Dealer anniversaries

Dealer anniversaries https://ift.tt/cwmiJFv

Dealers featured this week include Tommy Alexander, vice president of Alexander Ford in Boaz, Ala.; and James Boyle, owner of Tuck’s Trucks, a GMC dealership in Hudson, Mass.

McLaren's U.S. dealers seeing high profitability, freshened facilities

McLaren's U.S. dealers seeing high profitability, freshened facilities https://ift.tt/vB1z8jL

For McLaren Automotive's small group of U.S. dealers, it's a time of high profitability and new or freshened facilities, says Nicolas Brown, McLaren's president of the Americas.

Obituary: Walter Raymond Page

Obituary: Walter Raymond Page https://ift.tt/Uc2GJIj

The president of Bill Page Toyota in Falls Church, Va., died Dec. 12. He was 76.

Commercial EV tax credits can be applied to consumer leases, U.S. Treasury says

Commercial EV tax credits can be applied to consumer leases, U.S. Treasury says https://ift.tt/Aqgtl6v

The credits can be used to reduce leasing prices. However, the new guidance does not change the definition of what constitutes North American assembly to make more vehicles eligible for EV purchases.

LIFO relief for dealers passes Senate; no vote from House

LIFO relief for dealers passes Senate; no vote from House https://ift.tt/6Nsv4Wg

The Supply Chain Disruptions Relief Act, designed to give dealerships that use the "last in, first out" inventory accounting method tax help as they restock their inventories.

LIFO relief for dealers passes Senate; fate in House undecided

LIFO relief for dealers passes Senate; fate in House undecided https://ift.tt/348D9XA

The Supply Chain Disruptions Relief Act, designed to give dealerships that use the "last in, first out" inventory accounting method tax help as they restock their inventories.

LMP Automotive under contract to sell 2 more dealerships as it continues plans for liquidation

LMP Automotive under contract to sell 2 more dealerships as it continues plans for liquidation https://ift.tt/TdBwVQ6

Morgan Automotive Group closed on the purchase of two Kia dealerships from LMP Automotive Holdings in December. LMP Automotive sold another dealership in Tennessee and said it is under contract to sell two more franchised stores.

Stockpiles remain elevated at new-car dealerships

Stockpiles remain elevated at new-car dealerships https://ift.tt/r7NxSEw

New-car dealerships had a 56-day supply of vehicles in November, up from 53 days in October, the China Automobiles Dealers Association said.

CarMax Q3 retail used-vehicle sales fall 21% as net income plunges 86%

CarMax Q3 retail used-vehicle sales fall 21% as net income plunges 86% https://ift.tt/up1LIlD

Used-vehicle retail giant CarMax Inc. said Thursday that persisting affordability challenges and deteriorated used-car market conditions again hampered the number of vehicles it was able to sell in its fiscal third quarter.

CarMax's net income plunged 86 percent to $37.6 million during the quarter ended Nov. 30. Net revenue fell 24 percent to $6.5 billion, the company said.

It sold 180,050 retail used vehicles in the quarter, down about 21 percent from the 227,424 it sold in the year-earlier period. Comparable store used-vehicle sales fell 22 percent. In its earnings release, CarMax said vehicle affordability challenges "continued to impact our third quarter unit sales performance, as headwinds remain due to widespread inflationary pressures, climbing interest rates, and low consumer confidence."

The company said it bought 238,000 vehicles from consumers and dealers, down 40 percent vs. last year's record third quarter because of steep market depreciation and the company's choice to "deliberately slow buys." CarMax said 224,000 of those vehicles were purchased from consumers, down 42 percent year over year.

It said it obtained 14,000 vehicles through MaxOffer, the company's digital appraisal tool for dealers. That was up 16 percent from the year-earlier period.

"In response to the ongoing pressures across the used car industry, we have taken deliberate steps to support our business for both the near-term and the long-term," CarMax CEO Bill Nash said in a statement. "We are managing our business prudently, and prioritizing initiatives that reduce costs, unlock operating efficiencies, profitably grow market share and create better experiences for our associates and customers."

The company said it took "deliberate actions" in response to used-market conditions, including reducing its selling, general and administrative expenses; increasing the mix of older retail vehicles sold; increasing CarMax Auto Finance interest rates; reducing planned capital expenditures; and "prudently managing" its capital structure, which included pausing share buybacks.

CarMax shares slipped 8.8 percent to $54.21 in early trading Thursday.

Results from the company's earnings report include:

Q3 net earnings: $37.6 million, compared with $269.4 million a year earlier

Q3 net revenue: $6.5 billion, down 24 percent from a year earlier

Q3 retail used vehicles sold: 180,050, down about 21 percent from a year earlier.

CarMax ranks No. 1 on Automotive News' list of the top 100 retailers ranked by used-vehicle sales, with retail sales of 924,338 used vehicles in 2021.

Banned, fined Calif. dealer says AG's office wore him down into settling for $1.7 million

Banned, fined Calif. dealer says AG's office wore him down into settling for $1.7 million https://ift.tt/nvmH0o5

Paul Blanco and co-owner Putu Blanco said they were worn down by the state into settling and denied the behavior the court said had been stipulated by Paul Blanco's Good Car Company Auto Group.

LIFO tax relief for dealers left out of $1.7 trillion government funding bill

LIFO tax relief for dealers left out of $1.7 trillion government funding bill https://ift.tt/Xy3kv5m

The nearly $1.7 trillion omnibus spending package was seen as one of the last legislative vehicles for a bill that would have provided relief to dealerships that use the "last in, first out" inventory accounting method.

Remembering those we lost this year

Remembering those we lost this year https://ift.tt/PYeFSXx

The auto industry lost several of its well-known stars this year, along with influential voices and faces from decades past.

Buick dealers face at least $300,000 investment to sell and service EVs

Buick dealers face at least $300,000 investment to sell and service EVs https://ift.tt/vSnyfUi

The General Motors brand said the minimum investment required of U.S. dealerships for tooling, training and other EV equipment is an estimated average and will vary based on the individual dealership.

Top 10 retail technology stories of 2022

Top 10 retail technology stories of 2022 https://ift.tt/SnYfa09

From a tough year for online used-vehicle retailers to multiple high-profile acquisitions, 2022 brought plenty of big news about retail technology.

Kia dealer to pay $1.25 million in deceptive practices settlement

Kia dealer to pay $1.25 million in deceptive practices settlement https://ift.tt/4Srw7iy

The settlement requires Dan O'Brien Kia to "comply with a series of strict injunctive terms over the next five years to ensure consumers are protected from similar practices in the future," according to the New Hampshire Department of Justice's Dec. 19 written release.

Cavender Auto Family adds Subaru, Chevy and Buick-GMC dealerships

Cavender Auto Family adds Subaru, Chevy and Buick-GMC dealerships https://ift.tt/sjorvbt

Cavender Auto Family, in its latest acquisition, added Subaru, Chevy and Buick-GMC dealerships, more than doubling its dealership count in Oklahoma.

Van Horn Automotive ESOP hits majority

Van Horn Automotive ESOP hits majority https://ift.tt/53qXs6d

Van Horn Automotive Group's employee stock ownership plan significantly increased with the company's employees becoming majority owners of the auto retailer.

Carvana will be in fight of its life in pivotal 2023

Carvana will be in fight of its life in pivotal 2023 https://ift.tt/QXMmVlh

Mounting financial losses, a plunging stock price, nervous creditors and regulatory roadblocks have online used-car giant Carvana on the ropes as it enters 2023. Here is where things stand.

Showroom veteran helps job hunters find a match

Showroom veteran helps job hunters find a match https://ift.tt/CYNhx8f

Scott Trainer's business — usamotorjobs.com — is similar to indeed.com but solely for the automotive retail sector.

Guest commentary: Adding service bays isn't the only way to bolster capacity

Guest commentary: Adding service bays isn't the only way to bolster capacity https://ift.tt/Ejom0Ha

A few small steps can increase efficiency in the dealership service bay and drive capacity without a big outlay of cash.

Dealer anniversaries

Dealer anniversaries https://ift.tt/IYKNx0q

Dealers featured this week include Randy Hayes, chairman of Ralph Hayes Toyota in Anderson, S.C., and Robert Hayes, dealer principal; and Larry Marshall, president of Marshall Motor Co., a Chrysler-Dodge-Jeep-Ram-Nissan dealership in Salina, Kan., and General Manager Jason Stroda.

Texas court knocks down dealer complaint about discretionary allocations

Texas court knocks down dealer complaint about discretionary allocations https://ift.tt/LyAaJxG

After nearly a decade of litigation over whether Hyundai discriminated in awarding discretionary allocations in San Antonio, a Texas court says no.

Jonathan Sobel-led group buys Porsche, Audi, VW dealerships

Jonathan Sobel-led group buys Porsche, Audi, VW dealerships https://ift.tt/x1LKh2I

Jonathan Sobel's group's purchase of Porsche, Audi and Volkswagen dealerships follows a $70 million investment from Franchise Equity Partners in October.

Swickard Auto Group adds Mercedes, Lexus, Acura, JLR and Honda dealerships

Swickard Auto Group adds Mercedes, Lexus, Acura, JLR and Honda dealerships https://ift.tt/o0FJzEg

The Swickard Auto Group acquisition included four luxury stores and a Honda dealership in Southern California — and the group plans to buy three more dealerships in the region early next year.

Fed downshifts to half-point hike, sees 5.1% rate next year

Fed downshifts to half-point hike, sees 5.1% rate next year https://ift.tt/nHdQlVw

Fed Chair Jerome Powell previously signaled plans to moderate hikes, while emphasizing that the pace of tightening is less significant than the peak and the duration of rates at a high level.

China dealers seek compensation over Stellantis Jeep failure, report says

China dealers seek compensation over Stellantis Jeep failure, report says https://ift.tt/nPBid2O

Stellantis is overhauling its China strategy and has agreed to a bankruptcy petition at a longtime Jeep venture.

Ellis Automotive founder Jim Ellis dies at 90

Ellis Automotive founder Jim Ellis dies at 90 https://ift.tt/Cr8O3ek

Ellis Automotive founder Jim Ellis, a longtime Georgia car dealer, died just weeks after his son, Jimmy Ellis.

Asbury sells 9 North Carolina dealerships to Hudson Automotive

Asbury sells 9 North Carolina dealerships to Hudson Automotive https://ift.tt/anogJc0

It was Asbury's second big batch of divestitures this year.

AutoNation to buy mobile service provider RepairSmith

AutoNation to buy mobile service provider RepairSmith https://ift.tt/QqgxNsG

AutoNation Inc.'s purchase of automotive service company RepairSmith, of Los Angeles, will be a $190 million deal expected to close in the first quarter of 2023.

KAR Global CFO: Conditions ripe for a digital focus on wholesale auctions

KAR Global CFO: Conditions ripe for a digital focus on wholesale auctions https://ift.tt/R6rvdUK

Outgoing KAR Global CFO Eric Loughmiller, in an interview with , reflects on the larger steps the company has taken to become an online- and technology-focused wholesale auctions provider during his nearly 16-year tenure with the company.

Column: 2023 could be year of caution for used-car dealers

Column: 2023 could be year of caution for used-car dealers https://ift.tt/UMwV5t1

General inflation and higher acquisition costs in addition to slower traffic to used-vehicle showrooms could cause margin issues for dealers into the new year, say some industry experts.

Inventory continues to rise, hits 1.61 million

Inventory continues to rise, hits 1.61 million https://ift.tt/r6SGe5h

U.S. inventory grew by another 150,000 vehicles last month to reach 1.61 million, giving dealers their best supply of new vehicles all year going into the last few weeks of 2022.

Mitsubishi, Ford, Nissan and Infiniti dealerships trade hands in Q3, Q4 deals

Mitsubishi, Ford, Nissan and Infiniti dealerships trade hands in Q3, Q4 deals https://ift.tt/9LSDoYy

Three established dealership groups expanded with store acquisitions, while a former used-vehicle store owner bought his first franchised new-car dealership.

Lithia Motors buys Ferrari-Bentley-Lotus dealership

Lithia Motors buys Ferrari-Bentley-Lotus dealership https://ift.tt/N2AQczK

Lithia Motors Inc.'s collection of exotic and ultraluxury dealerships expanded with a purchase of a store in Colorado.

Market slides 9.2% in Nov. amid tight pandemic control measures

Market slides 9.2% in Nov. amid tight pandemic control measures https://ift.tt/StrA1Cw

Retail new-vehicle sales fell 9.2 percent in China last month as strict government measures aimed at curbing a spike in coronavirus infections disrupted auto production and deliveries, the China Automobile Dealers Association said.

Carvana inches toward reworking debt

Carvana inches toward reworking debt https://ift.tt/oLwg4lU

Carvana is consulting with lawyers and investment bankers about options for managing its debt load amid plunging used car prices.

Economy, interest rates sour dealer views on market, survey finds

Economy, interest rates sour dealer views on market, survey finds https://ift.tt/GsU1bvZ

Fourth-quarter Cox Automotive Dealer Sentiment Index polling finds inventory is improving for franchised dealerships. But other variables are rising as concerns.

Key creditors in pact to avert brawl as Carvana's prospects dim

Key creditors in pact to avert brawl as Carvana's prospects dim https://ift.tt/AZStRuY

Some of Carvana largest creditors have signed a pact binding them to act together in negotiations with the company, a move meant to prevent the kind of nasty creditor fights that have complicated other debt restructurings.

Honda brand returns to top 5 in dealer attitudes

Honda brand returns to top 5 in dealer attitudes https://ift.tt/5ZPcYtQ

Honda regains its top-five spot in the latest National Automobile Dealers Association's Dealer Attitude Survey, following an unusual drop to No. 6 in a previous survey.

