Colorado car dealer group opens EV, hybrid outlet and sees sales boost

Colorado car dealer group opens EV, hybrid outlet and sees sales boost https://ift.tt/5mRedo9

Phil Long Dealerships in May 2021 opened the Phil Long EV Outlet in Colorado Springs, Colo., a used-vehicle store that sells only hybrid and electric vehicles.

EV outlet charges group's used-vehicle sales

EV outlet charges group's used-vehicle sales https://ift.tt/p0uvt1T

Phil Long Dealerships in May 2021 opened the Phil Long EV Outlet in Colorado Springs, Colo., a used-vehicle store that sells only hybrid and electric vehicles.

Why Honda, Acura dealer showrooms may shrink

Why Honda, Acura dealer showrooms may shrink https://ift.tt/D9Vicxe

American Honda executive Dave Gardner says the company is considering ways to make its retailer business more efficient, including leaner inventory and smaller showrooms.

2023 Acura Integra priced just below $32,000

2023 Acura Integra priced just below $32,000 https://ift.tt/ZDRw7ic

The return of Acura's iconic Integra comes with a price to compete with German rivals — with two years of pre-paid scheduled maintenance thrown in to boot.

Acura Integra priced just below $32,000

Acura Integra priced just below $32,000 https://ift.tt/CT3Sxqp

The return of Acura's iconic Integra comes with a price to compete with German rivals — with two years of pre-paid scheduled maintenance thrown in to boot.

Acura prices new Integra just below $32k

Acura prices new Integra just below $32k https://ift.tt/yTRSFgx

The return of Acura's iconic Integra comes with a price to compete with German rivals — with two years of pre-paid scheduled maintenance thrown in to boot.

Rise in catalytic converter thefts fills up dealership service departments

Rise in catalytic converter thefts fills up dealership service departments https://ift.tt/RinOxer

There has been a sharp increase in the number of catalytic converters being stolen across the country, resulting in vehicles stacking up in dealership service departments as customers endure costly and lengthy repairs and manufacturers, police and legislators search for a way to curb the thefts.

The National Insurance Crime Bureau said there were 14,433 catalytic converter thefts reported in the U.S. in 2020, the last year figures were available. That's a fourfold increase from 3,389 theft cases reported in 2019. In 2018, there were just 1,298 thefts reported. Officials hinted that 2021 figures could show a dramatic increase.

On one day in April in Houston, AutoNation Toyota Gulf Freeway had 66 vehicles waiting to have their catalytic converters replaced after thieves stole them. Two of those vehicles were back for a second time after being targeted again.

While any vehicle can fall prey to thieves, some Toyota models are coveted because their catalytic converters have a higher concentration of precious metals than those of other manufacturers, so they command higher prices.

Pickups such as Toyota's Tundra and Tacoma are popular with converter bandits because they can have up to four converters and sit relatively high off the ground. That makes it easier for thieves to slip underneath and use a cordless saw to remove the mufflerlike converters, said Craig Fletcher, service director at AutoNation Toyota Gulf Freeway. Toyota Prius hybrids and SUVs and certain Honda four-cylinder vehicles are also particularly prized, as are Ford F-Series and Ram 1500 pickups.

"It's been a constant problem for the last 12 months," Fletcher said. "Approximately a year ago, the price of the materials that Toyota uses for the converters went through the roof."

Catalytic converters contain just a few grams of costly metals such as platinum, palladium and rhodium. The rare elements react with combustion gases to reduce the amount of hydrocarbons, carbon monoxide and nitrous oxide in a vehicle's exhaust.

Rhodium's current market price is about $16,600 per ounce. Platinum is trading for around $919 an ounce, while palladium is in the neighborhood of $2,200 per ounce.

The skyrocketing value of the converters makes comprehensive auto insurance a must-have, said Sgt. Tracy Hicks of the Houston Police Department's Auto Theft Crime Task Force. Replacing catalytic converters can run as high as $11,000, depending on the vehicle and any collateral damage to items such as wiring and fuel, transmission or coolant lines.

Hicks said certain Toyota converters were bringing $2,000 when the price of the metals skyrocketed last year.

Depending on the market price of metals, the powertrain and type of vehicle, recyclers will pay up to $1,500 for a single catalytic converter, said Doug Seliger, marketing director of PGM of Texas, which specializes in catalytic converter recycling. A set of four Tundra converters, for example, is currently bringing $500 to $1,000, he said.

