JM&A on Tuesday said consumers who use DealerPolicy save an average of $64 a month on their auto insurance. This can translate into F&I gross profit increases that have reached 44 percent.

Waning customer interest in cars swells loan size, payments for trucks

Waning customer interest in cars swells loan size, payments for trucks https://ift.tt/3kFC5Wb

Customers' increased preference for crossovers and SUVs over cars since 2016 means they're making higher monthly payments and borrowing a few thousand dollars more for new vehicles, new Experian data show

Prime dealerships up for sale; deal could close this year

Prime dealerships up for sale; deal could close this year https://ift.tt/2XWFt7h

Prime Automotive of Westwood, Mass., with 31 dealerships and three collision centers in the Northeast, is one of the largest dealership groups in the country.

Rocket Auto website live with 35,000 used models

Rocket Auto website live with 35,000 used models https://ift.tt/3mpoTqN

Rocket Auto said the webiste contains more than 35,000 used vehicles from more than 300 dealers.

Carl Beck, longtime Florida dealer, dies from COVID

Carl Beck, longtime Florida dealer, dies from COVID https://ift.tt/3B255Oc

Carl Beck, the founder of a group of five new-car dealerships in Florida, died on Aug. 11 while hospitalized for complications from COVID-19. He was 81.

Short bytes

Short bytes https://ift.tt/3sBZj2O

The CEO of LiAuto Inc, an electric vehicle maker in China, says the terms "autonomous" and "self-driving" are confusing for consumers and should be retired for now.

Findlay Auto Group's auction centralizes wholesaling

Findlay Auto Group's auction centralizes wholesaling https://ift.tt/3goPU9S

Having a CarMax auction literally next door helps.

Hitchcock remembered as ‘icon of our industry'

Hitchcock remembered as ‘icon of our industry' https://ift.tt/2WiYQ9x

The CEO of Hitchcock Automotive Resources oversaw an retail empire that at points included Toyota, BMW, Ford, Hyundai and Volkswagen stores.

Mercedes' task: Hold onto V-8 buyers

Mercedes' task: Hold onto V-8 buyers https://ift.tt/3sFZoSY

Mercedes is forced to cancel production of 17 V-8 models at the start of the 2022 model year, mostly because the chip shortage, company officials says. Dealers are left to convince their customers to buy six- and four-cylinder vehicles or wait for the V-8 to return. But no time frame for that has been given.

In Russia's Far East, cheap used imports drive EV adoption

In Russia's Far East, cheap used imports drive EV adoption https://ift.tt/382neis

The region offers a glimpse of the trends — more expensive oil, cheaper power and falling EV ownership costs — that someday could drive widespread adoption of electric models throughout the country and beyond.

 

OBITUARY: Larry Kull

OBITUARY: Larry Kull https://ift.tt/3y9NMc7

The longtime auto dealer died July 21 at age 70.

Maine dealerships brew up an idea for a new craft beer

Maine dealerships brew up an idea for a new craft beer https://ift.tt/3sDVfPC

A Scotch ale called Hight's Tin Can Sailor is being produced by a craft brewery in Maine to honor the dealership group's 110th anniversary.

You again!

You again! https://ift.tt/3z9576r

The surging virus has dealers reviving mask requirements and implementing or considering vaccine incentives — even mandates — for their employees.

Tech's joyride nets customer a new Vette

Tech's joyride nets customer a new Vette https://ift.tt/3kjoljq

Instead of just giving the customer an extended service contract as promised, the owner of Fremont Chevrolet decided to replace the car with a new 2022 model.

LaFontaine, Gilchrist, 2 other dealership groups buy stores across the Midwest, South

LaFontaine, Gilchrist, 2 other dealership groups buy stores across the Midwest, South https://ift.tt/37WXsw9

LaFontaine Automotive Group, Gilchrist Automotive, Castle Automotive Group and Wood Motor Co. have purchased dealerships in transactions during the third quarter.

Chicago-area mechanics' strike hits 3rd week as 2 sides talk trade-offs

Chicago-area mechanics' strike hits 3rd week as 2 sides talk trade-offs https://ift.tt/3iUzsjs

Both sides drew up contract proposals on Friday, according to an NCDC spokesman. Neither passed.

Tesla's latest application for a Connecticut service center gets key approval

Tesla's latest application for a Connecticut service center gets key approval https://ift.tt/37RmRHz

The automaker dropped an initial plan to also set up a showroom in the state after facing opposition.