Ford says 1,920 U.S. dealers agree to new EV rules

Ford says 1,920 U.S. dealers agree to new EV rules https://ift.tt/q1X3gc8

Despite opposition in some states, more than half of Ford's U.S. stores chose the Certified Elite track, which requires up to a $1.2 million investment.

Maryland dealerships to pay female employee $62K in discrimination suit settlement

Maryland dealerships to pay female employee $62K in discrimination suit settlement https://ift.tt/bP2mSjp

The lawsuit alleged that Jerry's Chevrolet and Jerry's Motor Cars in suburban Baltimore paid a female employee lower wages than a male employee, then fired her one week after she complained about the pay disparity.

EV technicians need a new, safer toolbox

EV technicians need a new, safer toolbox https://ift.tt/M8HWQlv

In addtion to new EV tools, proper safety training for technicians and other service department staff who may come in contact with the vehicle — from parts runners to porters — is essential.

Subprime borrowers faltering on payments

Subprime borrowers faltering on payments https://ift.tt/EdSuvjQ

A recent CFPB report found auto loans originated in 2021 have a delinquency rating in the sixth quarter following their origination that is 13 percent higher than loans originated in 2018.

Column: Time to change car dealers' F&I pay plans?

Column: Time to change car dealers' F&I pay plans? https://ift.tt/C348HXG

APCO Holdings data indicates car shoppers with both a maintenance plan and vehicle service contract are 40 percent more likely to bring their vehicle back to the selling dealer or group for claims — which means service revenue.

Used-car values expected to hold despite price drops

Used-car values expected to hold despite price drops https://ift.tt/ajI0Ug5

Used-vehicle prices are dropping, but models are likely to hold more value through at least 2025 than they did pre-pandemic, according to experts from J.D. Power and Black Book.

Elevated value of used vehicles is expected to hold

Elevated value of used vehicles is expected to hold https://ift.tt/x0c62jN

Used-vehicle prices are dropping, but models are likely to hold more value through at least 2025 than they did pre-pandemic, according to experts from J.D. Power and Black Book.

Dealer anniversaries

Dealer anniversaries https://ift.tt/xD3h2f1

Dealers featured this week include Scott Quigley and Will Rogers, general manager and dealer principal of Chipola Ford in Marianna, Fla.; John Bommarito, dealer principal of Bommarito Buick-GMC in Ellisville, Mo.; Ed Lennon, dealer principal of Circle Infiniti in West Long Branch, N.J.; Doug Peppers, dealer principal of Peppers Toyota in Paris, Tenn.; the Greater Lehigh Valley Auto Dealers Association and All American Ford in Old Bridge, N.J.

Focusing on basics helps dealership improve service business

Focusing on basics helps dealership improve service business https://ift.tt/hzrnsyH

To turn around declining service department business, Cole Chevrolet-Buick-GMC in Bluefield, W.Va. focused on improving its processes, updating pricing and tracking performance on sales and profit metrics.

Some new-car buyers show patience amid rising rates

Some new-car buyers show patience amid rising rates https://ift.tt/qy6sjXO

Analysts said industry sales were up by more than 10 percent in November, even as some brands recorded double-digit increases and sales records. Consumers facing higher prices and rising interest rates were showing greater patience on new vehicle sales instead of their previous 'frenzy,' executives said.

Europe's big dealers keep getting bigger

Europe's big dealers keep getting bigger https://ift.tt/sf7eZHW

The 50 biggest retail groups in Europe have ridden the past two years of inventory turmoil to new heights.

Group 1 Automotive buys Mercedes-Benz dealership

Group 1 Automotive buys Mercedes-Benz dealership https://ift.tt/af8mlqA

Group 1 Automotive has acquired a Mercedes-Benz dealership, which it says is its 17th store selling the brand.

Stellantis dealers get advice on EV upgrades

Stellantis dealers get advice on EV upgrades https://ift.tt/jJRU1C3

The automaker says costs will vary by store and that it doesn't plan to publicize specific dollar amounts dealers will need to invest, as GM and Ford have done.

Dealers in 3 states fight Ford EV certification

Dealers in 3 states fight Ford EV certification https://ift.tt/rHF01T9

They are believed to be the first legal actions taken against Ford as opposition mounts to the certification program, which requires dealers who want to sell EVs to invest up to $1.2 million.

GM, Nissan, Audi, Stellantis, Kia, Subaru and Mitsubishi dealerships sell in Q3, Q4 deals

GM, Nissan, Audi, Stellantis, Kia, Subaru and Mitsubishi dealerships sell in Q3, Q4 deals https://ift.tt/hwMT9SE

Here's a look at the deals involving domestic, import and luxury dealerships and stores in Illinois and New York.

Carvana's 3rd-party marketplace program in question

Carvana's 3rd-party marketplace program in question https://ift.tt/Qr7xfN0

The exact status of that program — in which Carvana listed used cars and trucks from dealer partners and other third-party sources for sale on its website alongside Carvana-owned and certified vehicles — is not entirely clear.

Toyota, Hyundai, Kia, Mazda, Subaru U.S. sales surge in November; Honda falls

Toyota, Hyundai, Kia, Mazda, Subaru U.S. sales surge in November; Honda falls https://ift.tt/8ykSXhD

Volume jumped 10 percent at Toyota, 43 percent at Hyundai and 25 percent at Kia as production and inventory improved. Mazda deliveries surged 31 percent. Honda fell 6.1 percent.

Toyota, Hyundai, Kia, Mazda U.S. sales surge in November

Toyota, Hyundai, Kia, Mazda U.S. sales surge in November https://ift.tt/tJgydfv

Volume jumped 10 percent at Toyota, 43 percent at Hyundai and 25 percent at Kia as production and inventory improved. Mazda deliveries surged 31 percent.

Beijing’s Zero-COVID policy chokes growth of domestic car market

Beijing’s Zero-COVID policy chokes growth of domestic car market https://ift.tt/oL0WR41

With a large number of domestic cities complying with the central government’s zero-COVID policy to combat a new wave of virus outbreaks, China’s car market tanked in November after rebounding for five straight months. Unless the government abandons its draconian pandemic response, which is known for snap lockdowns, mass testing as well as strict quarantine and travel rules, the market prospect will be grim. 

Hyundai, Kia U.S. sales surge to November records

Hyundai, Kia U.S. sales surge to November records https://ift.tt/SOmGI2i

Volume jumped 43 percent at Hyundai and 25 percent at Kia as production and inventory improved.

Guest commentary: On Ford EV requirements for dealers, let's cut through noise

Guest commentary: On Ford EV requirements for dealers, let's cut through noise https://ift.tt/KPd6skt

The most important piece of Ford's Model e business plan is that it endorses the franchise system. Without that, nothing else would matter.

J.D. Power: Perception of lender matters in auto finance

J.D. Power: Perception of lender matters in auto finance https://ift.tt/9WUbu8Y

Capital One Auto Finance ranked No. 1 among luxury-vehicle lenders in the J.D. Power 2022 U.S. Consumer Financing Satisfaction Study, while Ford Credit for a second year ranked first among consumers with loans or leases on mass-market vehicles.

Woman dies in crash during test drive outside Florida Nissan dealership

Woman dies in crash during test drive outside Florida Nissan dealership https://ift.tt/A8rLlOu

A central Florida woman was killed while participating in a test drive of a 2023 Nissan Rogue from a dealership in Winter Haven, Fla.

Stellantis evaluating dealers for chargers, EV sales needs

Stellantis evaluating dealers for chargers, EV sales needs https://ift.tt/kNVn6zW

The automaker is working to ease dealerships into its ambitious EV rollout, but it has no plans to specify the dollar amounts they'll need to invest as GM and Ford have done.

Leo Michael Cartoon: Carvana's options

Leo Michael Cartoon: Carvana's options https://ift.tt/MVRq0ej

Carvana has been pressed in recent months by waning used-car demand, cash burn, a crashing stock price and regulatory challenges in several states.

Editorial: Use Safeguards Rule extension wisely, dealers

Editorial: Use Safeguards Rule extension wisely, dealers https://ift.tt/IqElBSA

With the imposition of the Federal Trade Commission's Safeguards Rule extended until June 6, dealerships should have enough time to get their consumer information data security house in order and come into compliance.

Helfman Maserati hosts party to show off Grecale

Helfman Maserati hosts party to show off Grecale https://ift.tt/TLMytqY

Consumers got a chance to look at the new Grecale, enjoy plenty of food and beverages, and mingle with brand ambassadors.

Dealer anniversaries

Dealer anniversaries https://ift.tt/Gxh4Uqm

Dealers featured this week include Zack and Jerre Penney, president and chairman of Bill Penney Toyota in Huntsville, Ala.; and John Magarity, dealer principal of North Penn Mazda in Colmar, Pa.

As sustainability-conscious Gen Z buyers emerge, automakers should build reputation now, study recommends

As sustainability-conscious Gen Z buyers emerge, automakers should build reputation now, study recommends https://ift.tt/MXWKUBI

Sustainability isn't top of mind for most vehicle buyers, but its a growing movement with passionate supporters who are willing to pay more. This group will continue to grow as Gen Z develops purchasing power, according to a Simon-Kucher & Partners survey.

Kia, Jaguar Land Rover, Volvo dealerships trade hands across four states

Kia, Jaguar Land Rover, Volvo dealerships trade hands across four states https://ift.tt/l3GYcqk

Growing Ken Ganley Cos. entered a new state and bulked up its Ohio footprint; McGovern Automotive Group, which has been an active dealership buyer in 2022, continued its acquisition drive.

Ford CPO sales gains buck the trend

Ford CPO sales gains buck the trend https://ift.tt/oRKdkNf

Dealers participating in the Ford Blue Advantage program are experiencing double-digit gains at a time when sales of certified pre-owned vehicles nationwide are on pace to decline from 2021 levels.

Nissan primes the EV pump

Nissan primes the EV pump https://ift.tt/AVyKqJ4

Nissan's EV Carefree+ initiative helps address a significant dealer pain point — the impact of low-maintenance electric vehicles on their high-growth fixed ops business.

Lithia Motors hires Adam Chamberlain, former Aston Martin Americas president

Lithia Motors hires Adam Chamberlain, former Aston Martin Americas president https://ift.tt/YZbxMdX

Lithia Motors has hired Adam Chamberlain as a regional president of operations. He formerly was president of Aston Martin's Americas region.

Lithia Motors buys Stellantis dealership, sells Acura store

Lithia Motors buys Stellantis dealership, sells Acura store https://ift.tt/wGiPkbm

Lithia Motors' buy-sell activity continued in November with the purchase of a Chrysler-Dodge-Jeep-Ram dealership and the sale of an Acura store.

Private buyers drive dealership buy-sell activities in first half of '22

Private buyers drive dealership buy-sell activities in first half of '22 https://ift.tt/TejEn80

Automotive News tracked 178 buy-sell transactions in the first half of 2022, involving 253 U.S. franchised dealerships trading hands. While the transaction count rose from the first half of last year, the number of stores acquired dipped.

Johnson: First Black dealer for GM helped guide others

Johnson: First Black dealer for GM helped guide others https://ift.tt/YL5UgCf

Al Johnson got into the car business by balancing a job in hospital administration with being the "salesman who sold from a briefcase" at Noting Oldsmobile in Kirkwood, Mo.

Earnhardt: Cowboy marketing blazed a trail

Earnhardt: Cowboy marketing blazed a trail https://ift.tt/oAc2mgr

A rodeo cowboy and hype man who built a retail empire in Arizona, Earnhardt rode a steer in TV commercials, prompting his group's signature tag line: "That ain't no bull!"

Car lot thefts escalate to chaos

Car lot thefts escalate to chaos https://ift.tt/gcNrGxM

One of the thieves died after crashing a stolen Ford Mustang, and police feared other armed suspects were hiding on a Michigan university campus.

Dealer anniversaries

Dealer anniversaries https://ift.tt/b9KsM38

Dealers featured this week include Larry and Dorothy Begnal, president and vice president of L.T. Begnal Motor Co., a Chrysler-Dodge-Jeep-Ram-Fiat dealership in Kingston, N.Y.; Tim Levak and Tommy Levak Jr., president and used-car manager respectively of Mark Thomas Ford in Cortland, Ohio; Marty Lustgarten, vice president of Martin Dealerships in Newark, Del.; and Rose Winter, dealer principal of Winter Chevrolet in Pittsburg, Calif.

Audi, VW, Stellantis, Buick-GMC and Hyundai dealerships change hands in Q3 deals

Audi, VW, Stellantis, Buick-GMC and Hyundai dealerships change hands in Q3 deals https://ift.tt/jdGDHkY

Audi, Volkswagen, Stellantis, Buick-GMC and Hyundai dealerships changed hands in separate third-quarter transactions across three states.

Carvana cuts 1,500 jobs on slowing used-car demand

Carvana cuts 1,500 jobs on slowing used-car demand https://ift.tt/lNERaCJ

Demand for used cars has been negatively impacted by hybrid-working models and higher costs caused by rising interest rates, as consumers rethink personal mobility options to try and trim their daily expenses.

GM projects $2,000 savings per vehicle from digital retailing, regional EV fulfillment

GM projects $2,000 savings per vehicle from digital retailing, regional EV fulfillment https://ift.tt/I9kvX4L

The inventory management change is designed to speed up vehicle delivery times — to as few as four days — and increase efficiency, which will reduce distribution costs.

St. Louis Mercedes-Benz dealership ordered to pay $1.8 million in workplace discrimination suit

St. Louis Mercedes-Benz dealership ordered to pay $1.8 million in workplace discrimination suit https://ift.tt/k2FLxmr

Two women were awarded $1.8 million Friday after claiming they faced discrimination while working at Mercedes-Benz of St. Louis in Missouri.

