CarMax posts record Q2 revenue in ultra-competitive used-vehicle market

CarMax posts record Q2 revenue in ultra-competitive used-vehicle market https://ift.tt/3F4eAPK

In terms of getting cars and trucks to sell, the instant appraisal and cash offer tool it developed with Edmunds continues to pay off.

Asbury now coast-to-coast, gains in-house F&I products in Larry H. Miller deal

Asbury now coast-to-coast, gains in-house F&I products in Larry H. Miller deal https://ift.tt/2Ygwr5n

In addition to the $5.7 billion in expected annual revenue from Larry H. Miller, Asbury also announced Wednesday that it has stores representing another $900 million in annual revenue under contract.

Mass. AG warns consumers of complaints of inaccurate advertising, pricing by dealers

Mass. AG warns consumers of complaints of inaccurate advertising, pricing by dealers https://ift.tt/3zU8IVi

In some cases, dealers had confirmed the advertised price in an email, the complaints said.

Larry H. Miller purchase gives Asbury in-house F&I advantage

Larry H. Miller purchase gives Asbury in-house F&I advantage https://ift.tt/3ojpXxl

The $3.2 billion acquisition of Larry H. Miller Dealerships will give Asbury Automotive Group Inc. a highly profitable in-house F&I products provider.

Toyota to top GM in U.S. sales again in Q3, Edmunds and TrueCar predict

Toyota to top GM in U.S. sales again in Q3, Edmunds and TrueCar predict https://ift.tt/39QOD7O

A pair of industry forecasters think the Japanese automaker sustained what was "not sustainable" and will beat GM for a second consecutive quarter.

Lessor CAL Automotive enters Fla. with plans for significant growth

Lessor CAL Automotive enters Fla. with plans for significant growth https://ift.tt/2Yaebe2

CAL Automotive expects to double customers and lease assets in two years, aided by an expansion into Florida. CAL Automotive's success can fuel growth in its parent company, the used-vehicle retailer AutoLenders, which sells all of CAL's low-mileage, off-lease vehicles.

Asbury to buy Larry H. Miller Dealerships for $3.2 billion

Asbury to buy Larry H. Miller Dealerships for $3.2 billion https://ift.tt/3CTKFYI

The transaction follows several other buy-sell megadeals this year as the auto retail industry consolidates.

Asbury to buy Larry H. Miller Dealerships for $3 billion

Asbury to buy Larry H. Miller Dealerships for $3 billion https://ift.tt/3Db5MGf

The transaction follows several other buy-sell megadeals this year as the auto retail industry consolidates.

Ineos opens orders for Grenadier

Ineos opens orders for Grenadier https://ift.tt/3usOLnK

Ineos, the company behind the Grenadier coming in spring 2023, is now taking orders for the retro-styled boxy BMW-powered SUV.

From the cradle to the grave (of car ownership)

From the cradle to the grave (of car ownership) https://ift.tt/3zJeg5f

How to make car ownership a bundled experience and maintain contact with customers.

Cavender Auto Family acquires 6 Texas luxury dealerships

Cavender Auto Family acquires 6 Texas luxury dealerships https://ift.tt/3ieQ5FS

Cavender Auto Family closed on six rooftops from David Alderson of Alderson Auto Group, doubling its store count to 12.

Cox expects Sept. sales volume to fall to lowest since Great Recession

Cox expects Sept. sales volume to fall to lowest since Great Recession https://ift.tt/3ocUHjq

Cox also expects the September SAAR to fall to around 12.1 million vehicles -- its slowest pace since May 2020.

Chicago-area auto mechanics’ strike ends after employees ratify new contract

Chicago-area auto mechanics’ strike ends after employees ratify new contract https://ift.tt/2XVbeOt

Local 701 urged members who participated in the work stoppage but now have a ratified agreement to report to work Monday.

CDK makes 'strategic bet' on car insurance

CDK makes 'strategic bet' on car insurance https://ift.tt/3obWOnQ

The DMS giant will purchase Salty Dot Inc. in hopes that the company's technology will improve consumers' car-buying experience.

Relearn how to convert new-car shoppers to used buyers

Relearn how to convert new-car shoppers to used buyers https://ift.tt/3AJEKow

Sales personnel can and should promote what's in stock, even when those vehicles are used and the shopper is typically a new-car buyer, experts say. This fosters skills that the industry has allowed to atrophy.

Florida man's trade-in looked familiar

Florida man's trade-in looked familiar https://ift.tt/3iaq1vD

Police arrested a man caught trying to trade-in a vehicle he allegedly stole from the same dealership.

