Leo Michael cartoon: New Year's regulations

Leo Michael cartoon: New Year's regulations https://ift.tt/vTPhanc

NADA plans to try to keep the FTC's CARS Rule regulations from taking effect July 30. Blocking the rule rests with Congress or the court system.

Guest commentary: Unlocking the next wave of EV buyers

Guest commentary: Unlocking the next wave of EV buyers https://ift.tt/FDbWQk6

Improving EV customer affordability and value proposition can reaccelerate sales.

Column: Looking back at 2023, someone should write a book

Column: Looking back at 2023, someone should write a book https://ift.tt/HguS9wB

For the auto industry broadly, 2023 was the year when the UAW struck the Detroit 3 all at once, the microchip crisis ended and inventory returned.

Parts and service and body shop revenue leaders

Parts and service and body shop revenue leaders https://ift.tt/6o9UfLi

A look at the top 50 dealership groups based in the U.S., ranked on 2022 parts and service and body shop revenue.

Employment commission sues Texas Nissan store over sexual harassment claims

Employment commission sues Texas Nissan store over sexual harassment claims https://ift.tt/IgWrODZ

The lawsuit cites three former female employees who say they were harassed by three different managers at the store.

Vehicle shipments to rise 3.3% in 2024, trade group predicts

Vehicle shipments to rise 3.3% in 2024, trade group predicts https://ift.tt/opus1Km

Exports will remain the main driver of growth next year, the China Association of Automobile Manufacturers predicts.

Texas highway crash involving dealership employee leads to lawsuit

Texas highway crash involving dealership employee leads to lawsuit https://ift.tt/c4BjpSX

A July 2022 rear-end collision on an interstate highway has triggered a personal injury lawsuit against a Texas dealership group and its employee.

Fla. dealership sued for retaliatory discharge, sexual harassment by fired finance manager

Fla. dealership sued for retaliatory discharge, sexual harassment by fired finance manager https://ift.tt/pEkOBje

A former finance manager at a Tallahassee dealership has filed a retaliatory discharge suit, alleging sexual harassment by the store's general manager.

Canada ZEV sales mandate, including incentives to build infrastructure, released

Canada ZEV sales mandate, including incentives to build infrastructure, released https://ift.tt/fYnaQC1

The targets begin for the 2026 model year, with a requirement that at least 20 percent of new light-duty vehicles offered for sale in that year be ZEVs. They tick upward from there, culminating with 100 percent of sales being of the zero-emissions variety by 2035.

Kia allegedly withholding Canadian deliveries after 2023 sales target was met, CBC reports

Kia allegedly withholding Canadian deliveries after 2023 sales target was met, CBC reports https://ift.tt/07iTI9n

Kia Canada is deliberately delaying delivery of vehicles to customers in a bid to distort sales numbers, according to a CBC News report.

Jan. 3: Retail Technology newsletter becomes Retail Roundup

Jan. 3: Retail Technology newsletter becomes Retail Roundup https://ift.tt/q5XgMHp

Technology remains part of the weekly roundup but there will also be regular inclusion of stories featuring best practices, online used retailers, auctions and buy-sells.

Column: Will new FTC CARS Rule benefit consumers or bog down car-buying process?

Column: Will new FTC CARS Rule benefit consumers or bog down car-buying process? https://ift.tt/7DpZrGz

The FTC's new CARS Rule lays out specific requirements for advertising, record-keeping, customer interactions and lineups of finance-and-insurance products.

Editorial: No pessimism needed in return to normal market

Editorial: No pessimism needed in return to normal market https://ift.tt/82Qb1ln

Sky-high profits for car retailers raised expectations to a level that doesn't seem possible to repeat given current economic and industry conditions.

Number of negative-equity trade-ins decreases, but amount owners are underwater grows, data shows

Number of negative-equity trade-ins decreases, but amount owners are underwater grows, data shows https://ift.tt/IarsC2d

Fewer new- and used-car transactions at dealerships involve a trade-in that's underwater on existing debt compared with pre-pandemic 2019, but the degree of negative equity in those trades has increased, data from Edmunds indicates.

Ford dealership opens private restaurant with Michelin-starred chef

Ford dealership opens private restaurant with Michelin-starred chef https://ift.tt/xeRzuTj

Sarasota Ford, which also has an 11-seat movie theater and a relaxation room with massaging chairs, brought in an award-winning chef to help build customer loyalty.