Reasons for optimism in the service department

Reasons for optimism in the service department https://ift.tt/CnoI5Ru

Business is still good. Repair orders and revenue are up. Most dealership service departments have all the work they can handle, and then some. But issues and challenges still loom.

3 Florida dealerships investigated over lease-end fees

3 Florida dealerships investigated over lease-end fees https://ift.tt/HVtN1lv

The Florida attorney general says other agencies, including federal, also may investigate after her office received 40 complaints about lease-end fees.

Used-car prices reaching a ‘cliff edge' is unlikely, J.D. Power expert says

Used-car prices reaching a ‘cliff edge' is unlikely, J.D. Power expert says https://ift.tt/th3WTf7

Used-vehicle prices are unlikely to crater in the coming months partly because of the strength of lingering new-vehicle demand, a J.D. Power expert said.

FTC targets bait-and-switch pricing

FTC targets bait-and-switch pricing https://ift.tt/KdjcBxl

An Federal Trade Commission proposal for regulating hidden and unexpected fees follows an earlier plan to do so within the auto retail industry. President Joe Biden highlighted "junk fees" in a speech Oct. 26.

Dealer anniversaries

Dealer anniversaries https://ift.tt/rI5QCtD

Dealers featured this week include Bill Oliverio, dealer principal of Oliverio Buick in McDonald, Pa.; Charles Maynard, general manager of Nucar Mazda in New Castle, Del.; Adam Silverleib, dealer principal of Silko Honda in Raynham, Mass.; Michael Seidle, dealer principal of Bill Seidle’s Mitsubishi in Doral, Fla.; Mark Bradshaw, dealer principal of Bradshaw Chevrolet-Buick in Cedar City, Utah; and Derek Sylvester, dealer principal of Sylvester Chevrolet in Peckville, Pa.

Safford purchase of 16 Brown dealerships biggest in 2022

Safford purchase of 16 Brown dealerships biggest in 2022 https://ift.tt/ryZKnVT

Safford Automotive more than doubled when it acquired Brown Automotive Group. It's the biggest acquisition tracked so far by this year in terms of the number of new-vehicle dealerships trading hands.

Two Pennsylvania Carvana locations suspended from performing title, registration actions

Two Pennsylvania Carvana locations suspended from performing title, registration actions https://ift.tt/bHIi6FG

Pennsylvania regulators have placed two Carvana locations on a list of business entities temporarily blocked from performing motor vehicle titling and registrations.

A digital shift: Dealer groups adjust as more customers turn to omnichannel sales

A digital shift: Dealer groups adjust as more customers turn to omnichannel sales https://ift.tt/uP4X3GN

The nation's public dealership groups say they saw continued digital sales growth in the third quarter, with some retailers selling thousands of vehicles through online sales platforms and others reporting at least half of their transactions involved some online activity.

Safford Automotive buys 16 Brown's Car stores in largest dealership acquisition of 2022

Safford Automotive buys 16 Brown's Car stores in largest dealership acquisition of 2022 https://ift.tt/GQl7fbM

Safford acquired 14 franchised dealerships, a used-vehicle store and a muscle and classic car store from Brown's.

Cox Automotive selling majority of Canadian unit to Trader Corp.

Cox Automotive selling majority of Canadian unit to Trader Corp. https://ift.tt/0Bnd5oX

Cox Automotive, which in 2021 transferred its Canadian operations to the U.S. and parted ways with its Canadian president, told customers Nov. 9 it is selling the majority of its Canadian division to Trader Corp.

Safford Automotive buys 16 Brown's Cars stores in largest dealership acquisition of 2022

Safford Automotive buys 16 Brown's Cars stores in largest dealership acquisition of 2022 https://ift.tt/tJ5EOQy

Safford acquired 14 franchised dealerships, a used-vehicle store and a muscle and classic car store from Brown's.

EV registrations in U.S. up 57% through September as Tesla rivals turn up pressure

EV registrations in U.S. up 57% through September as Tesla rivals turn up pressure https://ift.tt/UYIDdyv

Legacy automakers and non-Tesla startups saw a 71% surge in EV registrations through September. Tesla vehicles, meanwhile, rose 50 percent during the period, according to data from Experian Automotive.

Dealer Jimmy Ellis dies at 67

Dealer Jimmy Ellis dies at 67 https://ift.tt/1X0WY3l

Jimmy Ellis, CEO of Jim Ellis Automotive Group in Georgia, had run the family-owned company since 2015. He died Nov. 5.

EV registrations in U.S. rise 57% in September as Tesla rivals turn up pressure

EV registrations in U.S. rise 57% in September as Tesla rivals turn up pressure https://ift.tt/Gm2Th5H

Legacy automakers and non-Tesla startups saw a 71% surge in EV registrations through September. Tesla vehicles, meanwhile, rose 50 percent during the period, according to data from Experian Automotive.

Assurant's new EV One coverage includes guarantee of 70% battery charge health

Assurant's new EV One coverage includes guarantee of 70% battery charge health https://ift.tt/frwVF5Z

Assurant's new F&I EV One Protection plan also adds coverage for items like thermal management and regenerative braking systems.

Stock price-induced impairment charge leads to TrueCar net loss of $77.1 million

Stock price-induced impairment charge leads to TrueCar net loss of $77.1 million https://ift.tt/R8QqIOx

Vehicle listings company TrueCar reported a loss of $77.1 million for the third quarter — a drop from a much slimmer loss in the same period a year ago .

Honda U.S. dealers could service Sony-Honda EVs, CFO says

Honda U.S. dealers could service Sony-Honda EVs, CFO says https://ift.tt/soMLTeB

The sales and servicing plan for Honda's EV partnership with Sony is still under discussion. But Honda's network of more than 1,000 U.S. dealers are well situated to service the new cars, the automaker's CFO said.

Fuccillo Automotive sells Chevy, Toyota and Hyundai dealerships

Fuccillo Automotive sells Chevy, Toyota and Hyundai dealerships https://ift.tt/DC2ekdo

Fuccillo Automotive Group in October sold Chevy, Toyota and Hyundai dealerships to Maguire Family of Dealerships.

Stock price-induced impairment charge leads to TrueCar net loss of $77.1 million

Stock price-induced impairment charge leads to TrueCar net loss of $77.1 million https://ift.tt/i1JacuG

Vehicle listings company TrueCar reported a loss of $77.1 million for the third quarter — a drop from a much slimmer loss in the same period a year ago .

N.H. woman accused of stealing $350,000 from Chevrolet dealership

N.H. woman accused of stealing $350,000 from Chevrolet dealership https://ift.tt/clgbxGu

Tina Fournier also allegedly used credit cards tied to Brooks Chevrolet and its successor, Noyes Chevrolet, without authorization.

Lucid sues Texas in attempt to overturn franchise laws

Lucid sues Texas in attempt to overturn franchise laws https://ift.tt/v0yERVq

EV startup calls state regulations "economic protectionism" in U.S. lawsuit.

Dealer outlook cools on acquisitions

Dealer outlook cools on acquisitions https://ift.tt/TSOowUL

Nearly half of dealers plan to buy one or more dealerships in the next 12 months, while only 2 percent expect to sell in that time frame, according to a survey by Kerrigan Advisors.

Guest commentary: Dealerships face uncertain times, but real estate endures

Guest commentary: Dealerships face uncertain times, but real estate endures https://ift.tt/fmN9IGz

Real estate remains the only constant in this mix of uncertainty, and many dealers are starting to take notice.

Land Rover dealer Larry Zinn builds loyalty with off-roading fun

Land Rover dealer Larry Zinn builds loyalty with off-roading fun https://ift.tt/53bFCLT

Each year, Miami land Rover dealer Larry Zinn's two stores hold an off-road driving event called Rover on The Rocks, where customers learn how to drive over rugged terrain using Rover's advanced electronic features.

Toyota borrows dealer-installed accessories strategy

Toyota borrows dealer-installed accessories strategy https://ift.tt/0oVcAZd

Toyota is ramping up partnerships with accessory manufacturers to give their products Toyota part numbers and allow accessories to be sold at the dealership and financed with the transaction. The strategy mirrors those done over the last decade by Jeep and Ford, among others.

Ford, Subaru and Volkswagen dealerships trade hands in Q3 deals

Ford, Subaru and Volkswagen dealerships trade hands in Q3 deals https://ift.tt/ML4qym6

Ford, Subaru and Volkswagen stores were acquired by dealership groups in separate third-quarter transactions.

Lucid Motors to launch base Air Pure sedan, starting at $89,050

Lucid Motors to launch base Air Pure sedan, starting at $89,050 https://ift.tt/QM7gDGw

The Nov. 15 launch of the Air Pure trim and the higher-level Air Touring will give Lucid entry models that better compete with starting prices for the Tesla Model S and Mercedes EQS

Carvana Q3 net loss widens to $508 million

Carvana Q3 net loss widens to $508 million https://ift.tt/tyohuQb

Carvana revenues fell 3 percent to $3.4 billion for the quarter. The retailer sold 102,570 cars and trucks in the third quarter, down 8 percent.

Cars.com swings to Q3 net loss, posts higher revenue

Cars.com swings to Q3 net loss, posts higher revenue https://ift.tt/IqnAv0J

The dealership technology company's dealership customer count grew to 19,585 as of Sept. 30, up 556 from a year earlier and up 68 from June 30.

Serra Automotive, Germain Automotive Partnership buy Lexus and Toyota dealerships

Serra Automotive, Germain Automotive Partnership buy Lexus and Toyota dealerships https://ift.tt/4QjJike

Two Lexus and two Toyota dealerships in Michigan now are owned by a pair of growing Midwest dealership groups.

TurboPass targets franchised car dealer market with PayStub Report

TurboPass targets franchised car dealer market with PayStub Report https://ift.tt/aDzSoQi

The new national PayStub Report product works similar to TurboPass's historic offering allowing customers to verify information to lenders and dealers using digital bank records.

Tesla closes its first showroom in China

Tesla closes its first showroom in China https://ift.tt/vA6glqD

EV maker Tesla has closed what had been its flagship showroom in China as the company adjusts its sales and service strategy in its second-largest market.

Chevrolet dealership employee accused of giving herself unauthorized bonuses

Chevrolet dealership employee accused of giving herself unauthorized bonuses https://ift.tt/IGv2DRf

Ariel Rutenbeck, 32, was charged with grand theft for allegedly altering Dimmitt Chevrolet's payroll, giving herself $28,000 in unauthorized bonuses.

Parks Automotive Group buys Acura, Audi and BMW dealerships

Parks Automotive Group buys Acura, Audi and BMW dealerships https://ift.tt/xmT90PH

Parks Automotive Group in September bought three luxury dealerships as it entered a new market.

In midterm elections, what's at stake for auto industry

In midterm elections, what's at stake for auto industry https://ift.tt/syLlAvV

Under a GOP-controlled Congress, several policy experts said they would expect to see a shift from a more active legislative agenda to a greater reliance on congressional oversight to restrain the Biden administration's regulatory authority.

‘Great reassessment' will require car dealers to rethink recruiting strategies

‘Great reassessment' will require car dealers to rethink recruiting strategies https://ift.tt/VkE2gec

Adam Robinson, CEO of Hireology, said job seekers are most looking for schedule flexibility, career growth opportunities and fulfilling work.

Dealer's mentorship program cuts turnover by making workers' lives better

Dealer's mentorship program cuts turnover by making workers' lives better https://ift.tt/ntB06oK

Leadership at CMA's Valley dealerships in Staunton, Va., launched a mentorship program focused on health, finance and relationships to reduce employee turnover and enhance their staff's lives.

Dealer's mentorship program cuts turnover by making workers' lives better

Dealer's mentorship program cuts turnover by making workers' lives better https://ift.tt/0JLmPE4

Leadership at CMA's Valley dealerships in Staunton, Va., launched a mentorship program focused on health, finance and relationships to reduce employee turnover and enhance their staff's lives.

GMC, Nissan and Stellantis dealerships trade hands in Q4, Q3 deals

GMC, Nissan and Stellantis dealerships trade hands in Q4, Q3 deals https://ift.tt/NymiaUW

A standalone GMC dealership, plus Nissan stores and a Stellantis outlet traded hands in third-quarter and fourth-quarter deals.

Ford postpones deadline for dealers to decide on EV investment

Ford postpones deadline for dealers to decide on EV investment https://ift.tt/07hHDLj

Dealers now have an extra month to decide whether to spend up to $1.2 million on chargers and other upgrades the automaker is requiring for certification to sell EVs after 2023.

2023 could be active year for state dealer franchise legislation

2023 could be active year for state dealer franchise legislation https://ift.tt/8ZtFc9h

Panelists at Retail Forum: Chicago said a changing industry will require deeper collaboration between automakers and their franchised new-vehicle dealerships.

Larry H. Miller Hyundai Peoria named Best Dealership To Work For

Larry H. Miller Hyundai Peoria named Best Dealership To Work For https://ift.tt/YCrGT7p

It is the first time Asbury-owned Larry H. Miller Hyundai Peoria in Arizona has claimed the No. 1 spot.

Guest column: FTC's new rules would only punish honest car dealers

Guest column: FTC's new rules would only punish honest car dealers https://ift.tt/w7fhIG8

Dishonest dealers will just ignore the rules, continue to attract customers, and be the primary source of complaints to the Federal Trade Commission.

Franchised dealerships equipped to evolve with changing auto retail model

Franchised dealerships equipped to evolve with changing auto retail model https://ift.tt/vcfQoy4

Franchised dealers have the entrepreneurial skill and spirit to adapt their businesses to meet a changing industry, executives at two retail technology companies said at the Automotive News Retail Forum: Chicago event.