Cheaper, riskier alternatives

Consumers could also benefit from having an insurance policy that covers long-term car rentals. The rampant crimes are resulting in lengthy wait times to get customers back on the road. Fletcher noted one customer's Tundra had been at the Houston Toyota dealership at least 147 days. He said converters are ordered for each specific vehicle and can take weeks to arrive.

"A group of converters for one side [of the vehicle] will come in, while the parts for the other side will show up later," Fletcher said. "Very seldom do all the converters come in at the same time."

Adam Haner, service director at Helfman Motors in Houston, said replacement catalytic converters are on "intergalactic back order."

"Having to tell customers they're facing weeks of delay before they get the converters and can use their vehicle [again] has been the hardest part of my job in my 19 years here," he said.

In some cases, victims who didn't have comprehensive coverage or waited so long for original replacement parts that their rental car coverage expired have turned to cheaper, less reliable aftermarket catalytic converters. One Toyota technician said some customers, at their own cost, have had muffler shops weld in tubing to patch the exhaust system just to get their vehicles back on the road.

Even if the damage seems minor, such as when the thief gives up and just leaves a saw cut in the exhaust tubing, Haner doesn't recommend or perform what he calls "Band-Aid" fixes.

"If you weld the pipe up, it could cause further issues down the road," he said. "There's just too much potential liability. Plus, we just try to do the right thing."

AutoNation Toyota Gulf Freeway and other dealerships sell and install anti-theft catalytic converter shields that are available through a number of aftermarket vendors. Fletcher says the devices range from $750 to $900 installed per vehicle.

A Toyota accessory guide offers a dozen catalytic converter shields for various models, from the 2001 Prius to the 2022 Tundra, Sequoia and Tacoma.

Still, with sticker prices ranging from $160 to $570 for the parts alone, the devices are not for everyone, said Paul Le Blanc, service director of Longo Toyota in El Monte, Calif.

"We only see two to three [shield sales] per month from parts," he said. "One of the reasons why is the cost. I believe most people who buy them probably had a converter stolen already."

A legislative fix?

Toyota Motor North America called catalytic converter thefts an industrywide challenge and told Automotive News it was committed to working with all stakeholders to protect vehicle owners.

"In our view, the most effective approach requires close collaboration between the broader automotive industry and local and state authorities to devise legislative solutions aimed at eliminating the market for these stolen parts," the automaker said in a written statement.

Catalytic converter rip-offs have taken a more violent turn as more hardened criminals attempt to cash in. Confrontations can turn deadly. In Houston, an off-duty sheriff's deputy was fatally shot in March during a parking lot gun battle with three men who had targeted his vehicle as he and his wife shopped at a supermarket.

In January, U.S. Rep. Jim Baird, R-Ind., introduced the Preventing Auto Recycling Thefts (PART) Act. If passed, the legislation would aid law enforcement by requiring VINs be stamped onto catalytic converters of new vehicles, setting up stricter record-keeping of buyers of catalytic converters and codifying catalytic converter thefts as criminal offenses.

"This is a clean, straight-forward bill that has the potential to solve a serious problem plaguing far too many vehicle owners and law enforcement officials across the country," Baird told Automotive News. In April, the National Automobile Dealers Association called the measure a legislative priority and urged lawmakers to co-sponsor the bill.

Baird said he was hopeful the bill would gain bipartisan support because he believed it would close loopholes preventing law enforcement from holding converter thieves accountable.

"Americans have enough to worry about," he said. "Spending hundreds or even thousands of dollars replacing a required car part shouldn't be one of them."

Sonic Automotive's Q1 net income soars 80%

Sonic Automotive's Q1 net income soars 80% https://ift.tt/PLiQsD3

Higher gross profit per new vehicle and a quarterly record total F&I gross profit per retail vehicle helped Sonic Automotive's net income soar 80 percent in the first quarter.

Great Wall profit slides on higher raw material outlays

Great Wall profit slides on higher raw material outlays https://ift.tt/k9ZNo2i

Great Wall Motor Co., the largest domestic Chinese light-truck maker, failed to generate more profit on increased revenue in the first quarter because of rising raw material prices. 

U.S. car dealers seeking LIFO tax relief gain more support with Senate bill

U.S. car dealers seeking LIFO tax relief gain more support with Senate bill https://ift.tt/EskVgCL

The Senate bill, being introduced by U.S. Sen. Sherrod Brown, D-Ohio, would give dealers up to three years to restore their inventories to more normal levels.

