Dealer anniversaries

Dealer anniversaries https://ift.tt/3GAS2qN

Dealers featured this week include William Page, dealer principal of Bill Page Honda in Falls Church, Va.; Gloria and Charlie Hicks, co-founder and dealer principal of Ed Hicks Imports in  Corpus Christi, Texas; Rick Russell and Jerrod Russsell, dealer principal and general manager of Russell Honda in Sherwood, Ark.; Rodman Ryan, chairman of Open Road Auto Group; Jeff and Steve Haraden, dealer principals of Mohawk Honda in Scotia, N.Y.; and Dave Sapone, president of John Meegan Ford in Connellsville, Pa.

Dealers assessing potential cost of tougher federal Safeguards Rule

Dealers assessing potential cost of tougher federal Safeguards Rule https://ift.tt/2ZPKIqt

Retailers must toughen up their information security after the FTC updated its Safeguards Rule, which dictates how financial institutions protect data.

Rising prices boost profit but shrink market

Rising prices boost profit but shrink market https://ift.tt/3Ewp9Km

Dealers are concerned about the lack of affordable new vehicles and prices are likely to keep rising as electric vehicles replace combustion-powered autos.

Workplace flexibility can boost diversity

Workplace flexibility can boost diversity https://ift.tt/3w6JoLB

Offering flexibility to employees and listening to their needs are places to start for dealerships looking to foster a culture of diversity, equity and inclusion.

Highlights of 'Daily Drive,' Automotive News' weekday podcast, October 25-28

Highlights of 'Daily Drive,' Automotive News' weekday podcast, October 25-28 https://ift.tt/3w4jFDz

Here are highlights of "Daily Drive", Automotive News' weekday podcast, October 25-28, hosted by Steve Schmith and Jamie Butters.

For public retailers, low vehicle supply is worrying

For public retailers, low vehicle supply is worrying https://ift.tt/3nO1KNB

While the microchip shortage is expected to last into next year, retailers are anxiously waiting for proof from automakers that the worst of the crisis is over.

AutoNation to sell parts, refer work to shops bought by Caliber

AutoNation to sell parts, refer work to shops bought by Caliber https://ift.tt/2ZJVn5W

AutoNation had been focused on expanding its collision network. But the company said a greater return was possible on up to 17 of its shops by selling them off to its greatest collision rival and continuing to supply parts and refer customers to the locations.

5 smart things dealers can learn from Amazon

5 smart things dealers can learn from Amazon https://ift.tt/319IvXe

With only 14 percent of buyers starting their initial research on dealership websites, retailers are being tasked to develop new ways to engage customers.

Galpin Motors goes nationwide in Subway ad

Galpin Motors goes nationwide in Subway ad https://ift.tt/3Bz2POr

The president of Galpin Motors, a fixture of local TV ads in Los Angeles, has gained exposure across the country as part of a campaign for Subway.

 

Sex trafficking signals? No, just a dealership's paint pen

Sex trafficking signals? No, just a dealership's paint pen https://ift.tt/3nEKw5e

Some single women who noticed markings on their vehicles thought traffickers were targeting them, but a local Chevy store says the marks were just left over from pre-sale cleanings and inspections.

Audi store engages TikTok users to sell cars

Audi store engages TikTok users to sell cars https://ift.tt/3boMukF

The Milwaukee store already has sold two vehicles, an RS 7 and an S8, that it can attribute directly to the video-driven social platform.

Spitzer, Friendly Auto and D-Patrick acquire dealerships

Spitzer, Friendly Auto and D-Patrick acquire dealerships https://ift.tt/31d3s3I

Three dealerships groups added domestic-brand stores in October acquisitions across three states, with one group also buying an import-brand store.

Group 1 posts Q3 profit surge, updates M&A activity

Group 1 posts Q3 profit surge, updates M&A activity https://ift.tt/2ZHUhYt

The solid performance came in spite of a 12 percent drop in companywide new-vehicle sales as Group 1's inventory dwindled because of the global microchip shortage

Group 1 posts Q3 profit surge, updates M&A activity

Group 1 posts Q3 profit surge, updates M&A activity https://ift.tt/3vVs0tp

The solid performance came in spite of a 12 percent drop in companywide new-vehicle sales as Group 1's inventory dwindled because of the global microchip shortage

Used light-vehicle market continues to expand at double-digit clip

Used light-vehicle market continues to expand at double-digit clip https://ift.tt/3GwNjWT

Used light-vehicle sales remained robust in September, advancing 10 percent to top 1.25 million. Growth was driven by demand for used crossovers, SUVs and minibuses, according to a tally from the China Automobile Dealers Association. 