Sonic posts record Q3 revenue, net income

Sonic posts record Q3 revenue, net income https://ift.tt/nKWpird

Sonic Automotive Inc. posted higher third-quarter net income and revenue despite sales declines at its EchoPark used-only stores and new-and used-vehicle sales on a same-store basis at its franchised dealerships.

U.S. dealership average pay surpasses $100K while turnover tumbles

U.S. dealership average pay surpasses $100K while turnover tumbles https://ift.tt/Ngnv6O0

Average industry turnover was 34 percent in 2021 — the lowest level in the 11-year history of the National Automobile Dealers Association's annual Dealership Workforce Study.

Group 1 Q3 net income rose 14% on record revenue

Group 1 Q3 net income rose 14% on record revenue https://ift.tt/g8mi2Uo

New-vehicle days' supply in the U.S. as of Sept. 30 improved to 15 from 11 as of Sept. 30, 2021, and from nine as of Dec. 31, 2021.

Group 1 Q3 net income rose 14% on record revenue

Group 1 Q3 net income rose 14% on record revenue https://ift.tt/V7wFc6s

New-vehicle days' supply in the U.S. as of Sept. 30 improved to 15 from 11 as of Sept. 30, 2021, and from nine as of Dec. 31, 2021.

Penske's Q3 net income slips despite record revenue

Penske's Q3 net income slips despite record revenue https://ift.tt/nhyXwag

Penske Automotive Group Inc. posted lower net income in the third quarter, as used-vehicle sales dipped.

Firm invests $70M into dealership group led by Jonathan Sobel

Firm invests $70M into dealership group led by Jonathan Sobel https://ift.tt/o1039Kf

Franchise Equity Partners is officially in the auto dealership business following a $70 million investment into Jonathan Sobel-led Georgica Auto Holdings.

Penske's Q3 net income slips despite record revenue

Penske's Q3 net income slips despite record revenue https://ift.tt/15CBwXJ

Penske Automotive Group Inc. posted lower net income in the third quarter, as used vehicle sales dipped.

Employee ordered to pay back nearly $50K to Chrysler-Dodge-Jeep-Ram dealership

Employee ordered to pay back nearly $50K to Chrysler-Dodge-Jeep-Ram dealership https://ift.tt/EMyuXW1

Nicole Bradley tampered with financial records and used unauthorized funds from Erwin Chrysler-Dodge-Jeep in Troy, Ohio.

Lucid opens retail studio in Saudi Arabia as it moves into Middle East EV market

Lucid opens retail studio in Saudi Arabia as it moves into Middle East EV market https://ift.tt/2qr1lDw

The "luxury retail space" in Riyadh will introduce Middle East customers to the California-based brand. Lucid also plans to build a factory in Saudi Arabia.

Arizona dealership group gets green light to pursue suit over raid by state AG

Arizona dealership group gets green light to pursue suit over raid by state AG https://ift.tt/Keqs5CW

A federal judge in Phoenix has given the green light to Mark Enterprises to pursue a lawsuit against state attorney general agents after a raid in October 2019.

For Cadillac and its dealers, Celestiq EV is just a beginning

For Cadillac and its dealers, Celestiq EV is just a beginning https://ift.tt/2nmwuOy

The $300,000 Cadillac Celestiq EV is a launch point for doing more "iconic" things for the brand in the future.

Hyundai sued over allocation practice

Hyundai sued over allocation practice https://ift.tt/mpGPSMn

A Hyundai dealer based in New York is suing the automaker for withholding inventory after not opting into the newest image program.

Arizona dealership group gets green light to pursue suit over raid by state AG

Arizona dealership group gets green light to pursue suit over raid by state AG https://ift.tt/GwV7zaP

A federal judge in Phoenix has given the green light to Mark Enterprises to pursue a lawsuit against state attorney general agents after a raid in October 2019.

How a VW dealership’s competitions boosted alignment, tire sales

How a VW dealership’s competitions boosted alignment, tire sales https://ift.tt/JUPEzaR

Onion Creek Volkswagen boosted sales of alignments and tires by establishing a process that all service advisers follow and by holding competitions. Commissions, bonuses and other spiffs are up for grabs each month.

LinkedIn Live talk from the Automotive News Retail Forum

LinkedIn Live talk from the Automotive News Retail Forum https://ift.tt/QS5opGe

Join us on LinkedIn at noon Eastern on Oct. 27 for a live talk with Mark LaNeve, chairman of the auto dealership vertical at Franchise Equity Partners and former top sales and marketing executive at both General Motors and Ford Motor Co.

How Lithia is diversifying and thinking globally

How Lithia is diversifying and thinking globally https://ift.tt/no75djH

Lithia has made dealership acquisitions, digital retail and its own captive finance unit company hallmarks as it aims to reach $50 billion in annual revenue by 2025. But some business diversification appears on tap.

Baxter Auto sells 4 Stellantis dealerships in unique deal

Baxter Auto sells 4 Stellantis dealerships in unique deal https://ift.tt/b8Jv03g

Baxter Auto Group sold four Stellantis dealerships to Edwards Auto Group, which kept two of the stores. Edwards Auto sold two dealerships to two different auto retailers.

Retail new-vehicle sales dip 3% in first 16 days of October

Retail new-vehicle sales dip 3% in first 16 days of October https://ift.tt/n4our0y

Retail sales of passenger vehicles dropped 3 percent from a year earlier in the first 16 days of October because of the negative impact from strict government anti-pandemic measures, the China Automobile Dealers Association said Wednesday. 

Used-car sales slide 2nd straight month amid anti-pandemic measures

Used-car sales slide 2nd straight month amid anti-pandemic measures https://ift.tt/v8VTgc7

Sales of used light vehicles in China declined for the second straight month, with September volume dipping 4.5 percent to just under 1.2 million, according to a tally from the China Automobile Dealers Association. 

LMP Automotive sells Stellantis dealership, signs deal to sell Kia dealerships

LMP Automotive sells Stellantis dealership, signs deal to sell Kia dealerships https://ift.tt/Kbmsp0R

The Chrysler-Dodge-Jeep-Ram dealership in White Plains, N.Y., is Tasca Automotive Group's first store in that state.

Lithia Motors' Q3 net income rises as revenue hits record

Lithia Motors' Q3 net income rises as revenue hits record https://ift.tt/sAiqjzI

Lithia Motors Inc., which continued its dealership network expansion in the third quarter, posted vehicle sales increases and record revenue.

Passport Automotive settles FTC suit over illegal fees, discrimination for $3.38 million

Passport Automotive settles FTC suit over illegal fees, discrimination for $3.38 million https://ift.tt/uSYcUrn

Passport Automotive agreed to pay $3.38 million to settle a Federal Trade Commission lawsuit filed against the dealership group for charging illegal fees and discriminating against Black and Latino customers. The dealer group denies it discriminated.

Passport Automotive fined $3.38 million in FTC discrimination suit

Passport Automotive fined $3.38 million in FTC discrimination suit https://ift.tt/462SXKJ

Passport Automotive Group will pay $3.38 million to settle a Federal Trade Commission lawsuit filed against the dealership group for charging illegal fees and discriminating against Black and Latino customers.

Michigan officials ask state court to deny Carvana's injunction bid in licensing dispute

Michigan officials ask state court to deny Carvana's injunction bid in licensing dispute https://ift.tt/dty6QAT

Lawyers for Michigan Secretary of State Jocelyn Benson said the state was authorized when it suspended Carvana's license because of titling and registration issues.

NADA picks Gary Gilchrist as likely 2024 chairman

NADA picks Gary Gilchrist as likely 2024 chairman https://ift.tt/3OoLkHA

Gary Gilchrist, president of Gilchrist Chevrolet-Buick-GMC in Tacoma, Wash., was elected 2023 vice chairman during the association's board meeting Tuesday. This puts him in line to be chairman in 2024.

Cadillac Celestiq poses big commission challenge

Cadillac Celestiq poses big commission challenge https://ift.tt/5oJI8Mu

The Celestiq buying experience will be as important as the customized car itself, especially with this price tag and clientele.

Column: At Digital Dealer, discussions of culture, customers and change

Column: At Digital Dealer, discussions of culture, customers and change https://ift.tt/ZVgo0t2

This was my first time attending the Digital Dealer conference, and the subject matter naturally dovetails with my retail technology beat.

What will EVs, over-the-air fixes mean for dealership service departments?

What will EVs, over-the-air fixes mean for dealership service departments? https://ift.tt/qAOQowR

Electric vehicles will require additional investment in training and tooling and have fewer parts than gasoline-powered vehicles, raising long-term concerns about the impact to service, but some dealers say they see opportunity ahead.

Dealer anniversaries

Dealer anniversaries https://ift.tt/PHQZ0zK

The dealers featured this week is Joel Herman, dealer principal of Herman Motor Co., a Ford dealership in Luverne, Minn., and Richard Herman, former dealer principal.

Dealership service business is strong, but challenges loom

Dealership service business is strong, but challenges loom https://ift.tt/CcedIwB

Dealerships' service and parts businesses are doing well, in part because more consumers are holding on to older vehicles longer. But issues exist, including technician shortages and parts availability.

Lotus adds dealers, gears up for five new vehicles by 2028

Lotus adds dealers, gears up for five new vehicles by 2028 https://ift.tt/I0SprVB

Lotus Cars Managing Director Matt Windle's U.S. visit last month comes as the brand expands its dealer network and readies for the biggest onslaught of new models in company history.

Point Predictive, CreditMiner tech helps dealers combat fraud

Point Predictive, CreditMiner tech helps dealers combat fraud https://ift.tt/dcg0VhF

Point Predictive said auto dealerships have reported more fraudulent borrowers — and being forced by lenders to buy back the ensuing loans.

U.S. vehicle inventories at highest point since June 2021

U.S. vehicle inventories at highest point since June 2021 https://ift.tt/AIQLaVK

Inventory and days supply levels continued to recover in September from their record lows earlier this year as a slower selling rate allowed automakers to regrow some dealer stocks.

Better training, new tool bring loan fraud to light

Better training, new tool bring loan fraud to light https://ift.tt/wpb7mTz

A fifth of indirect auto lenders polled by Point Predictive in 2021 didn't require car dealers to buy back fraudulent or early-defaulting loans.

Carvana sues Michigan to reverse license loss

Carvana sues Michigan to reverse license loss https://ift.tt/H36okCu

Carvana says it was not provided a hearing or adequate chance to respond to allegations in suspension decision in Michigan.

Honda's U.S. dealers want to be part of Sony Honda venture

Honda's U.S. dealers want to be part of Sony Honda venture https://ift.tt/9U1FJzm

A new joint venture formed by Sony Group and Honda plans to introduce a premium EV and the automaker's U.S. dealers are anxious to be part of the sales process.

Ford says top Lincoln dealers face $900,000 bill to sell EVs

Ford says top Lincoln dealers face $900,000 bill to sell EVs https://ift.tt/caXQTA2

Lincoln stores that want to sell EVs will need to invest more than four times as much as Cadillac is asking its retailers to spend, mainly to cover the cost of installing chargers for public use and service needs.

Stellantis, Ford and GM dealerships acquired in 4 transactions

Stellantis, Ford and GM dealerships acquired in 4 transactions https://ift.tt/DnmJioh

Stellantis, Ford and GM dealerships across four states were sold in second-quarter and third-quarter transactions.

GM sales edge up in Q3

GM sales edge up in Q3 https://ift.tt/QhIv8Dx

General Motors’ China sales gained 1.1 percent to some 630,000 in the third quarter after Shanghai came out of a two-month lockdown and the Chinese government rolled out tax incentives for gasoline cars in early June.

Polestar rooftops to rise with new U.S.-oriented crossover

Polestar rooftops to rise with new U.S.-oriented crossover https://ift.tt/yRKuqDj

Polestar will expand its U.S. retail network by nearly half by the end of next year.

Ford Q3 deliveries fall 11%

Ford Q3 deliveries fall 11% https://ift.tt/VlukWU1

Ford Motor Co.’s China operations continue to recover from the negative impact of sporadic coronavirus outbreaks in the country. The U.S. automaker’s deliveries in the third quarter, while rising 12 percent from the second quarter, fell 11 percent from a year earlier to some 133,000 vehicles, Ford’s China unit said this week.

September’s ‘golden’ aura loses luster, even amid latest rally

September’s ‘golden’ aura loses luster, even amid latest rally https://ift.tt/MPZzAkG

The Chinese market for new light vehicles registered a strong rebound for the fourth straight month in September. But the latest rally, spurred in part by government incentives and easing COVID restrictions, has been disappointing for many automakers and dealers.

Pohanka Automotive buys Ford, Kia and Stellantis dealerships

Pohanka Automotive buys Ford, Kia and Stellantis dealerships https://ift.tt/gQS0CdL

Pohanka Automotive Group, led by NADA Vice Chairman Geoffrey Pohanka, acquired Ford, Kia and Stellantis dealerships in August.

Longtime OpenLending CEO John Flynn retires; Keith Jezek named new leader

Longtime OpenLending CEO John Flynn retires; Keith Jezek named new leader https://ift.tt/LuVQX39

Open Lending co-founder and COO Ross Jessup also has retired.

GM's deliveries edge up in Q3

GM's deliveries edge up in Q3 https://ift.tt/dA0w3zE

General Motors’ China sales gained 1.1 percent to some 630,000 in the third quarter after Shanghai came out of a two-month lockdown and the Chinese government rolled out tax incentives for gasoline cars in early June.

Behind Lexus' multicultural marketing approach, including its Black Panther partnership

Behind Lexus' multicultural marketing approach, including its Black Panther partnership https://ift.tt/W62fweI

Senior manager Mia Phillips on the brand’s work with Marvel and how it approaches inclusive marketing.

