ACV acquires vehicle damage-detecting AI company for $19M

ACV acquires vehicle damage-detecting AI company for $19M https://ift.tt/qohwa7E

Used-car online auction company ACV Auctions Inc. spent $19 million to buy Monk SAS, an artificial intelligence solutions company that automates vehicle damage detection.

February U.S. auto sales expected to fall double digits as chip shortage lingers

February U.S. auto sales expected to fall double digits as chip shortage lingers https://ift.tt/WktCAL4

Analysts are forecasting a SAAR of 14.1 million to 14.4 million, down from 15.2 million in January.

Dennis & Co. Auto Group adds six dealerships

Dennis & Co. Auto Group adds six dealerships https://ift.tt/EwIeGWq

Dennis & Co. Auto Group has expanded in New York and New Jersey through several dealership acquisitions and the opening of a Volkswagen dealership.

Now more than ever, a case for local sourcing

Now more than ever, a case for local sourcing https://ift.tt/bdKYf5U

Recent events, such as the cargo ship fire that affected delivery of thousands of vehicles, have shown there is wisdom in regional production of vehicles and their parts.

Best Dealerships registration is open

Best Dealerships registration is open https://ift.tt/APKoBVQ

For the 11th time, Automotive News is partnering with Best Companies Group to identify dealerships that have excelled in creating quality workplaces.

Fisker harvests deposits for unseen Pear

Fisker harvests deposits for unseen Pear https://ift.tt/0NhqBUl

CEO Henrik Fisker told Bloomberg News the company already has 1500 reservations for its second electric vehicle, the Pear, which won't be delivered until 2024.

Small Lincoln stores offer unique customer experience

Small Lincoln stores offer unique customer experience https://ift.tt/BmiFz36

A 4,200-square-foot boutique store at a high-end shopping district in Arizona is the first in the nation for Lincoln, and a chance to explore a new kind of dealership.

Memo on markups: Cut it out, please

Memo on markups: Cut it out, please https://ift.tt/SdfYp3B

Hyundai and Genesis are warning dealers of the long term damage to the brand in aggressive markups, according to letters obtained by Automotive News.

Carvana's purchase of ADESA could shake up used-car market

Carvana's purchase of ADESA could shake up used-car market https://ift.tt/LY6UbEB

The purchase of auto auction giant ADESA will boost Carvana's reconditioning capacity and positions the company to nab a larger portion of the used-vehicle market.

For UAW and Detroit 3, no shame in profit-sharing

For UAW and Detroit 3, no shame in profit-sharing https://ift.tt/Mhdwfkl

In a globally competitive industry, it can also make a lot of sense to work toward common goals.

California car dealer brings in exotic, off-brand cars to boost inventory, sales

California car dealer brings in exotic, off-brand cars to boost inventory, sales https://ift.tt/dU10qWC

Low on new-vehicle inventory because of the chip shortage, Alfa Romeo and Maserati of Ontario turned to exotic and off-brand vehicles, attracting enthusiasts and resulting in top-dollar sales.

Volvo gives dealers its road map to EV future

Volvo gives dealers its road map to EV future https://ift.tt/bewSMVx

Volvo showed dealers its plan to introduce 5 new and redesigned EVs and 2 plug-in hybrids over the next few years.

Dealerships sell in Florida, Texas and Massachusetts

Dealerships sell in Florida, Texas and Massachusetts https://ift.tt/cDvAxtd

Butler Automotive Group, Gilchrist Automotive and father-and-son duo Mark Rountree and Bob Rountree bought dealerships in transactions that closed in the fourth quarter and first quarter.

Volvo tells dealers that EVs will double throughput

Volvo tells dealers that EVs will double throughput https://ift.tt/yIB3Ai0

Executives laid out plans to introduce seven new and redesigned electrified models over the next few years, including five battery-electric vehicles and two plug-in hybrids.

What can you do if your Porsche or Lambo was on that burning boat?

What can you do if your Porsche or Lambo was on that burning boat? https://ift.tt/31bmHw8

In the case of the luxury vehicles aboard, brands such as Bentley, Porsche and Lamborghini will do what they can to placate their high-net-worth clients.

Carvana bets on $2.2B ADESA U.S. acquisition to expand its reach, cut shipping times

Carvana bets on $2.2B ADESA U.S. acquisition to expand its reach, cut shipping times https://ift.tt/8A6dyIK

The transaction would give Carvana exclusive use of the ADESA.com marketplace in the U.S., plus all auction sales, operations and employees at ADESA’s 56 vehicle logistics centers in the country.