Annual vehicle shipments to hit new high after 27% surge in Nov., trade group says

Annual vehicle shipments to hit new high after 27% surge in Nov., trade group says https://ift.tt/WxzJNO6

Annual vehicle shipments industrywide this year are on track to surpass the 28.9 million tallied in 2017, setting a new record, the China Association of Automobile Manufacturers said after disclosing higher-than expected volume last month.

Used-car market rebounds in Nov.

Used-car market rebounds in Nov. https://ift.tt/voLTG1Y

More than 1.32 million used light vehicles changed hands in China last month, the China Automobile Dealers Association said. Sales rose 2.3 percent from October and jumped 29 percent from the year-earlier month.

McLaren pivots to customer order-based allocations for stores

McLaren pivots to customer order-based allocations for stores https://ift.tt/SA4qI5F

McLaren said that an order-based allocation model creates supply flexibility, drives retailer profitability and rewards good customer experience.

Fed flags end of rate hikes, sees lower borrowing costs in 2024

Fed flags end of rate hikes, sees lower borrowing costs in 2024 https://ift.tt/rplqGOf

For the auto industry, interest rates continue to be the top issue mentioned by franchised dealerships during the fourth quarter.

Kan. Kia dealership falsified incomes, inflated jobs and forged signatures of customers, lawyers say

Kan. Kia dealership falsified incomes, inflated jobs and forged signatures of customers, lawyers say https://ift.tt/uNIgQEJ

Car shoppers unaware that Lawrence Kia in Kansas had inflated their income on their credit applications were harmed by the scheme, their attorneys said.

EV sales at SAIC-GM spike 160% in Nov.

EV sales at SAIC-GM spike 160% in Nov. https://ift.tt/Lopub7D

SAIC-GM, General Motors’ passenger-vehicle joint venture with SAIC Motor Corp., delivered some 15,000 electric vehicles under Buick, Chevrolet and Cadillac brands last month, surging 160 percent from a year earlier.

New York dealerships team with CarEdge for sales event

New York dealerships team with CarEdge for sales event https://ift.tt/Zpt2IS5

The one-day event, which promised no hidden fees and that buying a vehicle would take no more than an hour, generated 13 sales for two dealerships on Staten Island.

Cybersecurity threats loom in '24

Cybersecurity threats loom in '24 https://ift.tt/6vUK1TN

Stephen Gonzalez of CDK Global said that AI and ransomware will vex dealerships in 2024 as they seek to comply with the FTC Safeguards Rule.

November inventory grows to 2.5 million

November inventory grows to 2.5 million https://ift.tt/0mg2Lvj

Inventory in the U.S. grew to its highest level since early spring 2021.

Cox: Comedown from favorable market making dealers pessimistic

Cox: Comedown from favorable market making dealers pessimistic https://ift.tt/fOH65vg

The return to more normal market conditions has soured auto dealer moods despite what remains a state of heightened profitability, according to the Q4 2023 Cox Automotive Dealer Sentiment Index survey.

BYD’s Nov. deliveries rally 31%

BYD’s Nov. deliveries rally 31% https://ift.tt/jcgsphf

Sales at BYD Co., China’s largest electrified-vehicle maker, kept forging ahead last month, surging 31 percent year on year to 301,903.

Geely poised to beat annual sales target

Geely poised to beat annual sales target https://ift.tt/FnrYQjS

Sales at Geely Automobile Holdings Limited are on track to exceed its annual target of 1.65 million. In November, its deliveries rose 38 percent year on year to 200,079.

New-car market rebounds 25% in Nov.

New-car market rebounds 25% in Nov. https://ift.tt/tnhRrao

Retail sales of new sedans, crossovers, SUVs and multi-purpose vehicles industrywide jumped 25 percent year on year to 2.06 million in November, the China Automobile Dealers Car Association said Thursday, drawing on its preliminary tally. The sales surge came mainly as a result of favorable comparison to the same month last year.

Making space in F&I

Making space in F&I https://ift.tt/qiInDm7

Discrimination, doubt, distrust and sexual harassment all stand in the way of the expansion of women into F&I, women finance managers say.