GM’s China deliveries edge up in Q3

GM’s China deliveries edge up in Q3 https://ift.tt/wBxFaXW

General Motors’ China sales gained 1.1 percent to some 630,000 in the third quarter after Shanghai came out of a two-month lockdown and the Chinese government rolled out tax incentives for gasoline cars in early June.

Nissan launches ultra-low-mileage, pay-as-you-go lease

Nissan launches ultra-low-mileage, pay-as-you-go lease https://ift.tt/a4OtIcp

Nissan Motor Acceptance launched its SignatureFLEX program, which will allow customers to add miles to their lease throughout the life of their contract, which would start at 5,000 miles per year.

Shift Technologies receives delisting warning from Nasdaq

Shift Technologies receives delisting warning from Nasdaq https://ift.tt/ZbzSuTG

The Nasdaq stock exchange told online used-vehicle retailer Shift Technologies Inc. it could be removed from the exchange if the company's stock price continues to remain below $1 per share.

Shift received the delisting warning from the Nasdaq's listing qualifications department on Oct. 4. The department informed Shift its stock price had stayed below $1 for 30 consecutive days, a violation of the exchange's listing rules, according to a document Shift filed last week with the U.S. Securities and Exchange Commission.

Shift has 180 days from the date of the Oct. 4 notice — or until April 3, 2023 — to raise its share price. It could face the delisting process if it doesn't, according to the filing.

Automotive News has reached out to Shift for comment.

Shift shares fell 6 percent to 60 cents in midday trading. That is down more than 95 percent from its all-time high closing price of $13.98 on Sept. 1, 2020.

The San Francisco-based company recorded a $109.2 million loss through the first half of 2022 as consumer confidence waned and used-market pressures flared up. In its second-quarter earnings statement, Shift said it would revise its business plan to focus on its West Coast presence and position itself as a retailer of budget-friendly used vehicles. That will put the company on track for long-term profitability, Shift President Jeff Clementz told Automotive News in late August.

Shift also announced in August its plan to combine with CarLotz, a used-vehicle consignment company, in a stock-for-stock merger it estimates will give the combined entity a better cash position. The two companies said they expect that transaction to close in the fourth quarter, pending shareholder and regulatory approvals.

When Sutherlin Automotive called for help, dealers nationwide answered

When Sutherlin Automotive called for help, dealers nationwide answered https://ift.tt/lh0zEFT

Brett Sutherlin turned to old friends and strangers alike offering to buy any inventory other Nissan stores could offer.

Column: The customer experience is key to win trust, save time

Column: The customer experience is key to win trust, save time https://ift.tt/dYu0tsy

It's not just the consumer-facing experience on a dealership's website that needs to be smooth. So do the back-end technology links that consumers don't see.

FOJ tip

FOJ tip https://ift.tt/3I9eZbg

Winter is coming, so stock up on wipers, tires, cabin air filters and all-weather floor mats.

NADA guidelines could shape debates in states

NADA guidelines could shape debates in states https://ift.tt/WNBhSkX

A set of guiding principles by the National Automobile Dealers Association advocating on behalf of dealer franchise laws could help state association leaders frame discussions with policymakers on legislative issues.

Carvana's license at Michigan store suspended over multiple violations

Carvana's license at Michigan store suspended over multiple violations https://ift.tt/7BEsaF8

In another setback for the used-vehicle retailer, already under probabtion, a Michigan investigation cited Carvana for repeated violations covering titles, registrations and odometers.

September wholesale used-vehicle prices continue slide

September wholesale used-vehicle prices continue slide https://ift.tt/QTCmo71

Cox Automotive reported prices were 0.1 percent lower in September than the same time last year when the index stood at 204.8. It's the first time since May 2020 wholesale values declined year-over-year.

NADA sets guidelines for brand relations in retail evolution

NADA sets guidelines for brand relations in retail evolution https://ift.tt/qRaW7xX

From electric vehicles to digital retail and over-the-air updates, auto dealers are facing a lot of change. Here’s how NADA would like to see brands work with their retail partners.

Auto loan interest rate highest in 3 years

Auto loan interest rate highest in 3 years https://ift.tt/t2NAURF

Auto loan interest rates, car payments, amount financed all increase, Edmunds report says.

F&I sales up at 60% of car dealerships, Protective Asset Protection finds

F&I sales up at 60% of car dealerships, Protective Asset Protection finds https://ift.tt/ol9tW2j

Car dealership decision-makers were mixed on whether higher vehicle prices in 2022 helped GAP sales, according to the Protective Asset Protection's 2022 F&I Trends Report.

Bernie Moreno sells last dealership, looks to acquire again

Bernie Moreno sells last dealership, looks to acquire again https://ift.tt/lpuQnfv

Former U.S. Senate candidate-hopeful Bernie Moreno sold his last dealership in August in Florida. But he's looking to acquire again.

Dennis & Co. Auto buys Stellantis and Infiniti dealerships

Dennis & Co. Auto buys Stellantis and Infiniti dealerships https://ift.tt/1FGxcWz

Dennis & Co. Auto Group in August bought a dealership that had been slated to be purchased by LMP Automotive Holdings Inc. and another store from Bernie Moreno.

Column: For this reporter, a long-awaited trip to Digital Dealer

Column: For this reporter, a long-awaited trip to Digital Dealer https://ift.tt/MydALfH

I'm interested in hearing about how dealers are thinking about the digital path forward, particularly as the pandemic and inventory constraints appear likely to linger.

For this reporter, a long-awaited trip to Digital Dealer

For this reporter, a long-awaited trip to Digital Dealer https://ift.tt/QX5pbyJ

I'm interested in hearing about how dealers are thinking about the digital path forward, particularly as the pandemic and inventory constraints appear likely to linger.

Porsche dealer in Florida seeks $300 million in factory tiff

Porsche dealer in Florida seeks $300 million in factory tiff https://ift.tt/MN9hmCS

The Collection alleges that Porsche violated Florida dealer franchise law by restricting some vehicle allocation after the Miami-area dealer refused to build an exclusive brand store.

Dealer anniversaries

Dealer anniversaries https://ift.tt/zOYFHB6

Dealers featured this week include Judy Jones-Cone, dealer principal of Toyota Carlsbad in California; and Fredrick Anderson, chairman of Fred Anderson Toyota in Raleigh, N.C.

Sheriff, dealer team up, giving jailers free Bolts

Sheriff, dealer team up, giving jailers free Bolts https://ift.tt/D1emgVB

A Georgia sheriff's office is leasing a fleet of Chevy Bolts for what it says is "likely the only program of its kind for jailers nationwide."

Disruptions shift focus away from auctions

Disruptions shift focus away from auctions https://ift.tt/Rwyc7lj

The changes have auction company leaders pivoting to keep pace with dealers' evolving sourcing preferences and digital auction demands.

Volvo teams with Costco Auto Program on used-vehicle sales

Volvo teams with Costco Auto Program on used-vehicle sales https://ift.tt/qD4CHG7

The partnership on CPO incentives is a first for the Costco Auto Program.

Guest commentary: Make BDC a priority for the next tech upgrade at your dealership

Guest commentary: Make BDC a priority for the next tech upgrade at your dealership https://ift.tt/jnX1m52

Too many business development centers are using the same technology dealerships have been using for decades.

Guest commentary: Growing CPO sales are key to driving customer loyalty

Guest commentary: Growing CPO sales are key to driving customer loyalty https://ift.tt/lU1znpN

Current market conditions suggest it might not make sense to allocate incentive dollars to lure CPO buyers, but that could someday be a way to win customer loyalty.

Spitzer Automotive boosts sales with a better warranty program

Spitzer Automotive boosts sales with a better warranty program https://ift.tt/NSgtcYF

By enhancing its new- and used-vehicle warranties and certified pre-owned programs, Spitzer Automotive is boosting its value proposition and battling low inventory.

Hyundai to offer security kit to stem raft of vehicle thefts popularized on social media

Hyundai to offer security kit to stem raft of vehicle thefts popularized on social media https://ift.tt/ULZuc9b

Owners of Hyundai vehicles that have been targeted by thieves after viral videos showed how to hot wire their cars will be able to purchase a Compustar security kit for $170 starting Oct. 1.

Most Florida dealers dodge destructive Hurricane Ian

Most Florida dealers dodge destructive Hurricane Ian https://ift.tt/zTCReoE

An influx of flood-damaged vehicles might create a troublesome situation, Morse Automotive Group CEO Teddy Morse said.

Selling parts online can grow business

Selling parts online can grow business https://ift.tt/Y2tC0df

Opening an e-commerce parts channel can help dealerships weather the parts shortage and supply chain crisis.

CDK to give dealers ability to share data with software vendors

CDK to give dealers ability to share data with software vendors https://ift.tt/RBJ1yXW

Dealership management system provider CDK Global will allow auto retailers to share data directly with third-party software providers, a change from its existing vendor integration practices.

Ford, Subaru, Hyundai and GM dealerships trade hands in 4 deals

Ford, Subaru, Hyundai and GM dealerships trade hands in 4 deals https://ift.tt/a0xOZTs

Four transactions involved Ford, Subaru, Hyundai and GM dealerships in California, Tennessee, Texas and Wyoming.

U.S. light-vehicle sales expected to continue to stagnate in Q3

U.S. light-vehicle sales expected to continue to stagnate in Q3 https://ift.tt/3tKzAOx

Cox Automotive lowered its sales forecast for the third time this year as rising interest rates now threaten to stall demand for new vehicles.

Dealerships close in Florida as Hurricane Ian unleashes ‘catastrophic' conditions

Dealerships close in Florida as Hurricane Ian unleashes ‘catastrophic' conditions https://ift.tt/IiUB3Np

Shuttered dealerships moved vehicles inside ahead of life-threatening storm surges, hurricane-force winds.

Ford and Tesla boast high brand loyalty rates, but do they attract buyers?

Ford and Tesla boast high brand loyalty rates, but do they attract buyers? https://ift.tt/aVmcwZW

S&P Global Mobility goes beyond loyalty rates to evaluate the conquest and defection ratios of brands, which analysts say paints a broader picture of success.

Carvana executive faces criminal charges in Illinois

Carvana executive faces criminal charges in Illinois https://ift.tt/mdQM1y4

In mid-May the Illinois Secretary of State filed several motor vehicle-related charges against Paul Breaux, who is identified on Carvana's investor relations website as the company's general counsel since August 2015.

Feds: Stolen IDs used in deals for 3 Range Rover Sports

Feds: Stolen IDs used in deals for 3 Range Rover Sports https://ift.tt/z2GRh3X

Suspects' photos allegedly appeared with stolen victim information on drivers' licenses used in deals for $297K worth of late-model Range Rover Sports.

Asbury, CarMax shutter car dealerships ahead of Hurricane Ian

Asbury, CarMax shutter car dealerships ahead of Hurricane Ian https://ift.tt/Jd0P5bk

Hurricane-force winds, flooding among threats to dealerships in Florida from Hurricane Ian, according to the National Weather Service's National Hurricane Center.

Carvana executive faces criminal charges in Illinois

Carvana executive faces criminal charges in Illinois https://ift.tt/9AJjyDf

In mid-May the Illinois Secretary of State filed several motor vehicle-related charges against Paul Breaux, who is identified on Carvana's investor relations website as the company's general counsel since August 2015.

Survey finds 74% of participants prefer to buy EVs at dealerships

Survey finds 74% of participants prefer to buy EVs at dealerships https://ift.tt/xGZSsvl

The 2022 report shows legacy and EV specialist automakers should consider an omnichannel approach to selling EVs.

Survey finds 74% of partipants prefer to purchase EVs at dealerships

Survey finds 74% of partipants prefer to purchase EVs at dealerships https://ift.tt/bCePkRs

The 2022 report shows legacy and EV specialist automakers should consider an omnichannel approach to selling EVs.

Ad manager accused of $1.3 million scheme

Ad manager accused of $1.3 million scheme https://ift.tt/1UgDYCb

Prosecutors say the man pretended to hire marketing and advertising firms that were actually shell companies he created to funnel money into his personal accounts.

Ford dealer all-in on new order process

Ford dealer all-in on new order process https://ift.tt/5hNLBJi

The Las Vegas dealership saw Ford Motor Co. moving toward customer orders for its vehicle models and set up its own retail ordering process, which included updating the store's website and creating spreadsheets to track order status.

JAMA's Anita Rajan: EV tax credit restrictions likely to hinder adoption

JAMA's Anita Rajan: EV tax credit restrictions likely to hinder adoption https://ift.tt/Ff1hOqx

Anita Rajan, the new general director of the Japan Automobile Manufacturers Association's U.S. branch office, says the eligibility restrictions in the new electric vehicle tax credit could impede EV adoption in the U.S.

Former dealership employee accused of stealing $1.3 million

Former dealership employee accused of stealing $1.3 million https://ift.tt/RVGX3sM

A former employee of Pine Belt Nissan of Toms River, a dealership in New Jersey, has been charged with money laundering and theft via an advertising scheme, with prosecutors alleging he stole more than $1.3 million.

Diehl Automotive Group slated to buy 6 dealerships, report says

Diehl Automotive Group slated to buy 6 dealerships, report says https://ift.tt/M1IlgoJ

Diehl Automotive Group is expected to buy six dealerships in eastern Ohio, including import and domestic stores, according to a report.

Hyundai, Nissan, Honda and Toyota dealerships sell across 4 states

Hyundai, Nissan, Honda and Toyota dealerships sell across 4 states https://ift.tt/reoAKlM

Hyundai, Nissan, Honda and Toyota dealerships trade hands in deals in Indiana, New Jersey, California and Alabama.

NADA: 2022 shaping up to be another good year for franchised dealerships

NADA: 2022 shaping up to be another good year for franchised dealerships https://ift.tt/pyDOra2

New data from the National Automobile Dealers Association shows that while new- and used-vehicle sales are down through the first half of the year, demand for both sales and service remains high.