U.S. prosecutors ask judge in Bob Brockman tax case to disregard defense filing about cognitive decline

U.S. prosecutors ask judge in Bob Brockman tax case to disregard defense filing about cognitive decline https://ift.tt/uf9AMKq

Brockman's latest claim of deteriorating health "is a naked attempt to improperly interject unadmitted, unverified, and unsworn evidence into the record," prosecutors wrote.

U.S. prosecutors ask judge in Brockman tax case to disregard defense filing about cognitive decline

U.S. prosecutors ask judge in Brockman tax case to disregard defense filing about cognitive decline https://ift.tt/pvZTH1O

Brockman's latest claim of deteriorating health "is a naked attempt to improperly interject unadmitted, unverified, and unsworn evidence into the record," prosecutors wrote.

Group 1's Q1 profit soars, revenue rises

Group 1's Q1 profit soars, revenue rises https://ift.tt/LhoFd2g

The Houston-based public dealership group's net income rose 99 percent for the quarter, while revenue rose 30 percent.

Upstart foresees $1.5 billion in auto loans, refinancing in 2022

Upstart foresees $1.5 billion in auto loans, refinancing in 2022 https://ift.tt/WGtkTq5

Digital retail provider and AI auto loan underwriter Upstart is poised for significant growth this year, it would serve as an intermediary in $1.5 billion worth of auto finance volume during 2022.

Penske Automotive delivers most profitable quarter in company history

Penske Automotive delivers most profitable quarter in company history https://ift.tt/gcQV8jR

Penske Automotive's first-quarter net income more than doubled as used-vehicle revenue surged and profitability in all dealership business lines improved. Shares rose 5 percent in premarket trading.

Penske's Q1 net income more than doubles

Penske's Q1 net income more than doubles https://ift.tt/pmutnMT

Penske Automotive's first-quarter net income more than doubled as used-vehicle revenue surged and profitability in all dealership business lines improved.

Technology, processes behind dealerships' valet services still developing

Technology, processes behind dealerships' valet services still developing https://ift.tt/OPKlpfR

A reporter's encounter with service pickup and drop-off highlights the importance of ensuring that the experience customers have actually matches the experience dealers aim to offer.

Boston dealership sues over paperwork attack

Boston dealership sues over paperwork attack https://ift.tt/BU9wRxr

A -Land Rover store is suing a Rhode Island man it says is wasting its time and resources by filing fake liens that amount to "paper terrorism."

NADA ends public release of car dealership financial information

NADA ends public release of car dealership financial information https://ift.tt/Lz519MJ

NADA says the data, which included sales and profitability metrics, will be shared with only 20 group participants going forward.

Top 100 list shows shift in focus to used cars

Top 100 list shows shift in focus to used cars https://ift.tt/fxj7asA

The shifting reliance on used vehicle sales in 2021 was seen up and down the Automotive News annual list.

Used cars were lifeblood of business in '21

Used cars were lifeblood of business in '21 https://ift.tt/MAfLcUi

With the microchip shortage and other supply chain hiccups making new vehicles hard to come by in 2021, auto retailers boosted their focus on selling used cars and trucks.

At the New York auto show, it wasn't hard to grab the spotlight

At the New York auto show, it wasn't hard to grab the spotlight https://ift.tt/Z7s3YtX

Was there another sign of the end of traditional international auto shows with attention-getting press days? Not necessarily, but neither was the show a roaring comeback for the seriously strained business model.

Car dealers got creative and efficient in face of low stock, NADA says

Car dealers got creative and efficient in face of low stock, NADA says https://ift.tt/Ze1UJjA

As new-vehicle inventory levels plunged last year, car dealers diversified how they source used vehicles and worked to improve salesperson productivity.

Asbury sells 7 stores to fit Lexus, Toyota cap rules

Asbury sells 7 stores to fit Lexus, Toyota cap rules https://ift.tt/SWbfch1

Asbury Automotive Group sold two Lexus and five Toyota dealerships to conform with brand rules following two large acquisitions in December.

Shift, job tweaks benefit staff, customers

Shift, job tweaks benefit staff, customers https://ift.tt/YikrCnh

Delray Buick-GMC in Florida reduced the length of sales shifts and changed how leads are handled, contributing to better employee retention, sales gains and increased customer satisfaction.