Carvana to buy KAR Global's ADESA auction business in $2.2B deal

Carvana to buy KAR Global's ADESA auction business in $2.2B deal https://ift.tt/SyJDOLw

The online used-vehicle retailer plans to buy the ADESA U.S. physical wholesale auction business.

Growing Foundation Automotive buys dealerships in Texas

Growing Foundation Automotive buys dealerships in Texas https://ift.tt/gbMJ5RG

Foundation Automotive Corp. of Canada bought five franchised dealerships in Texas on Wednesday, including its first BMW store.

Cars.com posts Q4 net loss related to CreditIQ acquisition

Cars.com posts Q4 net loss related to CreditIQ acquisition https://ift.tt/oUFcrYv

Revenue rose 3.5 percent in the fourth quarter of 2021, and the company added dealership customers.

Fisker claims it has 1,500 reservations for an EV it hasn’t even shown to buyers

Fisker claims it has 1,500 reservations for an EV it hasn’t even shown to buyers https://ift.tt/rP8dW9O

Henrik Fisker's second EV company has taken deposits for the Pear -- which he says will start at about $30,000 in the U.S.

Vehicle export rally extends

Vehicle export rally extends https://ift.tt/u7BcwlS

Vehicle exports from China continued to forge ahead in January, spiking 88 percent from a year earlier to some 231,000, the China Association of Automobile Manufacturers said this week. 

Security guard for Georgia dealership shot and killed

Security guard for Georgia dealership shot and killed https://ift.tt/w3bRAxF

A security guard at a Stonecrest, Ga., dealership was shot and killed while investigating an alert of a suspicious person on the dealership's property on Saturday night.

Hyundai, Genesis warn dealers on price markups ‘way above' sticker price

Hyundai, Genesis warn dealers on price markups ‘way above' sticker price https://ift.tt/lHArK4Z

In letters to dealers, the automakers urge restraint on above-sticker pricing and warn that future allocations could be cut for offending retailers.

Lamborghini of America CEO anxious to learn fate of supercars aboard burned cargo ship

Lamborghini of America CEO anxious to learn fate of supercars aboard burned cargo ship https://ift.tt/Y5bCn0d

The car carrier is expected to be boarded by salvage crews as early as Wednesday. Among the nearly 4,000 vehicles aboard are dozens of Lamborghinis, primarily Urus SUVs, but also some Aventador and Huracan models.

VW Group dealers begin to sort out aftermath of cargo ship fire

VW Group dealers begin to sort out aftermath of cargo ship fire https://ift.tt/qmkK1Wc

U.S. dealerships with new vehicles aboard the stricken ship are contacting customers and scrambling to find replacement vehicles amid already tight supplies from the microchip shortage.

Carvana plans to add 3,500 jobs in Atlanta

Carvana plans to add 3,500 jobs in Atlanta https://ift.tt/gkW9Qin

Online used-vehicle retailer Carvana plans to add 3,500 jobs in Atlanta.

LIFO payback relief for car dealers has been here all along: Use it or lose it

LIFO payback relief for car dealers has been here all along: Use it or lose it https://ift.tt/ZHEwIMR

Waiting for relief from the Treasury is a viable option for auto dealers when a better alternative is right here in front of them.

Treasury must act to ease LIFO pinch on dealers

Treasury must act to ease LIFO pinch on dealers https://ift.tt/slgJovT

The U.S. Department of Treasury should immediately invoke Section 473 of the Internal Revenue Code and declare that the new-vehicle inventory shortage occurred because of a major foreign trade disruption brought on by COVID-19. Doing so would save thousands of franchised auto dealers now caught in a tax crunch through no fault of their own.

Canadian retailers go south for deals

Canadian retailers go south for deals https://ift.tt/BLTvCEn

Several Canadian dealership groups have expanded into the U.S. and continue to look to add stores. Dealers and buy-sell experts say Canadians are attracted by generally lower dealership prices in the U.S. compared with their home country, bigger scale and diversification opportunities and the warmer weather, among various reasons.

Proper training needed for repairs

Proper training needed for repairs https://ift.tt/7idGC5t

Without factory training in vehicle repairs, there is big potential for problems, writes an Automotive News reader in a letter to the editor.

LIFO tax relief for car dealers: No response from Treasury

LIFO tax relief for car dealers: No response from Treasury https://ift.tt/1uJD6Cg

Car dealers are still waiting for a response from Treasury Secretary Janet Yellen on whether relief from possible massive tax bills is coming. Returns are due as early as March 15 for many dealers.

COVID hangover will linger over car market

COVID hangover will linger over car market https://ift.tt/bvn6Pf5

It is now quite clear that the market has a way to go before returning to traditional levels.