Nissan sues Ill. dealership for fraudulent warranty repairs

Nissan sues Ill. dealership for fraudulent warranty repairs https://ift.tt/dabmLY1

A suburban Chicago dealership's service department had a "pervasive culture of fraud" and "a pattern of false and/or fraudulent warranty schemes" that "undermined consumer confidence in the brand," according to a $2.5 million lawsuit filed by Nissan North America.

New-car sales on pace for double-digit gain in Nov., trade group predicts

New-car sales on pace for double-digit gain in Nov., trade group predicts https://ift.tt/LKMps3G

Retail sales of new sedans, crossovers, SUVs and multipurpose vehicles are on track to advance 26 percent to 2.08 million in November, the China Automobile Dealers Car Association predicted.

Iowa dealer opens home to community for lights, Santa

Iowa dealer opens home to community for lights, Santa https://ift.tt/QuDOVw4

Carl Moyer of Karl Auto Group started inviting people to visit his elaborately decorated residence for a socially distanced Christmas celebration during the pandemic.

New Jersey joins 10 states in banning sales of new gasoline vehicles by 2035

New Jersey joins 10 states in banning sales of new gasoline vehicles by 2035 https://ift.tt/AjXGb3h

Under California's Advanced Clean Cars II regulation, automakers would need to ensure 43 percent of their annual production volume by the 2027 model year is made up of zero-emission vehicles.

Pickup shipments edge up behind exports, ending slump

Pickup shipments edge up behind exports, ending slump https://ift.tt/iNfGmJW

Pickup shipments industrywide rose 1 percent to around 42,000 in October after sliding four straight months, the China Passenger Car Association said.

U.S. Bank: Auto dealers, customers won't be affected by staff cuts

U.S. Bank: Auto dealers, customers won't be affected by staff cuts https://ift.tt/3BfwyFE

U.S. Bank cut its auto lending work force by an undisclosed amount, but a spokesperson said Monday the layoffs would not affect dealerships' and consumers' experiences.

Guest commentary: Rethink your service drive acquisition strategy

Guest commentary: Rethink your service drive acquisition strategy https://ift.tt/hsIuSPF

With a dearth of quality used vehicles available because of supply chain issues and affordability concerns from consumers, the best place to find good used vehicles is on the dealership service drive.

Four dealership groups buy stores in Q3, Q4 deals

Four dealership groups buy stores in Q3, Q4 deals https://ift.tt/09KgEC7

Four dealership groups expanded their presence with import and domestic stores across four states in third- and fourth-quarter acquisitions.

1 Thing We're Talking About: Automotive lift group celebrates inspector program milestone

1 Thing We're Talking About: Automotive lift group celebrates inspector program milestone https://ift.tt/WX1b0AI

The Automotive Lift Institute, which has standardized the inspection of service bay lifts, celebrated the 10th anniversary of its ALI Lift Inspector Certification Program during an event in Las Vegas in late October.

Former Md. technician sentenced to prison for repair scheme

Former Md. technician sentenced to prison for repair scheme https://ift.tt/0hwgeFZ

A former technician at a Nissan dealership in suburban Baltimore has been sentenced to prison for submitting more than 260 bogus claims for fake mechanical repairs.

Guest commentary: ‘Crossing the chasm' on EVs may require plug-in hybrids

Guest commentary: ‘Crossing the chasm' on EVs may require plug-in hybrids https://ift.tt/cq3MLhd

It's hard to see a retail environment in 2032 where 67 percent of new-car sales are full EVs, but it's very easy to see a 2032 where a majority of new-car sales are plug-in hybrids.

Lack of 0% loans does thwart buyers

Lack of 0% loans does thwart buyers https://ift.tt/9qsLWFf

The average new pickup in America is approaching $70,000. The average worker still makes about $50,000 a year. Zero percent vs. 9 percent on that pickup is about $300 a month less.

David Wilson's gift to alma mater establishes business school in his name

David Wilson's gift to alma mater establishes business school in his name https://ift.tt/RS3DfaB

David Wilson, founder of the auto group that bears his name, donated $25 million to his alma mater, the University of Northern Iowa. It is the largest gift in the school's history and establishes the David W. Wilson College of Business.