Lithia Motors off to quick start with 2022 dealership acquisitions

Lithia Motors off to quick start with 2022 dealership acquisitions https://ift.tt/4d1mLsS

Lithia Motors CEO Bryan DeBoer gave a brief preview of what's to come from one of the most active players in the bustling buy-sell market.

Ford, Stellantis, Chevy and Nissan dealerships sell in 3 states

Ford, Stellantis, Chevy and Nissan dealerships sell in 3 states https://ift.tt/npWME0D

A growing dealership group, an operator buying his first store and one buying her second purchased dealerships in three states in fourth-quarter and first-quarter transactions involving four dealerships.

Koons Kia settles unadvertised fee allegations with Md. AG, could owe $1M-plus in refunds

Koons Kia settles unadvertised fee allegations with Md. AG, could owe $1M-plus in refunds https://ift.tt/blLq4ks

Owings Mills, Md.-based Koons Kia could owe customers more than $1 million in refunds after settling allegations it charged fees and shipping costs on top of advertised vehicle prices, the state attorney general said Tuesday.

AutoNation first-quarter net income soars

AutoNation first-quarter net income soars https://ift.tt/Rf6vdVi

AutoNation Inc.'s first-quarter net income soared on more used-vehicle sales and revenue, higher gross profit per unit on new-vehicle sales and increased parts and service revenues.

Carvana saw hindered sales volume growth in 'challenging' Q1

Carvana saw hindered sales volume growth in 'challenging' Q1 https://ift.tt/x24dZj0

Carvana sold 105,185 vehicles in the first quarter, up 14 percent year-over-year, but disruptions to its reconditioning and logistics network hindered further sales volume growth.

Guilty plea, sentencing for customers in Mich., Calif. dealership fraud cases

Guilty plea, sentencing for customers in Mich., Calif. dealership fraud cases https://ift.tt/pKtXvem

Two federal court proceedings last month illustrate the risk of customer fraud to dealerships and their lender partners.

Fixed ops podcasts show shops are hungry for information

Fixed ops podcasts show shops are hungry for information https://ift.tt/l0wzDsc

When COVID-19 forced most of us to pause traveling and gathering, some fixed operations leaders decided to take to the airwaves.

Guilty plea, sentencing in Mich., Calif. dealership fraud cases

Guilty plea, sentencing in Mich., Calif. dealership fraud cases https://ift.tt/Qk6nBUj

Two federal court proceedings last month illustrate the risk of customer fraud to dealerships and their lender partners.

Lithia Motors' net income more than doubled in Q1

Lithia Motors' net income more than doubled in Q1 https://ift.tt/HtlA2Q3

Lithia Motors' net income soared 119 percent in the first quarter, aided by increased new-vehicle and used-vehicle sales and higher vehicle selling prices.

Lithia Motors' net income more than doubled in Q1

Lithia Motors' net income more than doubled in Q1 https://ift.tt/5NYxZI7

Lithia Motors' net income soared 119 percent in the first quarter, which was aided by increased new- and used-vehicle sales and higher vehicle selling prices.

Rivian CEO: Parts crunch won't affect company's bright future

Rivian CEO: Parts crunch won't affect company's bright future https://ift.tt/aHNeEK5

The California startup is struggling to meet demand for its pickup, SUV and commercial vans for Amazon. But Rivian has the financial strength to survive and to thrive, its CEO tells Automotive News.

Straw borrower issue seen with auto dealerships

Straw borrower issue seen with auto dealerships https://ift.tt/JQb6Kf7

Dealerships might have encountered or even created straw borrower scenarios tens of thousands of times in 2021, according to Point Predictive.

Buying an auto dealership? Assess cyber risk

Buying an auto dealership? Assess cyber risk https://ift.tt/Lo3tz4G

Dealership buyers should take steps to understand any cybersecurity risks associated with stores they plan to acquire, particularly as new federal regulations will take effect later this year, experts say.

Highlights from the latest Daily Drive podcasts, April 11-14

Highlights from the latest Daily Drive podcasts, April 11-14 https://ift.tt/hwdjXRE

Here are highlights from the latest episodes of 'Daily Drive', Automotive News' weekday podcast, April 11-14, hosted by Jamie Butters.

CarMax goals: 10 new dealerships, more customer-sourced autos

CarMax goals: 10 new dealerships, more customer-sourced autos https://ift.tt/m9XBdjx

Used-car retailing giant CarMax will open 10 new stores during the next 11 months, including its first foray into New York City, and will push to source more vehicles from consumers.