California dealer says resisting sticker markups is good business

California dealer says resisting sticker markups is good business https://ift.tt/H0SPEeg

In a car market where dealer markups are common, Miles Brandon has remained faithful to his pledge not to sell above sticker price.

Why LMP Automotive's dealership acquisition goal is fizzling

Why LMP Automotive's dealership acquisition goal is fizzling https://ift.tt/adXUNI5

LMP Automotive Holdings Inc., which wanted to roll up dozens of franchised dealerships, may instead be looking to sell eight franchised stores and four used-vehicle centers after it was unable to secure financing to close seven pending acquisitions.

Ford Broncos pile up at ‘Dirt Mountain' as new delays test buyers' patience

Ford Broncos pile up at ‘Dirt Mountain' as new delays test buyers' patience https://ift.tt/v5g3c2n

An overflow lot near Ford's Michigan Assembly Plant is again filling up with the SUVs, and dealers say the industry's microchip shortage is to blame.

Staluppi Jr., Kiefer Automotive Group among buyers of dealerships

Staluppi Jr., Kiefer Automotive Group among buyers of dealerships https://ift.tt/KBskDGR

Stores changed hands in Florida, Oregon and Massachusetts.

IIHS study shows used-car buyers know less about their car's features

IIHS study shows used-car buyers know less about their car's features https://ift.tt/poCI0gl

IIHS study says used-car buyers are significantly less likely than new-car buyers to be aware of their vehicles' advanced driver-assistance features.

KAR's profit per vehicle sold grew 30% in Q4

KAR's profit per vehicle sold grew 30% in Q4 https://ift.tt/0V7OXEn

The company's ADESA auction giant sold 543,000 vehicles in the quarter, down 20 percent from 681,000 sold in the year-earlier period.

KAR's profit per vehicle sold grew 30% in Q4; revenue slightly up

KAR's profit per vehicle sold grew 30% in Q4; revenue slightly up https://ift.tt/cG8MEQU

KAR Auction Services Inc. said both its revenue and net income ticked up in the fourth quarter of 2021.

U.S. gains more auto dealerships after two years of decline, Urban Science says

U.S. gains more auto dealerships after two years of decline, Urban Science says https://ift.tt/8VSIDEj

The number of U.S. franchise dealerships ticked back up to 18,230 rooftops in 2021 after two years of declines, according to Urban Science's annual Franchise Activity Report.

AutoNation Q4 net income soars on higher used-vehicle revenue

AutoNation Q4 net income soars on higher used-vehicle revenue https://ift.tt/biqtWxz

AutoNation's results were aided by higher used-vehicle revenue. New-vehicle inventory remained tight, at a nine-day supply at the end of December.

U.S. gains more auto dealerships after two years of decline, Urban Science says

U.S. gains more auto dealerships after two years of decline, Urban Science says https://ift.tt/3UIDKQ6

The number of U.S. franchise dealerships ticked back up to 18,230 rooftops in 2021 after two years of declines, according to Urban Science's annual Franchise Activity Report.

Sonic Automotive says Q4 net income surged 68% to $96.3 million

Sonic Automotive says Q4 net income surged 68% to $96.3 million https://ift.tt/zEShYsX

Sonic Automotive benefited from soaring gross profits on new and used vehicles in the fourth quarter even amid continuing new-vehicle inventory woes.

Sonic generates record Q4 and 2021 revenue

Sonic generates record Q4 and 2021 revenue https://ift.tt/GsSpFy4

Sonic Automotive Inc. benefited from soaring gross profits on new and used vehicles in the fourth quarter even amid continuing new-vehicle inventory woes.

Fisker to start reservations for second EV

Fisker to start reservations for second EV https://ift.tt/WbD3y8F

The company's first vehicle, the Ocean SUV, is expected to start production in November 2022.

Asbury sets Q4 net income record; expects low car supply, high margins for first half of '22

Asbury sets Q4 net income record; expects low car supply, high margins for first half of '22 https://ift.tt/oACmfzL

Asbury CEO David Hult said he expects demand for vehicles would outpace supply "for most of the year." He said Asbury expects lower inventory and higher margins in the first half of 2022.

N.Y. dealership settles with former employee over harassment complaints

N.Y. dealership settles with former employee over harassment complaints https://ift.tt/7VquXzh

A New York dealership settled with a former employee who filed a lawsuit claiming store management improperly handled her her sexual harassment complaints.

Alfa Romeo wants to offer more products, reengage with dealers

Alfa Romeo wants to offer more products, reengage with dealers https://ift.tt/ta3esWg

Alfa Romeo hopes to get a spark later this year from the Tonale plug-in hybrid, a compact crossover that marks the first step toward going fully electric by 2027.