General Motors, GM Financial seek similar EV lease penetration as gas-powered cars

General Motors, GM Financial seek similar EV lease penetration as gas-powered cars https://ift.tt/mg9JNpz

GM Financial CEO Dan Berce said experience with the Chevrolet Bolt shows ALG EV residuals to be conservative and the vehicles to have better resale value than forecast.

Plenty of questions remain in shift to online ordering

Plenty of questions remain in shift to online ordering https://ift.tt/pWEadgN

Will other automakers follow Ford Motor Co.'s lead in wanting customers to order vehicles? What will that mean for franchised dealers?

Louisiana Hyundai dealership employee shoots co-worker, police say

Louisiana Hyundai dealership employee shoots co-worker, police say https://ift.tt/Yp1Q6fn

An employee at a New Orleans-area Hyundai dealership has been arrested following the shooting of a co-worker in the store's service center.

Tesla weighing reset for China retail strategy

Tesla weighing reset for China retail strategy https://ift.tt/sDao19c

Tesla is reevaluating the way it sells cars in China, its second-largest market.

Back in the business, Dobbs ready to grow

Back in the business, Dobbs ready to grow https://ift.tt/C09MuBb

Dobbs Family Automotive, the automotive platform of Dobbs Equity Partners, has 10 dealerships across six states and wants to rapidly expand its holdings.

Back in the business, Dobbs ready to grow

Back in the business, Dobbs ready to grow https://ift.tt/psTJgKw

Dobbs Family Automotive, the automotive platform of Dobbs Equity Partners, has 10 dealerships across six states and wants to rapidly expand its holdings.

Ford herds retailing into EV future

Ford herds retailing into EV future https://ift.tt/sWtLgSI

The automaker told dealers it will ask them to invest up to $1.2 million for the right to sell EVs but showed that it's not ready to abandon combustion vehicles yet as it showed off the pony car's seventh generation.

Column: American Action Forum says cost-benefit ratio of proposed car dealer rules closer than FTC projects

Column: American Action Forum says cost-benefit ratio of proposed car dealer rules closer than FTC projects https://ift.tt/XFY7D1l

Federal Trade Commission predicts car shoppers would save three hours as a result of its new proposed regulations on car dealers. Think tank argues this is not so.

Lexus on track in transition to electric vehicles

Lexus on track in transition to electric vehicles https://ift.tt/d8FGyjU

Dejuan Ross sees Lexus remaining steady on its planned transition to an all-electric vehicle lineup by the next decade, beginning early next year with the RZ 450e.

Daytona’s Garage custom shop builds customer loyalty

Daytona’s Garage custom shop builds customer loyalty https://ift.tt/o8xlIOc

Daytona's Garage technicians build customer loyalty by helping them with creative customizations.

Sharing is key to combating cyberthreats

Sharing is key to combating cyberthreats https://ift.tt/gRr8oFx

Sharing information and boosting transparency between companies is crucial to avoiding hacks and other cyber risks that can grind the industry to a halt, executives and regulators say.

Honda brand dinged by dealers in NADA survey for scant product availability

Honda brand dinged by dealers in NADA survey for scant product availability https://ift.tt/XICfYgm

Honda dropped from the top five spots listed in the National Automobile Dealers Association Dealer Attitude Survey for the time since 2015. Low inventory is the root cause of the slide.

Lincoln president expects further dealer consolidation, doesn't plan buyout offers in EV pivot

Lincoln president expects further dealer consolidation, doesn't plan buyout offers in EV pivot https://ift.tt/qDKxR26

Lincoln President Joy Falotico said she expects the luxury brand will end 2022 with under 600 retailers, down from the 685 it had as of the latest dealer census.

Mitsubishi Outlander PHEV heads to market with no EV credit

Mitsubishi Outlander PHEV heads to market with no EV credit https://ift.tt/9DxapvP

Under new rules, Mitsubishi's Japan-made Outlander PHEV loses eligibility for a $7,500 federal EV incentive.

Lincoln president expects further dealer consolidation, doesn't plan buyout offers in EV pivot

Lincoln president expects further dealer consolidation, doesn't plan buyout offers in EV pivot https://ift.tt/9QRJ0Vq

Lincoln President Joy Falotico said she expects the luxury brand will end 2022 with under 600 retailers, down from the 685 it had as of the latest dealer census.

American Action Forum: Cost-benefit ratio of proposed car dealer rules closer than FTC projects

American Action Forum: Cost-benefit ratio of proposed car dealer rules closer than FTC projects https://ift.tt/jVnHLeS

Federal Trade Commission predicts car shoppers would save three hours as a result of its new proposed regulations on car dealers.

Automaker lobby seeks revamp of FTC 'cumbersome' car dealership disclosure plan

Automaker lobby seeks revamp of FTC 'cumbersome' car dealership disclosure plan https://ift.tt/JGswXPe

The Alliance for Automotive Innovation also asks the FTC to clarify its language banning car dealers from selling F&I products duplicating auto warranties.

American Action Forum: Cost-benefit ratio of proposed car dealer rules closer than FTC projects

American Action Forum: Cost-benefit ratio of proposed car dealer rules closer than FTC projects https://ift.tt/NpoVHPX

Federal Trade Commission predicts car shoppers would save three hours as a result of its new proposed regulations on car dealers.

Ford dealers must set no-haggle prices, invest up to $1.2 million to keep selling EVs

Ford dealers must set no-haggle prices, invest up to $1.2 million to keep selling EVs https://ift.tt/sKG2wI9

Dealers have until Oct. 31 to opt into one of two EV certification tiers that cover varying investment levels in fast chargers and staff training.

AutoNation sells BMW dealership, its second luxury store divestiture in a month

AutoNation sells BMW dealership, its second luxury store divestiture in a month https://ift.tt/PDfg4Jw

AutoNation sold a BMW dealership in New York last month, marking its second luxury store divestiture in August.

Massachusetts AG, alliance at odds over next steps in court case on revised ‘right to repair' law

Massachusetts AG, alliance at odds over next steps in court case on revised ‘right to repair' law https://ift.tt/PFSgQXY

A federal judge asked litigants for information on two outstanding issues — their interpretation of the updated law's language and any steps taken by automakers to implement the law's requirements.

Carvana, Illinois regulators ‘in discussions' about retailer's ability to sell in the state

Carvana, Illinois regulators ‘in discussions' about retailer's ability to sell in the state https://ift.tt/rB5nZ1F

Carvana and Illinois secretary of state met Wednesday for a scheduled hearing, the latest in a legal challenge that's unfolded over the online retailer's license to sell used cars and trucks in the state.

Study: Large dealership groups pulling ahead in web responsiveness

Study: Large dealership groups pulling ahead in web responsiveness https://ift.tt/IBZtlws

The largest dealer groups in the United States are pulling ahead in online customer service, according to retail service tracker Pied Piper.

VW makes appeal to India's fast-growing female customer base

VW makes appeal to India's fast-growing female customer base https://ift.tt/R0kWErn

A new dealership in India is staffed entirely by women, in a bid to attract female buyers and promote diversity in the industry.

Inventory in U.S. inches up to 1.21M

Inventory in U.S. inches up to 1.21M https://ift.tt/rM46skb

After seven months of being mired in a narrow band, new vehicle inventory in the United States climbed to 1.2 million units last month, the highest levels since June 2021.

Ford wants its dealers to match Tesla's lower selling costs

Ford wants its dealers to match Tesla's lower selling costs https://ift.tt/VZDrYMb

Ford has told dealers that one key topic for the meetings will be a discussion of new agreements that would govern how dealers sell Ford's expanding lineup of electric vehicles.

The writing is on the wall for ringless voicemails

The writing is on the wall for ringless voicemails https://ift.tt/VXo6rdZ

The legal consensus, based on numerous court decisions, is that ringless voicemails are illegal without prior consent. And that means dealerships should be careful.

Dodge dealership to pay $935K in EEOC discrimination claim

Dodge dealership to pay $935K in EEOC discrimination claim https://ift.tt/s6j3mFp

Christopher's Dodge Ram in Colorado agrees to a $935,000 payment related to a gender discrimination claim brought by the U.S. Equal Employment Opportunity Commission.

Kia, Volvo, Ford-Lincoln and Honda dealerships sell across 4 states

Kia, Volvo, Ford-Lincoln and Honda dealerships sell across 4 states https://ift.tt/jgQWrvV

Auto retail groups acquire Kia, Volvo, Ford-Lincoln and Honda dealerships in purchases involving stores in Indiana, Hawaii, Ohio and Wyoming.

Dealer anniversaries

Dealer anniversaries https://ift.tt/BIa6GX1

Dealers featured this week include Linda Leith, dealer principal of Mercedes-Benz of Raleigh in North Carolina; Dale Zude, owner of Kimberly BMW of Davenport in Iowa; and Rick Sparks, dealer principal of Sparks Toyota in Myrtle Beach, S.C.

Wholesale used-vehicle prices fell ‘substantially' through August

Wholesale used-vehicle prices fell ‘substantially' through August https://ift.tt/1qZtXh5

Cox Automotive said wholesale prices declined 4 percent compared with July.

Ineos' dealer network for the Grenadier takes shape

Ineos' dealer network for the Grenadier takes shape https://ift.tt/Ar8hBuQ

Ineos, the British chemical company whose first vehicle, the Grenadier SUV, is now in production, is gearing up for its North American launch about a year from now.

Cox: Car dealers' sentiment dips in Q3 on concerns about economy, inflation

Cox: Car dealers' sentiment dips in Q3 on concerns about economy, inflation https://ift.tt/TQcD1ps

Nearly half of franchised dealers surveyed said economic conditions were holding back their business during the third quarter, and 40 percent said interest rates were holding their companies back. Those proportions rose significantly from the second quarter.

Mercedes-Benz, Ford-Lincoln, Chevy and Stellantis dealerships change hands in 4 deals

Mercedes-Benz, Ford-Lincoln, Chevy and Stellantis dealerships change hands in 4 deals https://ift.tt/JylYt0f

Four dealership groups, including a growing Canadian auto retailer, completed third-quarter, second-quarter and first-quarter transactions of single stores across four states.

Market Scan: Some incentives not promoted

Market Scan: Some incentives not promoted https://ift.tt/F9wkfKP

Payment calculation and analytics provider Market Scan says its data shows auto dealerships aren't presenting special manufacturer promotional deals to customers if the retailer can't add margin to interest rates.

Dealer anniversaries

Dealer anniversaries https://ift.tt/LXuH96E

Dealers featured this week are Dick Sparks, dealer principal for Sparks Toyota in Myrtle Beach, S.C.; and George Sharpe Jr., general manager of Sharpe BMW in Grand Rapids, Mich.

Dealers blasted online for Corvette markups

Dealers blasted online for Corvette markups https://ift.tt/g5fdm9z

One store responded by removing the $90,000 markup it was charging, while another attributed the uproar to a misunderstanding.

Nissan will ax the Rogue Sport crossover

Nissan will ax the Rogue Sport crossover https://ift.tt/yFQzXZ6

Sales of the Rogue Sport crossover will halt early next year as Nissan focuses on higher-volume models.

VW dealership manages acquisitions like sales

VW dealership manages acquisitions like sales https://ift.tt/WxMskSi

Volkswagen of Marion in Illinois has boosted its purchases of used vehicles directly from consumers by improving its tracking of such buys and increasing bonus opportunities for staffers instrumental in making them happen.

Nissan Motor Co. will ax the Rogue Sport crossover

Nissan Motor Co. will ax the Rogue Sport crossover https://ift.tt/LPhfy1D

Sales of the Rogue Sport crossover will halt early next year as Nissan focuses on higher-volume models.

Stellantis, Buick-GMC, Volkswagen, Hyundai dealerships acquired in Q3, Q2 deals

Stellantis, Buick-GMC, Volkswagen, Hyundai dealerships acquired in Q3, Q2 deals https://ift.tt/exogmV3

Stellantis, Buick-GMC, Volkswagen and Hyundai dealerships traded hands in single-store transactions in the third quarter and second quarter. The dealerships are spread across four states.

Under new CEO, Group 1 to continue focus on growth, technology

Under new CEO, Group 1 to continue focus on growth, technology https://ift.tt/BZqlcxv

Daryl Kenningham, now Group 1's COO, will succeed retiring CEO Earl Hesterberg in January and said the public auto retailer will pursue growth through acquisitions.

Ford increases Mustang Mach-E prices as order banks reopen

Ford increases Mustang Mach-E prices as order banks reopen https://ift.tt/a4LxI6f

Ford is increasing prices between roughly $3,000 and $8,000, depending on trim, due to rising material costs, supply chain constraints and "rapidly evolving market conditions."

Experian: 62% of borrowers opted for used cars in Q2

Experian: 62% of borrowers opted for used cars in Q2 https://ift.tt/5MFBcwH

Experian said second-quarter used-car loans saw record amounts financed, record monthly payments and record loan terms, but used-vehicle interest rates hardly budged from a year earlier.

Fired employee sues N.H. dealership alleging COVID-19 law violation

Fired employee sues N.H. dealership alleging COVID-19 law violation https://ift.tt/gXAjVtJ

A fired employee of a New Hampshire Chevrolet dealership is suing his former employer, alleging his rights were violated under the Families First Coronavirus Response Act, among other laws.

The complaint, filed July 25 with the U.S. District Court of New Hampshire, alleges MacMulkin Chevrolet Inc. in Nashua wrongfully terminated plaintiff Matthew Caron after he missed work because of health complications related to his disabilities and COVID-19.

Caron alleges he was fired over "attendance issues" in December 2020 after missing work because of a second doctor-recommended COVID-19 quarantine.