A 6-year journey from porter to Philadelphia Phillies bullpen

A 6-year journey from porter to Philadelphia Phillies bullpen https://ift.tt/ZEWq74D

Pitcher Jeff Singer, who worked with his dad at a Philadelphia Ford dealership so he could keep playing baseball, finally got his call-up to the majors.

Texas car dealer taps into school pipeline for techs

Texas car dealer taps into school pipeline for techs https://ift.tt/1TM6xuv

Toyota of Cedar Park in Texas has gotten 24 of its 70 service technicians by working with local high schools on training and internship programs.

Judge again delays decision in automakers' lawsuit against revised Mass. right to repair law

Judge again delays decision in automakers' lawsuit against revised Mass. right to repair law https://ift.tt/4EJs1rY

U.S. District Judge Douglas Woodlock cited "the resurgence of a demanding criminal trial schedule," the resumption of in-court, nontrial proceedings and writing responsibilities in other matters as reasons for the delay.

Former Chevy dealership salesman pleads guilty in Oklahoma wire fraud case

Former Chevy dealership salesman pleads guilty in Oklahoma wire fraud case https://ift.tt/sxXdMWg

William Ray Turner, 31, worked for Patriot Chevrolet in Bartlesville from May 2019 to February 2021. Turner used stolen identities to take out loans and buy vehicles, on which he would make a commission, his indictment said.

Ford, Stellantis and Cadillac-Buick-GMC dealerships sell in 3 states

Ford, Stellantis and Cadillac-Buick-GMC dealerships sell in 3 states https://ift.tt/CR1QLTj

Five domestic-brand dealerships were sold in the fourth quarter of 2021 and first and second quarters of 2022 in single-store transactions in three states.

Light-vehicle market stalls in March as COVID cases surge

Light-vehicle market stalls in March as COVID cases surge https://ift.tt/f3BgcTI

China’s new light-vehicle market lost steam in March after expanding three straight months, with production and shipments upended by restrictive measures widely adopted by local governments to contain a spike in coronavirus cases.

Carvana, Wells Fargo among car loan share gainers

Carvana, Wells Fargo among car loan share gainers https://ift.tt/akUHAPe

The same 10 lenders from 2020 led their peers in new car loan market share last year, according to Experian. Carvana shook up the used-vehicle leaderboard.

Auto lenders in Massachusetts can't charge GAP cancellation fees

Auto lenders in Massachusetts can't charge GAP cancellation fees https://ift.tt/Dok1YOM

Massachusetts lenders can't charge fees when a consumer cancels a guaranteed asset protection waiver financed as part of an indirect auto loan, the state's Division of Banks confirmed this year.

Ford F-150 Lightning EV to launch April 26

Ford F-150 Lightning EV to launch April 26 https://ift.tt/mH4CGwz

The automaker plans to livestream a celebratory event from the factory to mark the start of production.

Carvana, Wells Fargo among auto loan share gainers

Carvana, Wells Fargo among auto loan share gainers https://ift.tt/q076O8P

The same 10 lenders from 2020 led their peers in new car loan market share last year, according to Experian. Carvana shook up the used-vehicle leaderboard.

CarMax used-car sales fall on dwindling consumer confidence

CarMax used-car sales fall on dwindling consumer confidence https://ift.tt/DVj4Ox8

The number of used vehicles sold by CarMax fell 5.2 percent to 194,318 in the company's fiscal fourth quarter, which ended Feb. 28.

RDS Automotive Group buys Philadelphia-area Ferrari, Nissan dealerships

RDS Automotive Group buys Philadelphia-area Ferrari, Nissan dealerships https://ift.tt/hlNGF9Q

RDS Automotive Group has added two new brands to its portfolio: Italian-exotic Ferrari and mass-market Nissan.

CarMax says dwindling consumer confidence dinged used-vehicle sales in latest quarter

CarMax says dwindling consumer confidence dinged used-vehicle sales in latest quarter https://ift.tt/zP8C2fv

The number of used vehicles sold by CarMax fell 5.2 percent to 194,318 in the company's fiscal fourth quarter, which ended Feb. 28.