Inventory mostly flat in Jan. at 1.04 million

Inventory mostly flat in Jan. at 1.04 million https://ift.tt/adA4nMe

U.S. inventory levels stayed largely unchanged from January on slower sales but continued production disruptions.

Sonic Automotive hands executives 20% raises

Sonic Automotive hands executives 20% raises https://ift.tt/beVK0B9

Sonic Automotive gave its executive officers 20 percent raises and established parameters for cash bonuses for the four executives.

A business development center champ takes her know-how nationwide

A business development center champ takes her know-how nationwide https://ift.tt/CD84rKP

Sarah Vantine gained recognition for how she managed her North Carolina business development center. Now she's taking her ideas nationwide.

Car dealership ops get better when departments work together

Car dealership ops get better when departments work together https://ift.tt/H2Nwu58

A national training manager offers a surprising finding: Car dealerships stagnate when their service, sales, parts and collision departments are in competition.

Car dealerships gauge tire installation as at-home service demand surges

Car dealerships gauge tire installation as at-home service demand surges https://ift.tt/vpqzKYn

Mobile tire installation services are having a moment, propelled by a powerful one-two punch: consumers' Amazon-ified expectations for convenience and COVID-19, which has further whetted their appetite for more at-home services.

"People value their time more than ever before, and they don't want to take two to three hours out of a day to get their tires changed," says Derek Naidoo, co-founder and CEO of GoMobile Tires, a franchise-based mobile tire installation service. "So why go to a shop when we can bring the tires to you and install them at home, where you work or even while you're on a golf course?"

The growth of mobile tire installation services poses a dilemma for fixed ops directors: Do they cede the market to a growing number of already established mobile tire installers or make expensive investments in vehicles, staff and equipment to compete in a low-margin service sector?

It's an important issue because tires will become an even more crucial revenue generator for fixed ops departments, thanks to the growing popularity of electric vehicles, which will require fewer repairs and less maintenance. EVs also wear out tires faster, industry experts say.

A growing market

There is plenty of competition in this arena. While statistics about the size of the market and how much it has grown during the last several years aren't readily available, anecdotal evidence abounds.

Several national franchisers, such as GoMobile, Tread Connection and In-Motion Tires, offer mobile tire service. So do many small independents and medium-size regional operators. Brick-and-mortar tire sellers are following suit, as evidenced by Goodyear's Roll and Bridgestone's Firestone Direct mobile programs.

Online tire retailers such as Tire Rack, Tire Agent and Tirebuyer.com also offer mobile service.

In fact, GoMobile also has forged partnerships with four online retailers, Naidoo says.

Mike Bush, owner of Bush Specialty Vehicles, which outfits vehicles for mobile services, says orders for tire installation trucks — which cost about $100,000 fully outfitted — skyrocketed about 500 percent from 2019 to 2021.

"In the last five years, we've gone from maybe a couple orders a month from independent installers to a backlog of more than 200 orders from a broad range of customers," Bush says. "It's all changing … COVID is pushing [at-home services] ahead about 10 years."

Have truck, will service

Ed Roberts, COO at Bozard Ford-Lincoln, a single-point store in St. Augustine, Fla., is all-in on mobile services. The store runs four mobile service trucks and has ordered six more, he says.

Bozard's mobile technicians offer a variety of services. By the end of 2022, they'll also install tires — a natural extension of existing services, Roberts says.

"We already install tires three days a week for fleets," he says. "We take wheels and tires that already are balanced and swap them out, like at a pit stop during a NASCAR race.

"I think it's extremely important for dealers to enter this space," he adds. "It's all about convenience for customers. As a society, we're conditioned to have things brought right to our fingertips, so from my standpoint our customers will want more mobile services."

But Roberts doesn't feel threatened by mobile installers.

"I have zero fears about what they'll do to our fixed ops department," he says.

"Anytime someone brings a new service to market, there's skepticism," he says. "But when many people provide that service, opportunities open up because people become more open to embracing it."

Insufficient ROI

On the other end of the spectrum, fixed ops veteran Rob Gehring isn't feeling it. The owner of consulting firm Fixed Performance Inc. says profit margins on mobile tire installations aren't high enough to justify the significant startup costs.

Furthermore, good technicians already are difficult to find. How will dealerships find even more?

"I don't believe it's a good business model," Gehring says. "I may be totally wrong, but I'm not buying into mobile services. The initial cost of a vehicle is about $70,000, plus you need a tire changer, a balancing machine, wheel weights and other residual components."

In addition, the profit margins on tire sales also are slim, hovering around 12 percent, he notes.

"So you're taking one of the lowest profit-margin operations, then adding the expense of a vehicle, staff and equipment and believing it will be a profitable business model," he continues. "I just can't connect all those dots."