Oct. light-vehicle shipments rise behind exports, EV demand

Oct. light-vehicle shipments rise behind exports, EV demand https://ift.tt/cvxMaGU

Automakers producing in China shipped 2.5 million sedans, crossovers, SUVs, multipurpose vehicles and minibuses in October, the China Association of Automobile Manufacturers said, unchanged from September but up 11 percent from a year earlier.

Man sues Conn. dealership, Toyota Motor Credit over repossession

Man sues Conn. dealership, Toyota Motor Credit over repossession https://ift.tt/7dOIs0L

A customer whose car was repossessed has sued a Wallingford, Conn., dealership for allegedly falsifying his income and expenses to qualify him for a loan he could not afford.

Li Auto posts profit for 4th consecutive quarter

Li Auto posts profit for 4th consecutive quarter https://ift.tt/DjNTXWs

China’s largest electric-vehicle startup by sales posted a profit for the fourth straight quarter, with net income for the third quarter rising 22 percent from the second quarter to 2.8 billion yuan ($385 million)

Honda sales rebound 2nd straight month

Honda sales rebound 2nd straight month https://ift.tt/4dx0JjG

Honda’s China sales, after sliding for more than two years, have rebounded two consecutive months, jumping 23 percent to 130,024 last month after rising 8.5 percent in September.

New-car market expands in October, trade group says

New-car market expands in October, trade group says https://ift.tt/3jMu1Xz

Retail sales of new light vehicles continue to pick up in China, advancing ten percent year on year in October after gaining 5 percent the previous month, according to a preliminary tally by the China Automobile Dealers Association.

Tekion trims staff a 2nd time in 2 months

Tekion trims staff a 2nd time in 2 months https://ift.tt/tAdlTeQ

A spokesperson said the new job cuts amounted to ‘less than 2 percent' of its work force.

BYD gains on Tesla for EV sales crown with another record month

BYD gains on Tesla for EV sales crown with another record month https://ift.tt/0vUT1bR

After delivering 165,505 EVs during October, BYD needs an average of 158,642 sales for three consecutive months to put it in contention to match or exceed the amount Tesla needs to sell during the quarter to reach its 1.8 million annual sales goal.

Sell the vehicle service contract length the customer needs

Sell the vehicle service contract length the customer needs https://ift.tt/4yZGXqc

Auto dealership finance managers should give the customer the length of vehicle service contract actually needed and 'never oversell' the car protection product, says finance and insurance trainer Ritch Wheeler.

Toyota downgrades EV forecast in quest of record profits; quarterly net income nearly triples

Toyota downgrades EV forecast in quest of record profits; quarterly net income nearly triples https://ift.tt/GbomUIp

Riding an upswing in all-time-high quarterly earnings, Toyota downgraded its outlook for EV sales but lifted its forecast for record earnings in the full fiscal year, expanding on an earlier outlook that already called for record-level profits.

Toyota quarterly profit surges on strong sales, weak yen

Toyota quarterly profit surges on strong sales, weak yen https://ift.tt/2kUhX8w

Toyota now expects full-year operating profit to balloon 65 percent to 4.5 trillion yen ($30.15 billion).

EV transition slows as inventory grows and industry hits hurdles

EV transition slows as inventory grows and industry hits hurdles https://ift.tt/6ZkIUSW

But there is a disconnect: EV fluctuations today won't determine long-term trends, analysts say.

Toyota's global sales, output climb to record

Toyota's global sales, output climb to record https://ift.tt/DdImHMl

Toyota is on track for another year of strong gains thanks to robust demand and improving supply conditions.

Column: Best dealerships offer employee perks, growth opportunities

Column: Best dealerships offer employee perks, growth opportunities https://ift.tt/AZxVzMC

Many of the top dealerships across the country offer employee benefits and perks such as paid parental leave, four-day workweeks, stock investment opportunities, career development, paid training and more.

Guest commentary: Evolving your fraud strategy as car shopping shifts online

Guest commentary: Evolving your fraud strategy as car shopping shifts online https://ift.tt/vaN5Ddw

As fraudsters become more sophisticated and opportunistic, dealers and lenders need to pivot away from standard risk mitigation strategies and implement a multilayered approach.

