Sunday, August 28, 2022

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.

Saturday, August 27, 2022

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.

Friday, August 26, 2022

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.

Thursday, August 25, 2022

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.

Wednesday, August 24, 2022

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.

Monday, August 22, 2022

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.

Sunday, August 21, 2022

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.

Saturday, August 20, 2022

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.

Friday, August 19, 2022

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.

Thursday, August 18, 2022

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.

Wednesday, August 17, 2022

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.

Monday, August 15, 2022

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.

Sunday, August 14, 2022

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.

Friday, August 12, 2022

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.

Thursday, August 11, 2022

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.

Wednesday, August 10, 2022

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.

Tuesday, August 9, 2022

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.

Monday, August 8, 2022

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.

Sunday, August 7, 2022

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.

Saturday, August 6, 2022

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.

Friday, August 5, 2022

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.

Thursday, August 4, 2022

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. 

Wednesday, August 3, 2022

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.

Tuesday, August 2, 2022

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.

Monday, August 1, 2022

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.