Moreover, mobile technicians can't add on recommended service items as they could if a vehicle was in a shop, he adds.

Roberts agrees with Gehring. But over time, he believes dealerships will be able to charge more for tires instead of treating them as loss-leaders, along with batteries and brakes, to attract customers to service departments.

"Margins on tires will get better because in order to make those trucks profit centers, that's where it'll need to go," he asserts. "Remember that before the iPhone, cellphone service providers gave you a phone to get you to buy their service.

"Now we pay $1,000 for an iPhone and still pay for the service," he adds. "That's what I think will happen in the tire business."

Naidoo says margins on tire installations are better for GoMobile's franchisees compared with dealerships because they don't have the high overhead costs associated with large brick-and-mortar facilities. GoMobile charges $175 to balance and mount tires as well as take away old tires for recycling. It takes a technician about 45 minutes to install tires, he says.

Established in 2018, GoMobile now has 17 franchises in 14 states and plans to double that figure in 2022. Its annual gross revenue has increased an average of 18 to 20 percent, including a pandemic-driven 45 percent jump in 2020, Naidoo says.

Is Naidoo concerned about competition from dealerships?

"Not at all," he says. "If anything, we're looking to partner with them on installations. We already do work for some car dealerships."

In the end, however, Roberts says dealerships still have an advantage because they offer a full slate of services that mobile tire installers can't provide.

"When our mobile customers need additional work, we can pick up their vehicle, service it and deliver it back to the customer," he says. "We bring them the best of both worlds."

Fixed in time: Auto repair in 1931

Fixed in time: Auto repair in 1931 https://ift.tt/62hjTrL

Hall Dodds was one of the first Ford dealerships in Detroit, opening in 1912.

Automotive News Retail Forum: Solutions for the future of auto sales

Automotive News Retail Forum: Solutions for the future of auto sales https://ift.tt/2ho4ZdM

Attendees to the half-day event will hear from some of the country's top retailers, strategists and industry experts who will offer real solutions to key challenges.

The high standards of a former boss ring familiar

The high standards of a former boss ring familiar https://ift.tt/MiQ7nNx

Knock on one more door; make one more phone call. It was the same lesson taught by my father, and my former Fixed Ops Journal boss.

Carvana pitches dealers on 3rd-party marketplace for used cars

Carvana pitches dealers on 3rd-party marketplace for used cars https://ift.tt/cGIfMWm

The online used-vehicle retailer has invited franchised dealerships to join its marketplace, which lists partner inventory alongside Carvana-certified vehicles.

Dealers' choice: CarBravo platform or existing CPO program?

Dealers' choice: CarBravo platform or existing CPO program? https://ift.tt/uNsOMrG

With CarBravo, GM aims to broaden its dealers' CPO share by allowing consumers to view inventory from stores beyond their area and by expanding to vehicles from non-GM brands.

Carvana pitches dealers on 3rd-party marketplace

Carvana pitches dealers on 3rd-party marketplace https://ift.tt/5ZTjokd

The online used-vehicle retailer has invited franchised dealerships to join its marketplace, which lists partner inventory alongside Carvana-certified vehicles.

Texas Toyota dealership finds a source for trade-ins close by: The service lane

Texas Toyota dealership finds a source for trade-ins close by: The service lane https://ift.tt/actYEOy

Some customers at South Toyota in Dallas come in for an oil change and go home in a new or newer car. The Texas Toyota store asks its service customers if they want to know what their car is worth. That leads to trade-ins.

Four groups buy dealerships in Colorado, New York and Texas in Q4 transactions

Four groups buy dealerships in Colorado, New York and Texas in Q4 transactions https://ift.tt/MEKsuhP

Four groups including Emich Automotive, Empire Automotive Group, Sames Auto Group and Clay Cooley Auto Group bought dealerships in Colorado, New York and Texas in November and December 2021 transactions.

Texas Toyota store finds a source for trade-ins close by: The service lane

Texas Toyota store finds a source for trade-ins close by: The service lane https://ift.tt/KXkzhfU

Some customers at South Toyota in Dallas come in for an oil change and go home in a new or newer car. The Texas Toyota store asks its service customers if they want to know what their car is worth. That leads to trade-ins.

Used-car sales could flourish this spring

Used-car sales could flourish this spring https://ift.tt/JgXKcGV

Consumers' nonstop demand for used vehicles will not slow come springtime despite high retail prices and dealership lots with a paltry selection of later-year models.

Larry Van Tuyl buys dealerships in Texas and California, expanding holdings

Larry Van Tuyl buys dealerships in Texas and California, expanding holdings https://ift.tt/8NytnqD

Longtime car dealer Larry Van Tuyl, who sold his dealership empire in 2015 to Warren Buffett, is again buying stores. He now owns eight after buying four this year.