Dealership megadeal reunites old friends

Dealership megadeal reunites old friends https://ift.tt/3i815Ve

What ultimately what put the industry's latest megadeal in motion? The Rick Ford, Jeff Dyke connection.

Highlights from 'Daily Drive,' September 20-23

Highlights from 'Daily Drive,' September 20-23 https://ift.tt/3uiZa59

Here are edited highlights from the latest episodes of "Daily Drive," Automotive News' weekday podcast, September 20-23, hosted by Jamie Butters and Steve Schmith.

3rd parties left out of off-lease buybacks

3rd parties left out of off-lease buybacks https://ift.tt/3EQHy5L

Chip-related inventory shortages have prompted several captive lenders to limit such buybacks, while others have decided to forgo any restrictions to give customers more flexibility.

OBITUARY: Walter Otto

OBITUARY: Walter Otto https://ift.tt/3zV3KrL

The former Oldsmobile dealer died Sept. 3 at age 77.

Chile's hot economy means 13-month wait for a Silverado

Chile's hot economy means 13-month wait for a Silverado https://ift.tt/3m5VakX

The current estimated delivery date for a diesel version is October 2022, according to Bloomberg.

Manley expected to ensure stability at AutoNation

Manley expected to ensure stability at AutoNation https://ift.tt/3kGnjiS

His experience in dealership showrooms and automaker boardrooms should help him lead the expanding retailer's empire.

New plug-in hybrids could be bridge to EVs

New plug-in hybrids could be bridge to EVs https://ift.tt/3i9sLJI

Mainstream plug-in hybrids are hitting the industry sweet spot: family-size crossovers. But will they sell?

Dealer anniversary

Dealer anniversary https://ift.tt/3EVvjEH

The dealer featured this week is Ray Ingram, dealer principal of Jack Ingram Motors, a Mercedes-Benz dealership in Montgomery, Ala.

Tesla Shanghai to make 300,000 cars from Jan.-Sept. despite chip shortage, report says

Tesla Shanghai to make 300,000 cars from Jan.-Sept. despite chip shortage, report says https://ift.tt/3ucoR7A

The factory makes the electric Model 3 sedans and Model Y crossovers for domestic and international markets, including Germany and Japan.

How moving BDC to service lane doubled Mich. store's Internet closing rates

How moving BDC to service lane doubled Mich. store's Internet closing rates https://ift.tt/3isKbBd

Randy Wise Chevrolet also moved the BDC to better engage with customers who may be in the market to sell their vehicles to the dealership or buy a new one

Early Honda EV goals could be uphill climb

Early Honda EV goals could be uphill climb https://ift.tt/3i4tADe

Honda has set ambitious EV sales goals of 70,000 vehicles annually when its first volume EV arrives in 2024 and a half a million electric and fuel cell vehicles by 2030.

How moving BDC to service lane doubled Mich. store's Internet closing rates

How moving BDC to service lane doubled Mich. store's Internet closing rates https://ift.tt/39Au8vY

Randy Wise Chevrolet also moved the BDC to better engage with customers who may be in the market to sell their vehicles to the dealership or buy a new one

Early Honda EV goals could be uphill climb

Early Honda EV goals could be uphill climb https://ift.tt/2XMvGjY

Honda has set ambitious EV sales goals of 70,000 vehicles annually when its first volume EV arrives in 2024 and a half a million electric and fuel cell vehicles by 2030.

CPO sales rebound amid new-vehicle shortage

CPO sales rebound amid new-vehicle shortage https://ift.tt/3o1bLcd

Some dealers are forgoing certification to turn used inventory around faster due to high demand.

Top Stellantis exec Mike Manley to lead AutoNation: What we learned

Top Stellantis exec Mike Manley to lead AutoNation: What we learned https://ift.tt/3i4SliP

The former CEO of Fiat Chrysler Automobiles returns to his retail roots after two decades on the manufacturer side.

Karl Malone, McGrath Imports and Paul Thigpen buy dealerships

Karl Malone, McGrath Imports and Paul Thigpen buy dealerships https://ift.tt/3ATcz6J

Karl Malone Auto Group, McGrath Imports and Paul Thigpen and Anthony Miller purchased GM dealerships during the third quarter.

Passenger vehicle sales slump 17% in Sept., industry group predicts

Passenger vehicle sales slump 17% in Sept., industry group predicts https://ift.tt/3ky6tCU

Chinese retail sales of new passenger vehicles -- sedans, crossovers, SUVs and multipurpose vehicles -- are expected to contract for the fourth straight month, slipping 17 percent to 1.58 million in September, the China Passenger Car Association said this week. 