Minn. group's ads take on dealership ‘horror stories'

Minn. group's ads take on dealership ‘horror stories' https://ift.tt/eOdRuUZ

A new campaign for Apple Autos in Minnesota features customers bragging to friends and family that they "didn't get screwed" while buying a new vehicle.

Staff-friendly time off among Bergstrom Automotive's employee support

Staff-friendly time off among Bergstrom Automotive's employee support https://ift.tt/1uXsbrg

Bergstrom Automotive CEO Tim Bergstrom shared examples of how his Wisconsin-based dealership group has supported employee well-being during a keynote session at the Automotive News Retail Forum: Chicago.

The affordability crisis is here to stay, panelists say

The affordability crisis is here to stay, panelists say https://ift.tt/IZN34uS

Industry experts talked interest rates, customer attitudes and financing in a panel on affordability at Automotive News Retail Forum: Chicago on Thursday.

Experts share best practices for dealerships' use of AI

Experts share best practices for dealerships' use of AI https://ift.tt/lJifxAy

Two panels of experts explained how dealerships can use AI for maximum benefit. One key: Remember it takes time to teach both the technology and employees alike.

Dealerships owned by late trio trade hands in Tennessee

Dealerships owned by late trio trade hands in Tennessee https://ift.tt/PTYr90F

Heirs from the late partners' estates worked together to complete the third-quarter transactions.

Spotlight: Wendy Reeves, founder of BDC Angels

Spotlight: Wendy Reeves, founder of BDC Angels https://ift.tt/hdxMgaq

Get to know Wendy Reeves, founder of BDC Angels.

Former Assurant trainer explains dealer F&I ‘reinsurance' revenue stream

Former Assurant trainer explains dealer F&I ‘reinsurance' revenue stream https://ift.tt/r0t7exU

Car protection product ‘reinsurance' programs are a helpful revenue stream for dealers, according to Ritch Wheeler, president of Eagle Training Academy and a former longtime Assurant trainer.

Guest commentary: Why dealerships should view almost everyone as a possible EV customer

Guest commentary: Why dealerships should view almost everyone as a possible EV customer https://ift.tt/iOLwkvt

As EVs become mainstream, dealership staff must remember that customers stepping onto the lot may have never even considered an EV — but might after a test drive.

Lamborghini combats softening market with sold-out models, long wait times

Lamborghini combats softening market with sold-out models, long wait times https://ift.tt/3FTatuA

The exotic and ultraluxury market is softening compared with last year, according to Automobili Lamborghini America's CEO. But the Italian brand is being aided by sold-out models and long wait times.

Penske's Shelley Hulgrave, Bergstrom Automotive's Tim Bergstrom to speak at Automotive News Retail Forum

Penske's Shelley Hulgrave, Bergstrom Automotive's Tim Bergstrom to speak at Automotive News Retail Forum https://ift.tt/dcIljqf

Topics to be discussed include uses of AI within automotive retail, dealership consolidation trends, vehicle affordability and more.

Deliveries at VW Group dip 0.9% in Sept.

Deliveries at VW Group dip 0.9% in Sept. https://ift.tt/5ULuSA1

Volkswagen Group’s China sales appear to be stabilizing, with September volume inching down 0.9 percent year on year to 298,800.

Spotlight: Arnold Gacita, founder of Petra Automotive Products

Spotlight: Arnold Gacita, founder of Petra Automotive Products https://ift.tt/0JlVewi

Get to know Arnold Gacita, founder of Petra Automotive Products

Md. auto group fired adviser after motorcycle accident, EEOC lawsuit alleges

Md. auto group fired adviser after motorcycle accident, EEOC lawsuit alleges https://ift.tt/xhpqH6S

The Equal Employment Opportunity Commission has filed a disability discrimination suit against Len Stoler Auto Group on behalf of a former service adviser who was demoted to cashier and later fired after a medical leave.

Mass. dealerships appeal in Volvo labor rate suit

Mass. dealerships appeal in Volvo labor rate suit https://ift.tt/JW3FRD0

Two Massachusetts Volvo dealerships have asked the U.S. First Circuit Court of Appeals to overturn a judge's August finding that state law didn't guarantee retail labor rates for work covered by the Volvo-branded Prepaid Maintenance Plan.

Ferrari to accept crypto as payment for its cars in the U.S.