Jeff Wyler Automotive buys 7 dealerships from Superior Automotive

Jeff Wyler Automotive buys 7 dealerships from Superior Automotive https://ift.tt/ayuMR7C

Jeff Wyler Automotive Family has purchased seven Ohio dealerships from Superior Automotive Group in its largest-ever acquisition. The group now has 23 dealerships in Ohio, Indiana and Kentucky.

NADA won't require masks at March show after Nevada lifts mandate

NADA won't require masks at March show after Nevada lifts mandate https://ift.tt/ZJNAdUI

The NADA Show will no longer require attendees to be masked as a precaution against COVID-19, following the end of Nevada's mask mandate for large gatherings Thursday.

Group 1 posts record Q4 revenue

Group 1 posts record Q4 revenue https://ift.tt/vg1wVtG

Group 1 Automotive, of Houston, had just a nine-day supply of new vehicles in the U.S. as of Dec. 31, compared with a 48-day supply a year earlier.

Nissan, Honda sales slide again

Nissan, Honda sales slide again https://ift.tt/0fGTdBI

Nissan and Honda sales continue to be hamstrung by a microchip shortage that is undermining new-vehicle production and inventories. 

Fast-growing Lithia Motors sets Q4 revenue record, net income soars 55%

Fast-growing Lithia Motors sets Q4 revenue record, net income soars 55% https://ift.tt/l5QOuWq

Lithia Motors, continuing its brisk dealership acquisition pace, reached a record for fourth-quarter revenue, aided by increased new- and used-vehicle sales and higher vehicle selling prices.

Grow Credit service promotes car dealership when customer's FICO qualifies for loan

Grow Credit service promotes car dealership when customer's FICO qualifies for loan https://ift.tt/3FMdmsL

Grow Credit issues free, low-limit Mastercards to people lacking a credit history or with a poor FICO score. Under a new arrangement with Murphy Auto Group, it will notify borrowers when their credit improves to the point they qualify for a car loan with the retailer.

FTC action highlights rules for car dealerships hyping payments, APRs

FTC action highlights rules for car dealerships hyping payments, APRs https://ift.tt/5V0DMyg

A Federal Trade Commission ruling that an auto dealership advertiser violated the Truth in Lending Act might be a warning for retailers to make sure their marketing is compliant.

Financial challenges spur car buyer's remorse, LendingTree, Credit Karma polls find

Financial challenges spur car buyer's remorse, LendingTree, Credit Karma polls find https://ift.tt/cjremM0

Credit Karma found 23 percent of recent vehicle buyers had regrets when polled in November, with many in that group reporting financial issues contributed to their woe. LendingTree in December found 47 percent of people who bought a vehicle in the past year had regrets, but it also saw regrets fading over time.

Fast-growing Lithia Motors sets Q4 revenue record

Fast-growing Lithia Motors sets Q4 revenue record https://ift.tt/bQ50RJv

Lithia Motors Inc., continuing its brisk dealership acquisition pace, reached a record for fourth-quarter revenue, aided by increased new- and used-vehicle sales and higher vehicle selling prices.

Honda wants to keep capping incentive spending as inventories recover

Honda wants to keep capping incentive spending as inventories recover https://ift.tt/SfhvQJq

U.S. inventory levels have shrunk to a mere 11 days, which has allowed Honda to chop about $738.5 million from incentive spending.

Penske Q4 revenue, net income set records

Penske Q4 revenue, net income set records https://ift.tt/f309B7e

Penske Automotive Group's fourth-quarter revenue reached an all-time high and net income set a fourth-quarter record. CEO Roger Penske lauded execution and the company's diversified business mix.

Subaru to open reservations for Solterra EV at noon Tuesday

Subaru to open reservations for Solterra EV at noon Tuesday https://ift.tt/6rJKsu8

Subaru of America said it will start taking $250 refundable reservations for its first EV, the 2023 Subaru Solterra, beginning at noon Tuesday.

Hyundai tries again to crack Japan with electric, high-tech, online strategy

Hyundai tries again to crack Japan with electric, high-tech, online strategy https://ift.tt/Vq4FR3a

The automaker is betting that its cars will appeal to younger Japanese buyers who are also more open to trying South Korean imports, thanks to the local success of electronics brands and hip Korean culture.

Wholesale used-vehicle prices nearly flat from December to January

Wholesale used-vehicle prices nearly flat from December to January https://ift.tt/FvuizXy

The latest numbers sent another signal that the surge in U.S. used-vehicle prices is leveling off.

