Dealer anniversaries

Dealer anniversaries https://ift.tt/cwmiJFv

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

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

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

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

Obituary: Walter Raymond Page

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

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

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

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

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

LIFO relief for dealers passes Senate; no vote from House

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

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

LIFO relief for dealers passes Senate; fate in House undecided

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

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

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

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

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

Stockpiles remain elevated at new-car dealerships

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

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

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

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

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

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

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

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

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

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

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

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

Results from the company's earnings report include:

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

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

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

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

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

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

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

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

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

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

Remembering those we lost this year

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

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

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

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

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

Top 10 retail technology stories of 2022

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

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

Kia dealer to pay $1.25 million in deceptive practices settlement

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

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

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

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

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

Van Horn Automotive ESOP hits majority

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

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

Carvana will be in fight of its life in pivotal 2023

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

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

Showroom veteran helps job hunters find a match

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

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

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

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

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

Dealer anniversaries

Dealer anniversaries https://ift.tt/IYKNx0q

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

Texas court knocks down dealer complaint about discretionary allocations

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

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

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

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

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

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

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

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

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

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

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

China dealers seek compensation over Stellantis Jeep failure, report says

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

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

Ellis Automotive founder Jim Ellis dies at 90

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

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

Asbury sells 9 North Carolina dealerships to Hudson Automotive

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

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

AutoNation to buy mobile service provider RepairSmith

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

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

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

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

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

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

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

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

Inventory continues to rise, hits 1.61 million

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

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

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

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

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

Lithia Motors buys Ferrari-Bentley-Lotus dealership

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

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

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

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

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

Carvana inches toward reworking debt

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

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

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

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

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

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

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

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

Honda brand returns to top 5 in dealer attitudes

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

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

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

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

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

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

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

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

EV technicians need a new, safer toolbox

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

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

Subprime borrowers faltering on payments

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

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

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

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

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

Used-car values expected to hold despite price drops

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

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

Elevated value of used vehicles is expected to hold

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

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

Dealer anniversaries

Dealer anniversaries https://ift.tt/xD3h2f1

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

Focusing on basics helps dealership improve service business

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

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

Some new-car buyers show patience amid rising rates

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

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

Europe's big dealers keep getting bigger

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

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

Group 1 Automotive buys Mercedes-Benz dealership

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

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

Stellantis dealers get advice on EV upgrades

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

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

Dealers in 3 states fight Ford EV certification

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

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

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

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

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

Carvana's 3rd-party marketplace program in question

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

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

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

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

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

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

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

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

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

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

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

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

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

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