CarMax says dwindling consumer confidence dinged used-vehicle sales in latest quarter

CarMax says dwindling consumer confidence dinged used-vehicle sales in latest quarter https://ift.tt/dDhAjFT

The number of used vehicles sold by CarMax fell 5.2 percent to 194,318 in the company's fiscal fourth quarter, which ended Feb. 28.

How digital assistants can help retain staff

How digital assistants can help retain staff https://ift.tt/EykdvCs

Companies behind digital phone assistants say they can take over some job responsibilities from humans, allowing employees to focus more on the customer experience.

Penske Automotive Group buys BMW-Mini dealership

Penske Automotive Group buys BMW-Mini dealership https://ift.tt/QaHg6Rh

Penske Automotive Group Inc. said it has purchased a BMW-Mini dealership in Southern California. The group said the dealership is expected to generate about $115 million in annual revenue.

Del Grande Dealer Group buys Hyundai-Genesis, Hyundai and Honda dealerships

Del Grande Dealer Group buys Hyundai-Genesis, Hyundai and Honda dealerships https://ift.tt/KCckBSt

Del Grande Dealer Group acquired three dealerships in transactions in the third quarter of 2021 and first quarter of 2022.

Light-vehicle market stalls in March as COVID cases spike

Light-vehicle market stalls in March as COVID cases spike https://ift.tt/sC9JVYN

China’s new light-vehicle market lost steam in March after expanding three straight months, with production and shipments upended by restrictive measures widely adopted by local governments to contain a spike in coronavirus cases.

Car dealerships find new ways to recruit and retain porters

Car dealerships find new ways to recruit and retain porters https://ift.tt/zHtjorN

Dealership service departments are increasingly turning over the job of hiring and managing porters to outside companies.

Dealership service director works his muscles to help save lives

Dealership service director works his muscles to help save lives https://ift.tt/lZ0p6Qo

Scott Gregg spent part of February recording himself doing pushups and posting it on LinkedIn. Like other auto service personnel, he was helping to bring awareness to suicide rates among ex-military members.

Fixed in time: Manhattan dealership in 1938

Fixed in time: Manhattan dealership in 1938 https://ift.tt/z9PqLxt

In 1938 Kroger-Jonas Ford billed itself as New York's largest Ford dealer.

Sound bites from fixed ops conversations

Sound bites from fixed ops conversations https://ift.tt/akn5wDX

Quotes from the world of car dealership fixed operations.

New process means happier employees, customers

New process means happier employees, customers https://ift.tt/Xo2mbR0

At Esserman International Motors in Doral, Fla., a revised schedule allowed 15 porters to do the work of 21, and freed up mechanics to become more productive.

NADA ready to move needle on diversity in auto retailing

NADA ready to move needle on diversity in auto retailing https://ift.tt/DCk9AEv

The NADA and the National Urban League, along with other key stakeholders, are tasked with filling in the details of a work force development initiative aimed at recruiting, hiring and training more women and minorities at franchised dealerships.

Honda dealership finds hybrid roles help lift customer satisfaction

Honda dealership finds hybrid roles help lift customer satisfaction https://ift.tt/lYTiCr5

A Southern California dealership and an Alaska group have assigned finance and insurance duties to sales personnel rather than separating the two roles. Customers prefer to deal with a single person, the retailers say.

Toyota dealership employee dead in Illinois after shooting; suspect charged with murder

Toyota dealership employee dead in Illinois after shooting; suspect charged with murder https://ift.tt/cXDxuKs

Police in Loves Park, Ill., said the Anderson Toyota employee was shot and "the evidence indicates this was a targeted incident and not a random act of violence."

CDK Global's $8.3 billion deal to go private could accelerate growth

CDK Global's $8.3 billion deal to go private could accelerate growth https://ift.tt/N9wd8rI

CDK COO Joe Tautges said the move will align the company with a buyer that will accelerate its growth strategy.

LIFO relief bill a sliver of hope for car dealers

LIFO relief bill a sliver of hope for car dealers https://ift.tt/1plFCQx

Legislation to provide tax relief to dealerships on LIFO that have struggled to maintain inventory levels because of the global chip shortage could be a sliver of hope for dealers, as they face potentially large income tax bills.

M&A consultant Ducker Holdings merges with Boston firm

M&A consultant Ducker Holdings merges with Boston firm https://ift.tt/CgmQlXS

The new company, called Ducker Carlisle, joins "two sister companies separated at birth."