Ferrari to accept crypto as payment for its cars in the U.S. https://ift.tt/5l2ZXtS

Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto.

Editorial: Use right of first refusal with caution

Editorial: Use right of first refusal with caution https://ift.tt/g9rnDOy

It's an automaker's right to choose their business partners — including franchisees — but they need to be diplomatic and communicate clearly with dealers when exercising the right of first refusal on a planned sale.

Where will F&I fall in digital retail shakeout?

Where will F&I fall in digital retail shakeout? https://ift.tt/Ep7F0hs

Protective Asset Protection surveyed over 300 dealership executives and found 53 percent were unsure if F&I products should be for sale online.

3 years after going public, Shift is bankrupt

3 years after going public, Shift is bankrupt https://ift.tt/JwPbnBG

Challenges that arose in the used-car market in the last two years played a major role in Shift Technologies' descent into severe financial distress.

Entire Utah football team gets Ram trucks

Entire Utah football team gets Ram trucks https://ift.tt/vbExNgy

The Ram 1500 Big Horns are being leased through Ken Garff Automotive Group in one of the largest NIL deals in college sports.

Subaru store offers a different type of loaner ride

Subaru store offers a different type of loaner ride https://ift.tt/YNEfw04

One Washington state Subaru dealership offers customers different forms of entertainment while in for service appointments.

AutoFi: F&I transparency doesn't impact penetration

AutoFi: F&I transparency doesn't impact penetration https://ift.tt/HvD5dMo

Consumers engaging with a car protection product option on a dealership's website bought the same number of items as customers who followed a more typical car-buying process, AutoFi found in a study conducted earlier in 2023.

Negligence suit against Ohio dealer can't proceed, appeals court rules

Negligence suit against Ohio dealer can't proceed, appeals court rules https://ift.tt/a6Qms9p

A woman who twisted her foot and fell in an Ohio dealership's lot when the store was closed can't pursue a negligence suit, the state 4th District Court of Appeals ruled.

Tesla's EV share falls to 58% as Model 3 growth cools and Model X and Model S turn red

Tesla's EV share falls to 58% as Model 3 growth cools and Model X and Model S turn red https://ift.tt/Quvk7Yh

The automaker's January to August EV share fell to 58% from 65.1% a year earlier, Experian data shows. Tesla blamed factory downtime for global third-quarter sales that came in lower than the preceding quarter.

GM’s China sales slide 14% in Q3

GM’s China sales slide 14% in Q3 https://ift.tt/tiAcGnY

Economic growth has also slowed across the country behind subdued consumer activity and troubled real estate markets.

Exports, EVs drive rise in Sept. light-vehicle shipments

Exports, EVs drive rise in Sept. light-vehicle shipments https://ift.tt/YzQnSPy

Automakers producing in China shipped 2.49 million sedans, crossovers, SUVs, multi-purpose vehicles and minibuses last month, an increase of 6.6 percent from a year earlier, the China Association of Automobile Manufacturers said.

Santander exclusive auto finance partner for new maker Ineos

Santander exclusive auto finance partner for new maker Ineos https://ift.tt/HJLcqw2

Ineos Automotive has tapped Santander Consumer USA as the exclusive private-label provider behind the Ineos Automotive Finance brand, which will offer both car loans and leases for the Grenadier SUV.

Genesis EVs become available in 10 more states

Genesis EVs become available in 10 more states https://ift.tt/E8IR6CD

Genesis said it has sold 6,163 EVs in the U.S. since sales began 18 months ago.

BMW, Mercedes Q3 sales decline in China

BMW, Mercedes Q3 sales decline in China https://ift.tt/dwm4olr

Mercedes' sales fell 4 percent to 510,600 vehicles, while BMW's volume dipped 5.8 percent to 621,699 vehicles in the quarter.

Auto brand loyalty decline stalled in first half of 2023, S&P Global Mobility says

Auto brand loyalty decline stalled in first half of 2023, S&P Global Mobility says https://ift.tt/K7lg9n1

Recovering new-car inventories helped curb decline in the industry's brand loyalty rate in the first half of 2023, according to an analysis by S&P Global Mobility.

1 Thing We're Talking About: 2nd ‘More Than Cars' episode to debut

1 Thing We're Talking About: 2nd ‘More Than Cars' episode to debut https://ift.tt/gC1LNbt

The ‘More Than Cars' docuseries aims to tell the stories of the people who work in automotive retail.