Li Auto expects lower Q3 sales due to chip crunch

Li Auto expects lower Q3 sales due to chip crunch https://ift.tt/3lMIVcO

The company is the second major Chinese EV startup to cut third-quarter sales targets amid the chip shortage.

CDK Global to acquire insurance tech provider Salty Dot Inc.

CDK Global to acquire insurance tech provider Salty Dot Inc. https://ift.tt/3o1mgwg

Salty's technology works with dealerships to allow consumers to receive a personalized auto insurance quote within the car-buying process.

Synthetic IDs, phony employers among auto borrower fraud trends

Synthetic IDs, phony employers among auto borrower fraud trends https://ift.tt/3u5coSR

Risk management firm Point Predictive said it sees thousands of synthetic identity scenarios every month.

Attorney: Customer complaints fuel AG F&I investigations

Attorney: Customer complaints fuel AG F&I investigations https://ift.tt/3lIsUEA

Terry O'Laughlin, document solutions compliance director at Reynolds and Reynolds, told the Ethical F&I Managers Conference in Denver that a consumer complaint to a dealer is "radioactive."

CAC settlement adds new form for Mass. dealer F&I staff

CAC settlement adds new form for Mass. dealer F&I staff https://ift.tt/3EGhZEi

As part of a $27.2 million settlement with the state attorney general, dealerships must provide and sign the forms on any new CAC loans including a service contract.

Manley's return to retailing after merger surprises dealers

Manley's return to retailing after merger surprises dealers https://ift.tt/3CBfq4C

He kept the company going after Sergio Marchionne died and guided Jeep's growth as it became a global player that sells more than 1 million vehicles annually.

Sonic Automotive to acquire 33-store RFJ Auto Partners in $700M deal

Sonic Automotive to acquire 33-store RFJ Auto Partners in $700M deal https://ift.tt/3kvU6Hp

Sonic said the $700 million purchase, which is expected to add $3.2 billion in annual revenue, includes 33 franchised and used-vehicle dealerships in seven states.

Retirement finally nears for AutoNation's Jackson

Retirement finally nears for AutoNation's Jackson https://ift.tt/3EBogB4

Mike Jackson, 72, who has been CEO of AutoNation for most of the past 22 years, will also retire from the retailer's board of directors.

Mercedes-Benz EQS will start at $103,360

Mercedes-Benz EQS will start at $103,360 https://ift.tt/39oHJqb

The battery-powered S-Class is at the vanguard of a wave of EVs that Mercedes will deliver to the U.S.

Mercedes-Benz awards global media and creative account to Omnicom

Mercedes-Benz awards global media and creative account to Omnicom https://ift.tt/3hRoRVs

The holding company beat Publicis Groupe for the luxury automaker’s combined media and creative business.

GM works with Hertz to get dealers more loaners amid chip shortage

GM works with Hertz to get dealers more loaners amid chip shortage https://ift.tt/3CtBjCB

GM has signed an agreement with the car-rental giant to help funnel more loaner vehicles to dealerships amid the global microchip shortage. Hertz's primary focus will be providing Chevrolet Bolt customers with loaners during the recall process.

New Chrysler CEO Christine Feuell stokes new hope for comeback

New Chrysler CEO Christine Feuell stokes new hope for comeback https://ift.tt/3Czg5nb

Dealers see the hiring of the former Ford executive as a sign Stellantis will give the brand the care — and investment — it needs.

New Chrysler CEO Christine Feuell stokes new hope for comeback

New Chrysler CEO Christine Feuell stokes new hope for comeback https://ift.tt/39hqjvM

Dealers see the hiring of the former Ford executive as a sign Stellantis will give the brand the care — and investment — it needs.

‘Explosive profitability' ignites buy-sells

‘Explosive profitability' ignites buy-sells https://ift.tt/3CrBcrh

The number of dealerships sold in the second quarter shot up, as did store valuations, according to two industry reports. Experts expect an even busier end to the year.

Honda targets 70,000 sales of 2024 Prologue EV

Honda targets 70,000 sales of 2024 Prologue EV https://ift.tt/3nO6Gnn

As it rolls out additional EVs for its Honda and Acura brands, the automaker expects electric vehicle deliveries of 500,000 units by 2030.

Inventories recover a bit as demand moderates

Inventories recover a bit as demand moderates https://ift.tt/3tU8ZpX

It was second consecutive week that dealers were able to add at least a relatively small number of vehicles to their stocks, which remain at historically low levels.

Toyota engineer: We're making Tundras, not war

Toyota engineer: We're making Tundras, not war https://ift.tt/2XKaNGp

"We're not trying to catch up" with domestic competitors, says Mike Sweers, the executive chief engineer for the automaker's trucks.