FTC dealer case highlights hard bargaining approach

FTC dealer case highlights hard bargaining approach https://ift.tt/2W7GgRX

The resolution of the Federal Trade Commission's case against the southwest dealership group displayed some hard bargaining on the part of its staff and persistence to obtain relief.

Asbury buys Subaru store in Colorado expansion

Asbury buys Subaru store in Colorado expansion https://ift.tt/3z4gVqw

Asbury Automotive Group Inc. this month purchased a Subaru dealership in Colorado. The store marks the public retailer's second Subaru dealership and third store in Colorado.

FTC dealer case showcases hard bargaining approach

FTC dealer case showcases hard bargaining approach https://ift.tt/3z07oAQ

The resolution of the Federal Trade Commission's case against the southwest dealership group displayed some hard bargaining on the part of its staff and persistence to obtain relief.

Ford Credit sees lower loan losses, fewer Q2 lease returns

Ford Credit sees lower loan losses, fewer Q2 lease returns https://ift.tt/3k4jxhU

Ford Credit posted a first-ever negative loss-to-receivables rate of 0.07 percent during the second quarter of 2020. The lender also saw lease returns fall to 34 percent — half of the traditional rate.

Reinvent your service department to fit today's omnichannel world

Reinvent your service department to fit today's omnichannel world https://ift.tt/3srlAjV

Dealerships often don't structure their service business development centers to be effective at handling diverse customer scenarios.

Ford Credit sees negative LTR, 34% lease return rate

Ford Credit sees negative LTR, 34% lease return rate https://ift.tt/3k9aDjd

Ford Credit posted a first-ever negative loss-to-receivables rate of 0.07 percent during the second quarter of 2020. The lender also saw lease returns fall to 34 percent — half of the traditional rate.

Asbury's Clicklane digital retailing platform shines in Q2

Asbury's Clicklane digital retailing platform shines in Q2 https://ift.tt/3iVHB7a

Clicklane customers put far more money down and generated more finance and insurance profit per vehicle than the Asbury average, the company said.

Dealership throughput set to rebound in 2021

Dealership throughput set to rebound in 2021 https://ift.tt/37XRXgo

Average throughput at U.S. dealerships is forecast to be 910 new vehicles per store this year, according to Urban Science's midyear Automotive Franchise Activity Report.

Three dealerships change hands in single-store deals

Three dealerships change hands in single-store deals https://ift.tt/3xQHiil

Here's a look at three transactions involving domestic- and import-brand stores. One deal involved an top 150 dealership group.

Frederick ‘Fritz' Hitchcock, veteran Toyota dealer, dies at 81

Frederick ‘Fritz' Hitchcock, veteran Toyota dealer, dies at 81 https://ift.tt/3m7ilgd

Frederick "Fritz" Hitchcock, the veteran California megadealer and longtime Toyota retailer who once served as chairman of the American International Automobile Dealers Association, has died at 81.

Public retailers go on a buying spree

Public retailers go on a buying spree https://ift.tt/3sk89Cc

The public auto retailers are buying stores this year, though some have noted that they have turned down transactions due to high dealership prices.

Why Carvana was hit with 180-day penalty in N.C. county

Why Carvana was hit with 180-day penalty in N.C. county https://ift.tt/3CPaUQS

A customer wasn't able to receive proper vehicle registration and plates to operate the vehicle legally in the state.

In Brazil, Toyota will take grain instead of dough

In Brazil, Toyota will take grain instead of dough https://ift.tt/3ALCJYA

The Toyota Barter program aims to increase sales within the country's agribusiness sector.

Hard-to-get Bronco to help the homeless

Hard-to-get Bronco to help the homeless https://ift.tt/3iOzv0d

The drawing is for a First Edition version of the SUV, which is hard to get even for customers who ordered one more than a year ago.

Jobs cut after DealerSocket acquisition

Jobs cut after DealerSocket acquisition https://ift.tt/3iQcfPk

Solera Holdings, which acquired DealerSocket in June, won't say how many positions were eliminated.

$450,000 settlement ends FTC case against Tate Auto Group

$450,000 settlement ends FTC case against Tate Auto Group https://ift.tt/3shjHWU

The legal battle drained the company's finances, and it filed for Chapter 7 bankruptcy.