Volvo sales rebound on demand for electrified vehicles

Volvo sales rebound on demand for electrified vehicles https://ift.tt/vl7CTKW

Volvo Car Corp.’s China deliveries rose four percent year on year to 15,460 in September, ending a three-month decline.

Geely’s Sept. deliveries jump 31%

Geely’s Sept. deliveries jump 31% https://ift.tt/ItiXFqV

Sales growth of Geely Automobile Holdings Limited is accelerating on demand for plug-in hybrids and conventional hybrids. 

Lawsuit: Adviser fired by Calif. dealership after getting COVID-19

Lawsuit: Adviser fired by Calif. dealership after getting COVID-19 https://ift.tt/4boaQSr

Cesar Luna said he was fired by Nissan of Mission Hills in Southern California after he took medical leave for COVID-19. He also asserts in a lawsuit the dealership didn't pay him all the wages he earned.

Tesla reintroduces rear-wheel drive Model Y at lower price

Tesla reintroduces rear-wheel drive Model Y at lower price https://ift.tt/m5Md4i0

The Model Y, a crossover that began deliveries in March 2020, is the company’s best-selling model. Tesla has tweaked prices several times since the beginning of the year.

Tesla reintroduces rear-wheel drive Model Y at lower price

Tesla reintroduces rear-wheel drive Model Y at lower price https://ift.tt/dnB4Y1M

The Model Y, a crossover that began deliveries in March 2020, is the company’s best-selling model. Tesla has tweaked prices several times since the beginning of the year.

Editorial: UAW strike at parts depots puts dealers in face of consumer frustration

Editorial: UAW strike at parts depots puts dealers in face of consumer frustration https://ift.tt/slXqGCE

As consumers' primary face-to-face touch point, dealers will likely bear the brunt of frustration when vehicles are unable to be repaired because of the UAW strike.

New-car market will expand 3% in Sept., trade group predicts

New-car market will expand 3% in Sept., trade group predicts https://ift.tt/Cvupf2s

Retail sales of new passenger vehicles industrywide will increase three percent to 1.98 million in September, the China Automobile Dealers Association predicted. 

Big gains seen for U.S. sales in September and Q3, but affordability drags on market

Big gains seen for U.S. sales in September and Q3, but affordability drags on market https://ift.tt/fr0pVGR

Analysts expect Q3 and September sales increases over last year when they begin to be reported Tuesday, though the pace of sales has slowed as high interest rates compound affordability challenges.

1 Thing We're Talking About: Celebrating technicians

1 Thing We're Talking About: Celebrating technicians https://ift.tt/Lem12X7

The American Trucking Associations has deemed Sept. 24-30 a time to honor the technicians "who keep our trucks moving" and who are "highly deserving of recognition."

Tax credit transfers could be mismanaged

Tax credit transfers could be mismanaged https://ift.tt/3rAqLJM

The transfer of tax credits to dealers is a program that will give dealers ultimate control of their clients’ money.

Volvo Cars tailors a solution to tech shortage

Volvo Cars tailors a solution to tech shortage https://ift.tt/ujPI2lD

To make service technician jobs women-friendly, the Swedish automaker strives to make doing the work more comfortable by reinventing the shop floor uniform.

Hyundai EV buyers get free home chargers

Hyundai EV buyers get free home chargers https://ift.tt/k7vmcPB

Hyundai is giving buyers who elect to purchase or lease a new EV through its captive finance arm a free ChargePoint Level 2 home charger valued at $549 and a credit of $600 toward installation.

Technician conviction in pedestrian's death upheld

Technician conviction in pedestrian's death upheld https://ift.tt/MVRaAOv

A technician who fatally struck a pedestrian while taking a service customer's vehicle for a test drive after an oil change failed to get his conviction for "careless driving involving unintentional death" overturned by a Pennsylvania court.

Guest commentary: Modern retail a boon for F&I revenue — if it's done right

Guest commentary: Modern retail a boon for F&I revenue — if it's done right https://ift.tt/JixdGIR

Modern retail delivers the ability to browse, research and then purchase online or in-store and it will only continue to gain in popularity. Online platforms won't negatively impact F&I revenue if products are introduced earlier in the sales process.