Wholesale used-vehicle prices nearly flat from December to January

Wholesale used-vehicle prices nearly flat from December to January https://ift.tt/SBzMJhf

The latest numbers sent another signal that the surge in U.S. used-vehicle prices is leveling off.

Survey: Waiting at dealership top pain point

Survey: Waiting at dealership top pain point https://ift.tt/dMDUL0T

Consumers clearly want to spend less time buying a car or truck.A new survey of dealership leaders and consumers found that transaction times can be extended by inefficient processes and technology hang-ups, such as retyping information.

Kia suit claims Calif. dealership was improperly sold

Kia suit claims Calif. dealership was improperly sold https://ift.tt/A7bcMUQ

Kia America has filed a lawsuit challenging the sale of a California dealership that closed in spite of the automaker's objections.

Automotive News Retail Forum: The future of selling cars

Automotive News Retail Forum: The future of selling cars https://ift.tt/WxMjA1r

Retailers, strategists and industry experts will offer solutions to challenges car dealers face as the future of retail emerges.

Carvana sales can go on in Florida, Raleigh, N.C.

Carvana sales can go on in Florida, Raleigh, N.C. https://ift.tt/5twVuZ8

Two separate regulatory challenges over the company's handling of vehicle titles were resolved last week.

Right to repair: High tech drives new push

Right to repair: High tech drives new push https://ift.tt/myGw3ir

Rep. Bobby Rush's bill mandates that car owners and independent repair shops have the same access to repair and maintenance tools and data as automakers and their dealers.

Dealer citizenship

Dealer citizenship https://ift.tt/QRN7anS

Dealers featured this week include RK Chevrolet in Vineland, N.J., and Sheehy Auto Stores in the Washington, D.C., and Baltimore region, which collected more than 3,000 toys over the holidays to benefit charities in each of its dealerships’ communities.

Texas car dealership opens book on inventory so customers can reserve exactly what they want

Texas car dealership opens book on inventory so customers can reserve exactly what they want https://ift.tt/HiEpKvt

Martin Chevrolet-Buick-GMC has a frequently updated spreadsheet on its website showing what vehicles are coming to the dealership so customers can reserve the one they want before it gets sold to someone else.

LMP Automotive says seller in terminated deal will keep $1.5 million deposit

LMP Automotive says seller in terminated deal will keep $1.5 million deposit https://ift.tt/vbVuGpc

Publicly traded LMP Automotive Holdings Inc., with just more than a half-dozen rooftops, said a deal in which it was to buy five import dealerships in Texas was terminated. It's the second dealership acquisition termination for the auto retailer since December.

Ohio car dealer Bernie Moreno ends bid for U.S. Senate seat after speaking with Trump

Ohio car dealer Bernie Moreno ends bid for U.S. Senate seat after speaking with Trump https://ift.tt/4uNfBvQ

Moreno, 54, had been vying for the GOP nomination to succeed Sen. Rob Portman, a Republican who announced last January that he will not seek reelection.

FTC bans marketer after ‘stimulus,' prize giveaway promos for car dealerships

FTC bans marketer after ‘stimulus,' prize giveaway promos for car dealerships https://ift.tt/g1iuqA7

The FTC in October ruled 4-0 that Traffic Jam Events and owner David Jeansonne violated the Federal Trade Commission Act and the Truth in Lending Act over promotional mail sent on behalf of dealerships.

White Family Cos., City Auto Group, Drewing Automotive Group and Toliver Auto Group were buyers in deals

White Family Cos., City Auto Group, Drewing Automotive Group and Toliver Auto Group were buyers in deals https://ift.tt/kOu0Y97

Four auto retailing groups acquired dealerships in Kentucky, Illinois, Missouri and Oklahoma.

What's at stake for auto industry in new U.S. right to repair bill

What's at stake for auto industry in new U.S. right to repair bill https://ift.tt/jDAWtcG

A bill introduced Thursday adds fuel to an already heated issue that has pitted automakers against independent repair shops and aftermarket parts retailers.

Growing Lithia Motors makes first 2022 acquisitions

Growing Lithia Motors makes first 2022 acquisitions https://ift.tt/JVIpmgdGe

Lithia Motors Inc. now has 280 dealerships across the U.S. and Canada following its latest acquisition.

Inventory shortage woes: Midwest customers will wait the longest, study shows

Inventory shortage woes: Midwest customers will wait the longest, study shows https://ift.tt/FElzZ29fh

Of the people willing to wait, those from the Midwest were most likely to wait more than 12 months, with 43 percent saying they would do so. Northeast consumers were the least likely to wait that long.