In his complaint, he argues his absence was covered under the Emergency Paid Sick Leave Act section of the Families First Coronavirus Response Act and the Family and Medical Leave Act.

Caron also alleges MacMulkin Chevrolet discriminated against him because of his disability and the need to care for his disabled son.

He cited one incident in which he was refused seating despite having a knee condition. Caron alleges management told him they were proving a point because other employees were sitting too much.

Additionally, Caron said he was oftentimes absent for issues related to his migraines and caring for his son. Caron said his absences were protected by the Americans with Disabilities Act and FMLA but that MacMulkin management verbally warned him about his attendance in November 2020.

Caron is requesting a jury trial and monetary damages to be determined at trial.

MacMulkin Chevrolet could not be reached for comment by Automotive News at the time of publication.

U.S. Bank ready to fund auto loans 'instantly' for more car dealers

U.S. Bank ready to fund auto loans 'instantly' for more car dealers https://ift.tt/VgEnYFQ

More than 800 car dealerships already have access to U.S. Bank's real-time payments feature for auto loans, which the bank says should improve cash-flow control and contracts-in-transit metrics.

Stellantis, Mitsubishi and Chevy dealerships acquired in Q2 and Q3 transactions

Stellantis, Mitsubishi and Chevy dealerships acquired in Q2 and Q3 transactions https://ift.tt/06YDbAk

Four dealerships traded hands in second-quarter and third-quarter transactions, including Canadian auto retailer Knight Automotive Group buying its third U.S. store from former Denver Broncos Hall of Fame quarterback John Elway's dealership group.

Contempt for dealers not uncommon

Contempt for dealers not uncommon https://ift.tt/d590htN

Most vehicle manufacturers have been maneuvering to control the retail business for decades, writes an Automotive News reader in a letter to the editor.

Shift Technologies puts its faith in online

Shift Technologies puts its faith in online https://ift.tt/KdEn8u9

Shift Technologies Inc. is restructuring its operations to focus on its West Coast presence and position itself as a retailer of budget-minded used vehicles.

Dealers relevant in time of uncertainty

Dealers relevant in time of uncertainty https://ift.tt/MuzJpGN

In this time of uncertainty, auto dealers remain more relevant than ever, writes an Automotive News reader in a letter to the editor.

GM's forced OnStar is greedy

GM's forced OnStar is greedy https://ift.tt/jiPaZ80

General Motors' decision to mandate OnStar subscription fees on Buick, GMC and Cadillac Escalade customers is bullying, writes an Automotive news reader in a letter to the editor.

GUEST COMMENTARY: How to better process warranty claims

GUEST COMMENTARY: How to better process warranty claims https://ift.tt/s79pe5b

Despite all of the digital makeovers happening throughout the auto retail experience, warranty processing has been overlooked. But with all of the technology in AI and automation today there is a better way to manage this now for instant gratification.

EDITORIAL: High used prices could rule out autos for many

EDITORIAL: High used prices could rule out autos for many https://ift.tt/ViT6FgC

Inflated vehicle prices could fuel a shift in demand, with more consumers choosing to live without cars.

COLUMN: GM's OnStar add-on is like Netflix, but with no way out of it

COLUMN: GM's OnStar add-on is like Netflix, but with no way out of it https://ift.tt/HAfTEmn

A new study suggests that vehicle markups, like GM's $1500 OnStar fee, may do lasting damage to dealership and brand loyalty.

Auction houses grapple with pricing used EVs

Auction houses grapple with pricing used EVs https://ift.tt/3QyG8Tc

As the number of used battery electric vehicles rises, auto auction houses are grappling with how to factor battery health and expected degradation into the value of an EV.

Michigan Ford dealership rethinks used-car commissions

Michigan Ford dealership rethinks used-car commissions https://ift.tt/Vx1vShg

Roy O'Brien Ford in St. Clair Shores, Mich., increased its used-vehicle volume and boosted sales reps' interest in selling any used car in stock by changing the way it accounts for gross profit when calculating commission payments.

Carvana 'vending machine' proposed for suburban Detroit

Carvana 'vending machine' proposed for suburban Detroit https://ift.tt/nGRaYqh

Should the estimated $15 million investment obtain the needed approvals, the company is targeting a construction start in late 2023 or early 2024 with completion 10 months later.

U.S. electrified vehicle sales skyrocketed 41% in first half of 2022, Urban Science says

U.S. electrified vehicle sales skyrocketed 41% in first half of 2022, Urban Science says https://ift.tt/Sr6tuHO

The share of electrified vehicle sales, including hybrids, increased to 6.2 percent of all new-vehicle sales in the U.S. from 3.6 percent in the first half of 2021.

New EV tax credits raise fear of a ‘messy scenario' in dealers' showrooms

New EV tax credits raise fear of a ‘messy scenario' in dealers' showrooms https://ift.tt/py80OzC

U.S. auto dealers say they are unsure of how the new EV tax credit will work in their showrooms and are concerned by how the complex eligibility requirements will affect their customer relationships.

NADA showrunner Steve Pitt dies at 75

NADA showrunner Steve Pitt dies at 75 https://ift.tt/yqfCRGs

Pitt joined NADA in 1974 and planned 48 conventions for the dealer association before retiring this year.

Morgan Automotive Group buys Lexus, Honda and JLR dealerships in Fla.

Morgan Automotive Group buys Lexus, Honda and JLR dealerships in Fla. https://ift.tt/uYRqMW0

Morgan Automotive Group, which made acquisitions in May and June, expanded its footprint in the Sarasota, Fla., market to five dealerships with its latest deal.

Retail car sales surge 23% in first 2 weeks of Aug.

Retail car sales surge 23% in first 2 weeks of Aug. https://ift.tt/MW2DtRn

The Chinese new-car market’s strong rebound continued in the first two weeks of August, according to the tally of the China Automobile Dealers Association. 

BYD continues expansion in Europe

BYD continues expansion in Europe https://ift.tt/aUbMgPK

BYD Co., a leading Chinese EV maker, has selected Danish dealer Nic. Christiansen Group to distribute its electrified passenger vehicles in Denmark.

Tesla will regain EV tax credit in 2023 — but may not need it

Tesla will regain EV tax credit in 2023 — but may not need it https://ift.tt/QAjx4Fi

Tesla's U.S. battery supply chain positions it as one of the early winners of the Inflation Reduction Act. But Tesla also doesn't need the credit to spur already skyrocketing demand for its vehicles.

Volvo's Starbucks EV chargers could lower network costs

Volvo's Starbucks EV chargers could lower network costs https://ift.tt/NL4bmf5

Volvo is pursuing a middle path with its Starbucks hookup — helping build a charging network over which it has some control, but without shouldering the exorbitant cost of Tesla's go-it-alone Supercharger model.

Dealer Kitty Van Bortel's lawsuit against Ford dismissed

Dealer Kitty Van Bortel's lawsuit against Ford dismissed https://ift.tt/xbT4FX1

U.S. District Judge David Larimer dismissed the lawsuit, saying a purported oral agreement did not constitute a valid, legal contract.

Shifts in used-vehicle market cut into proceeds, trigger resets

Shifts in used-vehicle market cut into proceeds, trigger resets https://ift.tt/thP4ju2

Shifting market conditions are starting to pressure auto retailers' used-vehicle business plans and profits.

FTC action much needed for dealers

FTC action much needed for dealers https://ift.tt/jHXqy5F

Dealers are deceptive about prices, incentives and fees, writes an Automotive News reader in a letter to the editor.

Dealership earnings, values to stay strong

Dealership earnings, values to stay strong https://ift.tt/zSZfeED

Earnings may "dip," but not back to 2019 levels, writes an Automotive News reader in a letter to the editor.

Late car payments top '19 levels, but defaults still down

Late car payments top '19 levels, but defaults still down https://ift.tt/KBp7Cfw

Recent reports show more auto borrowers are having difficulty keeping up with loans, but default rates are still below pre-pandemic levels.

How to deliver the self-service payment options buyers want

How to deliver the self-service payment options buyers want https://ift.tt/p03Hsnu

With the right payment platform, auto lenders can easily expand self-service loan payment options.

Toyota dealers line up for digital tools SmartPath, Lexus Monogram

Toyota dealers line up for digital tools SmartPath, Lexus Monogram https://ift.tt/bwzGM03

About 100 dealers are waiting to have the Toyota SmartPath or Lexus Monogram suite of digital retailing software installed.

Car dealership employees can see the doctor — at work

Car dealership employees can see the doctor — at work https://ift.tt/ubAgkZa

Switching from traditional health insurance with a big-name provider has saved Lakeland Automall hundreds of thousands of dollars and helped retain employees.

LMP closer to dissolution with pending sale of 6 dealerships

LMP closer to dissolution with pending sale of 6 dealerships https://ift.tt/HDjmNrx

The pending sale and liquidation plan would be a dramatic collapse for LMP Automotive Holdings Inc., which bought its first franchised dealerships in early 2021 and said then that it hoped to acquire 80 to 100 dealerships by the end of 2022.

LMP closer to dissolution with latest sale of 6 dealerships

LMP closer to dissolution with latest sale of 6 dealerships https://ift.tt/1i4Qnv8

The pending sale and liquidation plan would be a dramatic collapse for LMP Automotive Holdings Inc., which bought its first franchised dealerships in early 2021 and said then that it hoped to acquire 80 to 100 dealerships by the end of 2022.

Audi, Nissan, Ford and Stellantis dealerships acquired in Q2 and Q3 transactions

Audi, Nissan, Ford and Stellantis dealerships acquired in Q2 and Q3 transactions https://ift.tt/J4eko7j

Three dealership groups expanded, while a new group bought a pair of dealerships, in acquisitions that closed in the second and third quarters involving stores in Missouri, Arkansas, Texas and Vermont.

U.S. vehicle inventory falls to 1.02 million

U.S. vehicle inventory falls to 1.02 million https://ift.tt/Zhin6Rs

U.S. inventory vehicle levels ticked down in July to 1.02 million, despite a slowing sales rate, as automakers continue to struggle with production and supply issues.

Car detailing contractors involved in shooting at Georgia Hyundai dealership

Car detailing contractors involved in shooting at Georgia Hyundai dealership https://ift.tt/IgYfdAE

A man was shot Wednesday in the parking lot of a Hyundai dealership in northern Georgia, reportedly the result of an argument with another man.

Maserati to offer 10-year sports car powertrain warranties

Maserati to offer 10-year sports car powertrain warranties https://ift.tt/oQRepzs

Maserati's Extra10 Warranty Program will debut Oct. 1 in the U.S., Canada and Latin America on cars 9.5 years old or younger.

Solera Auto Finance breaks 2,000-dealer mark

Solera Auto Finance breaks 2,000-dealer mark https://ift.tt/f5PJNvM

Solera's "captive-like" indirect lending program, Solera Auto Finance, targeting near-prime and subprime used-vehicle customers, has spread quickly, growing from fewer than five dealerships in April to nearly 2,300 by the end of July.

Ciocca Dealerships expands, acquires Steve Kalafer-founded Flemington Car & Truck Country

Ciocca Dealerships expands, acquires Steve Kalafer-founded Flemington Car & Truck Country https://ift.tt/Sj1TJD5

Ciocca Dealerships, which has been in acquisition mode in 2022, made what CEO Gregg Ciocca described as its largest acquisition when it bought six dealerships in New Jersey on Monday.

Online used-car retailer Shift Technologies plans merger with CarLotz

Online used-car retailer Shift Technologies plans merger with CarLotz https://ift.tt/xXV9epl

Shift Technologies announced that it plans to merge with used-vehicle consignment company CarLotz.

CarGurus posts smaller Q2 profit on higher revenue

CarGurus posts smaller Q2 profit on higher revenue https://ift.tt/O35Vncw

The vehicle marketplace company said revenue more than doubled in the second quarter, led by growth in transaction volume linked to its Instant Max Cash Offer feature.

Used-vehicle retailer Vroom to cut jobs as Q2 sales volume dropped

Used-vehicle retailer Vroom to cut jobs as Q2 sales volume dropped https://ift.tt/w1GS5Ei

Vroom Inc. said Monday it cut employment by 337 positions and sold far fewer vehicles in the second quarter.

Bob Brockman grew DMS giant Reynolds; faced tax evasion charge

Bob Brockman grew DMS giant Reynolds; faced tax evasion charge https://ift.tt/9SWPGvo

Brockman, who started Universal Computer Systems in 1970 before it later merged with Reynolds and Reynolds, was facing trial in February on federal charges of tax evasion and other crimes.

UVeye scanners uncover auto wear and tear in service lane

UVeye scanners uncover auto wear and tear in service lane https://ift.tt/kN49LKv

What started out as security tech that scanned vehicles for weapons and explosives has been transformed into what some in the auto industry are calling "game-changing" tech for dealers and manufacturers.

Brand and dealership loyalty decreasing as consumers pay more, GfK research says

Brand and dealership loyalty decreasing as consumers pay more, GfK research says https://ift.tt/ydOHTRi

New research from Growth from Knowledge AutoMobility shows loyalty toward brands and dealerships continues to decline as sticker prices go up.

Online tools yielding results

Online tools yielding results https://ift.tt/HdsceFn

Some public new-vehicle retailers are selling thousands of vehicles on branded digital platforms, while others are expanding their e-commerce tools to more customers.

CDK intends to develop and acquire new software

CDK intends to develop and acquire new software https://ift.tt/OfnlHwV

With investment firm Brookfield Business Partners' acquisition of dealership technology company CDK Global Inc. complete, acting CEO Brian MacDonald said CDK will focus on making it easier for dealers to do business.

GM minority dealer development program shifting to a new gear

GM minority dealer development program shifting to a new gear https://ift.tt/cEQsNzb

After 50 years, GM's minority dealer development program looks to build a new generation of retailers.