AFIP educates dealer F&I staff on IRS Form 8300 cash reporting

AFIP educates dealer F&I staff on IRS Form 8300 cash reporting https://ift.tt/3Esh49H

Automotive F&I personnel often are confused on what constitutes more than $10,000 in cash and must be reported to the government, according to Association of Finance and Insurance Professionals Executive Director Shannon Robertson.

Ally expects low inventory, elevated auto loan originations in '22

Ally expects low inventory, elevated auto loan originations in '22 https://ift.tt/3jHItw8

Indirect auto lending giant expects inventory shortages to persist in 2022 and sees another strong year of auto loan applications received and amounts borrowed, CFO Jenn LaClair said.

Lucid plans first vehicle deliveries Saturday

Lucid plans first vehicle deliveries Saturday https://ift.tt/2ZrY509

After years of ups and downs as a luxury EV startup, Lucid Motors will deliver the first production versions of the Air Dream Edition sedan to buyers this weekend.

AlixPartners: Interest in EVs has surged, but cost and other concerns undercut wider investment

AlixPartners: Interest in EVs has surged, but cost and other concerns undercut wider investment https://ift.tt/3jJ6y5Y

Interest in the U.S. rose from 5 percent to 19 percent over the two-year period. And in California, where the market for EVs is well-established, interest jumped from 9 percent to 34 percent.

Silko Auto, Troncalli Automotive among buyers in single-store acquisitions

Silko Auto, Troncalli Automotive among buyers in single-store acquisitions https://ift.tt/2Zw9LP6

Two domestic dealerships and two import mass-market dealerships were sold in four separate deals late in the third quarter or in October.

Asbury Automotive sets record Q3 net income, reports Q4 M&A activity

Asbury Automotive sets record Q3 net income, reports Q4 M&A activity https://ift.tt/3nvXVwv

Asbury Automotive Group said it also expected to close on Arapahoe Hyundai and Genesis of Arapahoe in Centennial, Colo., on Tuesday and would soon close on another dealership group producing $740 million worth of annual revenue.

GM to build out EV charging network with dealers' help

GM to build out EV charging network with dealers' help https://ift.tt/3nMM5OX

GM plans to distribute up to 10 chargers to each of its dealerships in the U.S. and Canada starting early next year.

GM to build out EV charging network with dealers' help

GM to build out EV charging network with dealers' help https://ift.tt/3mbYgVM

GM plans to distribute up to 10 chargers to each of its dealerships in the U.S. and Canada starting early next year.

Dealers' questions swirl as EV demand rises

Dealers' questions swirl as EV demand rises https://ift.tt/3EfxJwV

While demand for electric vehicles is growing, it still seems outpaced by some automakers' ambitious plans for such products.

Comedian's dare steers business dealer's way

Comedian's dare steers business dealer's way https://ift.tt/2ZovGrD

A small-town Minnesota dealership known for its wacky commercials got an assist on its latest TV ad from the writers of HBO's "Last Week Tonight With John Oliver."

Mercedes snips dealer margin to pay for EVs

Mercedes snips dealer margin to pay for EVs https://ift.tt/2XM67jy

The luxury brand told its U.S. retailers that it plans to cut their profit margin by half a percentage point, to 13 percent.

Dealers must protect their profit margins

Dealers must protect their profit margins https://ift.tt/3jAoeRc

Automakers seem to be casting an envious eye at fat dealer profits. Retailers need to organize to fight any such incursion — and be prepared to call out automakers if they get greedy.

‘Agency' plan boomerangs on Mercedes

‘Agency' plan boomerangs on Mercedes https://ift.tt/3GiepBa

A majority of dealers in Australia have banded together to file a nearly $500 million lawsuit against the automaker.

Residual value risk amid EV transition: Will history repeat itself?

Residual value risk amid EV transition: Will history repeat itself? https://ift.tt/3jxryMX

In the past few years, EV residual values have been improving along with their driving range. On the other hand, the residual values of ICE vehicles have not yet been impacted by the competition from EVs. This will likely change over the next few years.

Feeding frenzy

Feeding frenzy https://ift.tt/2Zj4lHv

Dealers expect the pace of dealership consolidation to continue well into 2022.

Dealer anniversaries

Dealer anniversaries https://ift.tt/2XGmz4G

Dealers featured this week include Steven Ralph, dealer principal of Ralph Honda in Rochester, N.Y.; John Shields, dealer principal of Century BMW in Huntsville, Ala.; and Robert Loquercio, owner of Elgin Toyota in Streamwood, Ill.

Dealers' questions swirl as EV demand rises

Dealers' questions swirl as EV demand rises https://ift.tt/3EdNN28

While demand for electric vehicles is growing, it still seems outpaced by some automakers' ambitious plans for such products.