Volvo stuck in downturn amid chip crunch

Volvo stuck in downturn amid chip crunch https://ift.tt/mwypk9n1q

Volvo Car’s China deliveries slipped for the seventh straight month in January amid a persistent shortage of key components such as semiconductor chips that has curbed light-vehicle output across the global auto industry.

Canada's Steele Auto expands its U.S. footprint in Texas

Canada's Steele Auto expands its U.S. footprint in Texas https://ift.tt/t8Hal6JqI

Steele Auto Group, of Nova Scotia, said it has acquired two Hyundai dealerships in Texas from Roger Beasley Auto Group. The Canadian dealership group now has five dealerships in the state.

Porsche triples number of vehicles ordered online

Porsche triples number of vehicles ordered online https://ift.tt/5ilBR1sIr

Porsche received 5,800 online orders worldwide in 2021, three times as many as the previous year, as the brand continues to build out its online sales capacity.

JM Family Enterprises names Ravi Abbineni as its CFO

JM Family Enterprises names Ravi Abbineni as its CFO https://ift.tt/iEF6vqkGB

JM Family Enterprises has named Ravi Abbineni as its CFO. His hiring comes after the diversified automotive-focused conglomerate had hired former AutoNation Inc. CEO Cheryl Miller to the post. She left last April after three months.

U.S. Bank staff discriminated against car loan applicants from dealerships, suit claims

U.S. Bank staff discriminated against car loan applicants from dealerships, suit claims https://ift.tt/XA0JeUr7q

John Span alleged white former U.S. Bank colleagues discriminated against minority applicants by cherry-picking and adjusting terms on loans the bank had auto-approved. They also allegedly rejected qualified borrowers based on location or perceived race.

Dealer sues Nissan: Not enough cars for a nearby new store

Dealer sues Nissan: Not enough cars for a nearby new store https://ift.tt/JGEtKsg5Q

Yonkers, N.Y., car dealer Central Avenue Nissan, facing low new-car inventory, is challenging the automaker's decision to open a new store nearby.

U.S. sales slide 9% in Jan.; SAAR tallies 15.2 million

U.S. sales slide 9% in Jan.; SAAR tallies 15.2 million https://ift.tt/d23XTIvDZ

Hyundai snapped a five-month losing streak while U.S. sales dropped for the sixth straight month at Toyota Motor and Kia as the microchip shortage and other disruptions continue to upend stockpiles. Ford Motor volume was flat, and the company said industrywide volume slid 9 percent. Honda and Subaru also posted lower sales.

‘Invisible' car loan seekers can create free credit score

‘Invisible' car loan seekers can create free credit score https://ift.tt/rGizU6eMY

Twenty-eight million people have no credit history, complicating dealerships' ability to sell a car. A new Experian product allows such "credit invisibles" to generate an official credit score on the spot.

‘Invisible' car loan seekers can create free credit score

‘Invisible' car loan seekers can create free credit score https://ift.tt/Fd7gNbxy6

Twenty-eight million people have , complicating dealerships' ability to sell a car. A allows such "credit invisibles" to generate an official credit score on the spot.

Carvana averts suspension of its dealer license in Florida

Carvana averts suspension of its dealer license in Florida https://ift.tt/yEk5KM6Sh

Retailer made "significant progress" in processing outstanding vehicle title applications, Florida agency says

Ford sales flat; Hyundai rebounds; Honda, Subaru, Toyota, Kia slip again as chip shortage drags on

Ford sales flat; Hyundai rebounds; Honda, Subaru, Toyota, Kia slip again as chip shortage drags on https://ift.tt/VpOjzseEq

Hyundai snapped a five-month losing streak while U.S. sales dropped for the sixth straight month at Toyota Motor and Kia as the microchip shortage and other disruptions continue to upend stockpiles. Ford Motor volume was flat, and the company said industrywide volume slid 9 percent. Honda and Subaru also posted lower sales.

PSD Automotive, Envision Motors among dealership buyers

PSD Automotive, Envision Motors among dealership buyers https://ift.tt/bPnlMjm1D

A half-dozen dealerships across the U.S. traded hands in December and January transactions.

Focus on digital to rebuild brand loyalty during shortages

Focus on digital to rebuild brand loyalty during shortages https://ift.tt/pHmPL648O

More customers were likely to have swapped vehicle brands last year, according to a new Cox Automotive consumer survey.

Hyundai sales rebound, Kia slips again as chip shortage drags on

Hyundai sales rebound, Kia slips again as chip shortage drags on https://ift.tt/Fs1J2QHCO

Hyundai snapped a five-month losing streak with a 10 percent gain in January U.S. sales while volume dropped for the sixth straight month at Kia as the microchip shortage and other disruptions continue to upend stockpiles.