Women make fixed ops impact but still face hurdles

Women make fixed ops impact but still face hurdles https://ift.tt/l4d3Yf0

About 20 percent of dealership service advisers are women. The numbers go down from there — 6 percent of parts or service managers are women, and just 1 percent of techs are.

R.I.P for the CSI?

R.I.P for the CSI? https://ift.tt/ASsKg8d

Is it time to write the obituary for the venerable customer service index survey? Many industry observers think it's time to pull the plug on the dealership evaluation tool.

Get up to speed with next FOJ Forum

Get up to speed with next FOJ Forum https://ift.tt/c8f6VNg

The FOJ forum theme this year is "Get Your Service Department Up to Speed." We'll present four consecutive hourlong sessions on Tuesdays from Sept. 13 to Oct. 4. Our exclusive lead sponsor, CDK Global, will present the fifth session on Oct. 11.

Stellantis program helps grow Black involvement in auto supply industry

Stellantis program helps grow Black involvement in auto supply industry https://ift.tt/P9erOGn

The initiative's goal is to provide businesses with virtual training and give them access to an online marketplace that builds "a bridge between the public and private sectors to create substantive business opportunities for Black suppliers" around the U.S. and internationally within the auto industry and beyond.

Ex-Reynolds and Reynolds CEO Bob Brockman dies at 81

Ex-Reynolds and Reynolds CEO Bob Brockman dies at 81 https://ift.tt/wfeKg3h

Brockman was a software entrepreneur and built Reynolds and Reynolds into a dealership management system giant before he was indicted in a landmark tax-evasion case.

Carvana shifts to cost-cutting mode after losses

Carvana shifts to cost-cutting mode after losses https://ift.tt/KXDcGCV

Carvana CEO Ernie Garcia says the retailer has shifted priorities to favor cost efficiency and cash flow for the first time in company history.

Wholesale used-vehicle prices nearly flat between June and July

Wholesale used-vehicle prices nearly flat between June and July https://ift.tt/2QqMwvi

Wholesale used-vehicle prices showed just a a tiny decline in July amid a stagnating summer sales season.

Buick-GMC dealership finds recruiting female workers pays off

Buick-GMC dealership finds recruiting female workers pays off https://ift.tt/VanIi8x

Second-generation owner Whitney Yates-Woods wanted to make sure her customers — many of whom are women — feel comfortable and represented.

Carvana shifts to cost-cutting mode after losses

Carvana shifts to cost-cutting mode after losses https://ift.tt/U5je06q

Carvana CEO Ernie Garcia says the retailer has shifted priorities to favor cost efficiency and cash flow for the first time in company history.

Wholesale used-vehicle prices nearly flat between June and July

Wholesale used-vehicle prices nearly flat between June and July https://ift.tt/nEX9fFb

Wholesale used-vehicle prices showed just a a tiny decline in July amid a stagnating summer sales season.

Toyota offers make-goods, buybacks to bZ4X EV customers after recall

Toyota offers make-goods, buybacks to bZ4X EV customers after recall https://ift.tt/e87YlSq

The automaker issued an emergency stop-sale on the 2023 bZ4 compact BEV crossover and told consumers to stop driving it immediately for fear its wheels may fall off. It is now offering a series of make-goods to the approximately 260 owners and lessees affected, who still can't drive the car, including an offer to buy back their vehicle.

Stellantis and Ford dealerships sell across 4 states

Stellantis and Ford dealerships sell across 4 states https://ift.tt/CfiY3Kh

Four dealerships — Stellantis and Ford stores — traded hands in first- and second-quarter transactions across four states.

Carvana records Q2 net loss, notes returns from ADESA U.S. acquisition

Carvana records Q2 net loss, notes returns from ADESA U.S. acquisition https://ift.tt/hPZDQBK

Carvana said it posted a net loss of $439 million in the quarter ending June 30 — a far cry from its landmark $45 million profit one year ago.

2023 Volkswagen ID4 to start at $38,790

2023 Volkswagen ID4 to start at $38,790 https://ift.tt/DtwsirM

Volkswagen of America detailed its pricing for the 2023 ID4 electric compact crossover, equipping the base model with a smaller 62-kilowatt-hour battery that gives it a range of just over 200 miles.

2023 Volkswagen ID4 to start at $38,790

2023 Volkswagen ID4 to start at $38,790 https://ift.tt/jFSXr0J

Volkswagen of America detailed its pricing for the 2023 ID4 electric compact crossover, equipping the base model with a smaller 62-kilowatt-hour battery that gives it a range of just over 200 miles.

2023 Volkswagen ID4 to start at $38,790

2023 Volkswagen ID4 to start at $38,790 https://ift.tt/ZTG4ON8

Volkswagen of America detailed its pricing for the 2023 ID4 electric compact crossover, equipping the base model with a smaller 62-kilowatt-hour battery that gives it a range of just over 200 miles.

Dealers for mass-market global brands turn gloomy

Dealers for mass-market global brands turn gloomy https://ift.tt/Z8iaPMN

Government lockdown measures aimed at containing a surging coronavirus outbreak wreaked havoc on China’s car dealerships in the first half of the year, and stores with mass-market international brands were hit hardest. 

Five Star Automotive Group acquires Honda, Mitsubishi and Toyota dealerships

Five Star Automotive Group acquires Honda, Mitsubishi and Toyota dealerships https://ift.tt/OL8KYTQ

Expanding Five Star Automotive Group, which entered the Midwest last year, added three dealerships in Ohio in June.

EFG: Car dealers should thrive in remainder of 2022

EFG: Car dealers should thrive in remainder of 2022 https://ift.tt/TSe1xDz

Dealerships are poised to have a strong second half of 2022, It also offered advice for credit union auto lenders and F&I agents.

Subaru quarterly profit zooms as execs brush aside recession talk

Subaru quarterly profit zooms as execs brush aside recession talk https://ift.tt/9V7dzit

Subaru is downplayig talk of a budding U.S. recession, as American demand for its vehicles remains robust. The company is racing to fill some 50,000 back orders there. Limited output still remains Subaru's biggest hurdle.

KAR records net profit, saw reduced conversion rates in Q2

KAR records net profit, saw reduced conversion rates in Q2 https://ift.tt/ATmQOKd

KARsaid that while it brought in more profit per each vehicle it sold in the second quarter, its performance was affected by reductions in conversion rates across its digital and hybrid marketplaces.

KAR records $5.4M net loss, saw reduced conversion rates in Q2

KAR records $5.4M net loss, saw reduced conversion rates in Q2 https://ift.tt/SeJRbjB

KARsaid that while it brought in more profit per each vehicle it sold in the second quarter, its performance was affected by reductions in conversion rates across its digital and hybrid marketplaces.

Lucid faces production pressure in Q2 earnings

Lucid faces production pressure in Q2 earnings https://ift.tt/cyXWNz0

Lucid Motors reports Q2 earnings after the market close Wednesday amid recent job cuts by EV startups Rivian and Tesla. For Lucid, there's pressure to improve on its first-quarter deliveries of just 360 vehicles and boost sales revenue.

Reynolds and Reynolds still on acquisition hunt

Reynolds and Reynolds still on acquisition hunt https://ift.tt/Afv6TFb

President Chris Walsh said in February the company would look for acquisitions in 2022 to bolster its product portfolio and offerings. Since then, the dealership management system provider has completed two acquisitions.

GM to penalize consumers who resell certain high-demand vehicles within 12 months

GM to penalize consumers who resell certain high-demand vehicles within 12 months https://ift.tt/dgj0Gbo

GM is asking dealers to help prevent customers from quickly flipping high-demand vehicles and adding exorbitant markups.

Asbury back in the market to buy car dealerships

Asbury back in the market to buy car dealerships https://ift.tt/pv6aAds

Asbury Automotive Group CFO Michael Welch told analysts last week that the retailer didn't plan to seek new acquisitions until it had cut its leverage to 2 times earnings. And at a debt ratio of 2.1 times earnings at the end of June, Asbury is close enough to that point to re-enter the buy-sell market, CEO David Hult said. That ratio had been 2.7 in December 2021, the month Asbury's $3.48 billion acquisition of Larry H. Miller Dealerships and Total Care Auto closed.

EV safety training: It's not just for techs

EV safety training: It's not just for techs https://ift.tt/0j7Ehzk

Training expert Carol Broadwell Dietrich discusses the importance of electric vehicle safety training for every dealership employee who may come in contact with them, and how EV training might evolve in the coming years.

Carvana wins temporary injunction against Illinois, can resume business in state for now

Carvana wins temporary injunction against Illinois, can resume business in state for now https://ift.tt/U1tQbXw

The Illinois Secretary of State is forbidden from "suspending or revoking" Carvana's certificates of authority and dealer plates.

CEO David Smith named chairman of Sonic Automotive; former CEO Scott Smith returns to board

CEO David Smith named chairman of Sonic Automotive; former CEO Scott Smith returns to board https://ift.tt/lJ9KygN

Sonic Automotive has a new chairman and a new board member following the June death of iconic company co-founder Bruton Smith.

Think of tomorrow's new-vehicle buyer

Think of tomorrow's new-vehicle buyer https://ift.tt/gkYpW8O

Automakers should give young, first-time car buyers something affordable to aspire to, writes an Automotive News reader in a letter to the editor.

At public retailers, inventory still hasn't turned a corner

At public retailers, inventory still hasn't turned a corner https://ift.tt/qHoW9Zh

Although all six major public franchised retailers in late July reported that new-vehicle days' supply level improved between the end of March and the end of June, company leaders said they believe the constrained inventory situation has yet to turn a corner toward lasting recovery.

 

 

Time to listen to FTC and clean up

Time to listen to FTC and clean up https://ift.tt/gAK5ZRY

Dealers need to embrace Federal Trade Commission proposals and change how cars are sold in this country, writes an Automotive News reader in a letter to the editor.

To sell more used vehicles online, groups create brands

To sell more used vehicles online, groups create brands https://ift.tt/Gm3XMRU

Some dealership groups are creating standalone brands as they launch new online sales tools with the goal of reaching new customers and diversifying operations.

Firebug cites bad Jeep motor for 36-year grudge

Firebug cites bad Jeep motor for 36-year grudge https://ift.tt/oB9RyLH

An Indiana man said he torched four vehicles to get back at a dealership for not fixing his troublesome engine in 1986.

Dealership gives Batmobile to fallen police officer's son

Dealership gives Batmobile to fallen police officer's son https://ift.tt/e0S9vRb

A Michigan dealership gave the teen a 2018 Malibu he picked out, decorating it with a giant Batman logo in honor of his father, who was killed on the job last month.

Higher pricing a speed bump for Sonic, Penske used-only stores

Higher pricing a speed bump for Sonic, Penske used-only stores https://ift.tt/xfhd1eQ

Elevated used-vehicle pricing continues to pose a challenge to the used-only vehicle ventures of Sonic Automotive and Penske Automotive Group.

Larry H. Miller stores push Asbury to record Q2 net income

Larry H. Miller stores push Asbury to record Q2 net income https://ift.tt/pYZxIEB

Asbury Automotive Group generated record net income of $201.4 million during the second quarter, bolstered by dozens of new Larry H. Miller Dealerships locations it purchased at the end of 2021.

Sonic's Q2 net income slips 17% on lower vehicle sales

Sonic's Q2 net income slips 17% on lower vehicle sales https://ift.tt/LAOyH8w

Sonic Automotive ended a strategic review of its EchoPark used vehicle-only stores and is backing off revenue and other goals for the unit for 2025 amid current conditions.

Tool keeps shoppers on dealership website

Tool keeps shoppers on dealership website https://ift.tt/9jgLCzm

The tool is fostering engagement with online shoppers and helping the store sell more accessories, managers say.

Rivian takes on the challenge for EV startups — service centers

Rivian takes on the challenge for EV startups — service centers https://ift.tt/jBgv2AV

Rivian is expanding its service centers in the U.S. and opening its first store in Canada as sales rise. EV startups face service challenges compared with legacy automakers.

Reynolds and Reynolds acquisition bolsters IT offerings

Reynolds and Reynolds acquisition bolsters IT offerings https://ift.tt/PUJCGgE

Leaders of the two companies said they began speaking about a potential acquisition in March.

Former automotive group partner charged with murder for hire

Former automotive group partner charged with murder for hire https://ift.tt/ZFWS6l3

A federal grand jury has indicted Erik Charles Maund, 47, a former partner at Maund Automotive Group, and three other individuals on murder-for-hire charges.

Stellantis, Mazda and Ford dealerships acquired in 4 states

Stellantis, Mazda and Ford dealerships acquired in 4 states https://ift.tt/HrOXp2b

Four dealership groups, including a growing retailer from Canada, completed second- and third-quarter transactions across four states.

Larry H. Miller stores push Asbury to record Q2 net income

Larry H. Miller stores push Asbury to record Q2 net income https://ift.tt/gyjmtfV

Asbury Automotive Group generated record net income of $201.4 million during the second quarter, bolstered by dozens of new Larry H. Miller Dealerships locations it purchased at the end of 2021.

Sonic's Q2 net income slips 17% on lower vehicle sales

Sonic's Q2 net income slips 17% on lower vehicle sales https://ift.tt/FAt0dcO

Sonic Automotive ended a strategic review of its EchoPark used vehicle-only stores and is backing off revenue and other goals for the unit for 2025 amid current conditions.

Sonic Automotive ends strategic review of EchoPark used-car unit with no action

Sonic Automotive ends strategic review of EchoPark used-car unit with no action https://ift.tt/igl9hD6

Sonic Automotive ended a strategic review of its EchoPark used-vehicle-only stores and is backing off revenue and other goals for the unit for 2025 amid current conditions.