Toyota, Stellantis, GM dealerships change hands in four acquisitions

Toyota, Stellantis, GM dealerships change hands in four acquisitions https://ift.tt/UQKLcA6

Toyota, Stellantis and General Motors brand dealerships change hands in first- and second-quarter deals. Dealerships were sold in Michigan, Texas and New York.

Lithia Motors buys three Stellantis dealerships, including rare standalone Jeep store

Lithia Motors buys three Stellantis dealerships, including rare standalone Jeep store https://ift.tt/9Zrnosv

Lithia Motors nearly doubled its presence in the Las Vegas market late last month with the purchase of three Stellantis dealerships.

Dealership rankings get shuffled after acquisitions

Dealership rankings get shuffled after acquisitions https://ift.tt/eCES1D5

Morgan Automotive added eight dealerships in 2021, bringing its total to 53. Acquisitions helped it to break into the top 10 on Automotive News' annual list of the top 150 dealership groups.

Teen in twister lands safely, gets a new truck

Teen in twister lands safely, gets a new truck https://ift.tt/mykxniT

The 16-year-old Texas teen who got caught in a tornado driving home from a job interview has been presented with a new Chevrolet Silverado.

With a U.S. plant, VinFast eyes quick EV success

With a U.S. plant, VinFast eyes quick EV success https://ift.tt/g3Dp74e

Vietnamese automaker VinFast plans to break ground on a U.S. EV factory this year, just months after delivering its first EV at home and just three years after producing its first gasoline-powered vehicle.

How the Automotive News top 150 dealership group ranking is compiled

How the Automotive News top 150 dealership group ranking is compiled https://ift.tt/edm26Qb

Here's a look at how dealership groups are ranked, who isn't ranked but probably should be, and why they're not.

For a ‘threatened business,' there certainly are a lot of eager buyers

For a ‘threatened business,' there certainly are a lot of eager buyers https://ift.tt/pNbUsjV

If the threats to franchised automotive retailing were real, investors would run from dealerships when they came up for sale. Instead, they're flocking to them, driving up prices, because the future of the franchised retailing model is lucrative, solid and sustainable.

Findlay Automotive buys Toyota, Lexus dealerships from Asbury in Washington

Findlay Automotive buys Toyota, Lexus dealerships from Asbury in Washington https://ift.tt/G4wobqm

Findlay Automotive Group, one of the largest private dealership groups in the U.S., has purchased two dealerships from Asbury Automotive Group Inc. in Washington state.

CDK Global to be acquired by investment firm in $8.3 billion deal

CDK Global to be acquired by investment firm in $8.3 billion deal https://ift.tt/KsFt1Uu

CDK said the acquisition by Brookfield Business Partners is expected to close in the third quarter.

EV maker VinFast files for IPO

EV maker VinFast files for IPO https://ift.tt/VP4i7c0

VinFast's IPO filing comes as the Vietnamese EV maker starts building a factory in North Carolina.

Birgit Boehm named CEO of BMW Financial Services in U.S.

Birgit Boehm named CEO of BMW Financial Services in U.S. https://ift.tt/iUFCuM3

BMW named automotive finance veteran Birgit Boehm the CEO of BMW Group Financial Services in the U.S. and the Americas region.

TransUnion partners with CarNow on upgraded retail portal for auto lenders

TransUnion partners with CarNow on upgraded retail portal for auto lenders https://ift.tt/I9dD3AH

TransUnion has upgraded a digital retail platform banks can use to promote loans for partner dealerships' inventory. The revised version of the 3-year-old Auto Payment Shopper incorporates CarNow's platform; provides a more "real-time" inventory than before; and allows features such as valuing trade-ins, scheduling test drives and shopping finance and insurance products.

Ford, Chevy and Chevy-Buick dealerships sell in Q1 acquisitions

Ford, Chevy and Chevy-Buick dealerships sell in Q1 acquisitions https://ift.tt/XvR2bFt

Three dealerships — Ford, Chevrolet and Chevrolet-Buick rooftops — were sold in first-quarter transactions. The dealerships involved in separate deals are in Pennsylvania, Massachusetts and Wisconsin.

Bills to alter Florida's car titling law fail in state Legislature

Bills to alter Florida's car titling law fail in state Legislature https://ift.tt/OPoWsEU

The bills made it to committees in the state Senate and House, but they ultimately did not move forward because the Legislature was preoccupied, according to state Rep. Andrew Learned.