Mercedes will bring EQC crossover to the U.S. after all

Mercedes will bring EQC crossover to the U.S. after all https://ift.tt/3pyVnjR

The next-generation Mercedes EQC electric compact crossover, once nixed as a U.S. product, and a battery-powered C-Class sedan will arrive by mid-decade.

Napleton executive accused of sexual assault gets probation

Napleton executive accused of sexual assault gets probation https://ift.tt/3puDjYk

Edward Napleton Jr.'s sentence includes 200 hours of community service and one day of jail time, which he already has served, a court spokeswoman said.

Kayser Automotive, Randy Wise, The Faricy Boys, Windy Automotive buy stores in 4 states

Kayser Automotive, Randy Wise, The Faricy Boys, Windy Automotive buy stores in 4 states https://ift.tt/3E84D2t

The groups bought domestic, import and luxury brands in Wisconsin, Michigan, Colorado and Oklahoma.

Minn. Ford dealer airs ad written by HBO's ‘Last Week Tonight'

Minn. Ford dealer airs ad written by HBO's ‘Last Week Tonight' https://ift.tt/3C5BXXm

The commercial is airing in Minnesota this week and was uploaded to the show's YouTube channel as a "web exclusive" video. It had racked up nearly 3 million views as of Thursday morning.

AutoNation to get 9 luxury stores in Priority 1 deal

AutoNation to get 9 luxury stores in Priority 1 deal https://ift.tt/3G8QpQL

The pending acquisition of Priority 1 Automotive Group in Maryland would add $420 million in annual revenue.

A night to celebrate the Best Dealerships To Work For

A night to celebrate the Best Dealerships To Work For https://ift.tt/3nbtNXg

Automotive News honored the dealerships that made the 2021 list of the Best Dealerships To Work for at a gala Tuesday in Chicago.

Associated Bank begins indirect auto lending, seeks $1B portfolio by '22

Associated Bank begins indirect auto lending, seeks $1B portfolio by '22 https://ift.tt/2Z7MUJQ

The bank has launched the service in 13 states, with plans to add dealerships in three others early next year.

Westlake to accept international credit info for auto loans

Westlake to accept international credit info for auto loans https://ift.tt/3aW3kam

Westlake Financial will consider credit information from more than a dozen countries when evaluating new U.S. immigrants for auto loans, according to its partner in this venture, Nova Credit.

Asbury adds Stellantis store in Indiana

Asbury adds Stellantis store in Indiana https://ift.tt/3vxp1qS

Asbury Automotive purchased a Chrysler-Dodge-Jeep-Ram store in Noblesville, Ind.

4-legged friends liven up showrooms

4-legged friends liven up showrooms https://ift.tt/2Xw8RRW

Some of the stores on the 2021 Best Dealerships To Work For list have gone all-in on having dogs hang out.

Embracing work flexibility, making employee health and wellness priorities

Embracing work flexibility, making employee health and wellness priorities https://ift.tt/3lWyQeL

Being flexible with employees was a common theme among dealers operating the 100 stores on the 2021 list of ' Best Dealerships To Work For.

Leaders share how practices have shifted amid pandemic

Leaders share how practices have shifted amid pandemic https://ift.tt/3vuhoBa

Many dealerships have shifted their approach to recruiting, hiring and training staff during the pandemic.

Pandemic validates telecommuting options for some stores

Pandemic validates telecommuting options for some stores https://ift.tt/3jjdwyi

Some dealers find employees who work home alone are more efficient and communicate better.

10-time repeat honorees enjoy low turnover

10-time repeat honorees enjoy low turnover https://ift.tt/3jkm9st

Out of 1,000 possible slots in the past decade on Automotive News' list of the Best Dealerships To Work For, only three dealerships have won a spot each year.

Honda store maintains productivity — and fun, family-style culture

Honda store maintains productivity — and fun, family-style culture https://ift.tt/3AYCadA

Reaching the top of the medium category this year comes from a combination of its caring philosophy pre-COVID-19 and the lessons it has learned over the past 19 months.

Training next-gen work force ‘critical mission' at Larry H. Miller Hyundai Peoria

Training next-gen work force ‘critical mission' at Larry H. Miller Hyundai Peoria https://ift.tt/3lUm3te

For the second year in a row, Larry H. Miller Hyundai Peoria in Arizona tops the large dealership category.

Audi Turnersville is first store to claim No. 1 spot a second time on Best Dealerships list

Audi Turnersville is first store to claim No. 1 spot a second time on Best Dealerships list https://ift.tt/3AYC9q2

The best place in America to turn a car — or work on them, or support those who do either — again is in a huge Penske-owned auto mall in Turnersville, N.J.

Good benefits, good culture still the keys to engaged employees

Good benefits, good culture still the keys to engaged employees https://ift.tt/3AYC7hU

Despite the ever-shifting landscape in the auto industry, the formula for dealerships to successfully engage their employees hasn't changed.