Bills to alter Florida's vehicle titling law fail in state Legislature

Bills to alter Florida's vehicle titling law fail in state Legislature https://ift.tt/8e0Lirg

The bills made it to committees in the state Senate and House, but they ultimately did not move forward because the Legislature was preoccupied, according to state Rep. Andrew Learned.

Here's our 2022 list of the top U.S. dealership groups

Here's our 2022 list of the top U.S. dealership groups https://ift.tt/9ez5qdP

The top 10 and the top 150 groups now own more of the industry's dealerships and are responsible for a larger share of the industry's new-vehicle sales.

With a U.S. plant, VinFast eyes quick EV success

With a U.S. plant, VinFast eyes quick EV success https://ift.tt/JT7i8Oy

Vietnamese automaker VinFast plans to break ground on a U.S. EV factory this year, just months after delivering its first EV at home and just three years after producing its first gasoline-powered vehicle.

Genesis dealers now opening dedicated stores

Genesis dealers now opening dedicated stores https://ift.tt/THOkaUI

A growing lineup and stronger brand recognition finally motivated Genesis dealers to invest in standalone dealerships for the premium vehicles.

Here's our 2022 ranking of the largest U.S. dealership groups

Here's our 2022 ranking of the largest U.S. dealership groups https://ift.tt/NduSaBE

The top 10 and the top 150 groups now own more of the industry's dealerships and are responsible for a larger share of the industry's new-vehicle sales.

How the Automotive News top 150 dealership group ranking is compiled

How the Automotive News top 150 dealership group ranking is compiled https://ift.tt/SUC1nv6

Here's a look at how dealership groups are ranked, who isn't ranked but probably should be, and why they're not.

Dealership rankings get shuffled after acquisitions

Dealership rankings get shuffled after acquisitions https://ift.tt/8vM6ANF

Morgan Automotive added eight dealerships in 2021, bringing its total to 53. Acquisitions helped it to break into the top 10 on Automotive News' annual list of the top 150 dealership groups.

KIA: Pockets of optimism in a weaker quarter

KIA: Pockets of optimism in a weaker quarter https://ift.tt/mN8aZ5w

Kia America is well positioned with crossovers and EVs as consumers flock to those segments. The automaker posted a quarterly decline, but SUVs and EVs provided bright spots.

Kia dealership sues LMP Automotive following failed acquisition

Kia dealership sues LMP Automotive following failed acquisition https://ift.tt/QYzEuOK

A Kia dealership in Connecticut has sued LMP Automotive following a failed acquisition. The dealership is seeking $100,000 in deposits made by LMP.

Napleton Automotive Group to pay $10 million in FTC case

Napleton Automotive Group to pay $10 million in FTC case https://ift.tt/n8wURjT

Napleton Automotive Group will pay $10 million in a settlement with the FTC and state of Illinois for its alleged discrimination of Black customers in vehicle financing and for adding junk fees and extras into customer contracts. Napleton denied any wrongdoing.

Make sure you're counted

Make sure you're counted https://ift.tt/wjdPIH4

Automotive News wants the most complete annual ranking of our Top 150 Dealership Groups we can compile. Let us know if your group's success is not being reflected in our annual rankings.

Ford, Bentley and Stellantis dealerships sold in 4 states

Ford, Bentley and Stellantis dealerships sold in 4 states https://ift.tt/UYaWe8K

Four dealerships, including an exclusive Bentley dealership, changed hands in single-store transactions in the fourth quarter of 2021 and first quarter of 2022.

4 dealerships change hands in South Carolina, Florida, Indiana and Virginia

4 dealerships change hands in South Carolina, Florida, Indiana and Virginia https://ift.tt/3xrcGMz

Four dealerships, including an exclusive Bentley dealership, changed hands in single-store transactions in the fourth quarter of 2021 and first quarter of 2022.

Audi, Ford lead J.D. Power lease-end satisfaction study

Audi, Ford lead J.D. Power lease-end satisfaction study https://ift.tt/LGtPKmo

The 2022 U.S. End of Lease Satisfaction Study ranked Audi No. 1 in the premium segment with a score of 868 out of 1,000. Ford took first in the mass-market segment with a score of 864.

Arizona dealerships to pay $405,000 in restitution for false advertising

Arizona dealerships to pay $405,000 in restitution for false advertising https://ift.tt/KVH1nas

The Arizona Attorney General's Office said the two Nissan dealerships would advertise their cars for a low price, but customers were forced to purchase additional "add-ons."