Former F&I manager sues Indiana dealership

Former F&I manager sues Indiana dealership https://ift.tt/BMD3C41

The suit alleges wrongful termination, retaliation and sex discrimination by John Jones Chevrolet Buick of Corydon.

Dealers begin to put UAW strike planning into action

Dealers begin to put UAW strike planning into action https://ift.tt/O9lTkRD

With the UAW launching its strike against all Detroit 3 automakers and halting production at three vehicle assembly plants, dealers are putting monthslong contingency plans into action.

Exports drive up August light-vehicle shipments 6.9%

Exports drive up August light-vehicle shipments 6.9% https://ift.tt/SkCEDJb

Automakers in China shipped 2.27 million sedans, crossovers, SUVs, multipurpose vehicles and minibuses last month, up 6.9 percent from a year earlier, the China Association of Automobile Manufacturers said Monday.

Used-vehicle market expands 6% in August

Used-vehicle market expands 6% in August https://ift.tt/1DnZLNH

Sales of used light vehicles in China have increased seven straight months, with August volume rising six percent year on year to 1.25 million, according to the China Automobile Dealers Association.

Engine warranty case against Indiana Nissan dealership reinstated by appeals court

Engine warranty case against Indiana Nissan dealership reinstated by appeals court https://ift.tt/4sLhCOY

A jury will decide if a customer was told a rebuilt Ford F-250 engine was under warranty.

Spotlight: Ryan Mutalib, fixed operations director at Jeff Wyler Honda

Spotlight: Ryan Mutalib, fixed operations director at Jeff Wyler Honda https://ift.tt/PtcIY6O

Get to know Ryan Mutalib of Jeff Wyler Honda.

Chinese EV makers are bit players in Europe

Chinese EV makers are bit players in Europe https://ift.tt/WwGF5Zi

China's market leader Geely is the top Chinese presence in Europe, but still only ranks seventh in pure EV sales in the EU in the first half of 2023, less than a quarter of market leader VW, Bloomberg says.

EU opens anti-subsidy probe into Chinese EVs

EU opens anti-subsidy probe into Chinese EVs https://ift.tt/euGCJUW

EU Commission President Ursula von der Leyen said the prices of Chinese cars were being kept artificially low by huge state subsidies and that this was leading to a distortion of the European market.

Dealers caught in middle of EV transition, panel says

Dealers caught in middle of EV transition, panel says https://ift.tt/kSQeBnv

The 2023 Automotive News Congress Retail Future panelists identified affordability, range anxiety, education and regional climate concerns as key barriers to EV adoption during the discussion Tuesday.

Exports drive August light-vehicle shipments up 6.9%

Exports drive August light-vehicle shipments up 6.9% https://ift.tt/CbO40tA

Automakers in China shipped 2.27 million sedans, crossovers, SUVs, multipurpose vehicles and minibuses last month, up 6.9 percent from a year earlier, the China Association of Automobile Manufacturers said Monday.

Toyota will keep passenger cars in U.S. lineup, says brand chief

Toyota will keep passenger cars in U.S. lineup, says brand chief https://ift.tt/aOevx2F

Ahead of the annual Toyota dealer meeting in Las Vegas this week, brand head Dave Christ says the brand won't just focus on trucks and that incentives are likely to rebound as dealer inventories recover.

Toyota will keep passenger cars in the lineup, says brand chief

Toyota will keep passenger cars in the lineup, says brand chief https://ift.tt/JQkoMg9

Ahead of the annual Toyota dealer meeting in Las Vegas this week, brand head Dave Christ says the brand won't just focus on trucks and that incentives are likely to rebound as dealer inventories recover.

Don Johnson Auto adapts Gino Wickman Entrepreneurial Operating System

Don Johnson Auto adapts Gino Wickman Entrepreneurial Operating System https://ift.tt/7PSKZrt

To address communication challenges and achieve growth targets, CEO Joshua Johnson deployed author Gino Wickman's concept of an Entrepreneurial Operating System.

Spotlight: Aaron Zimmerman, corporate fixed operations director at Len Stoler Automotive Group

Spotlight: Aaron Zimmerman, corporate fixed operations director at Len Stoler Automotive Group https://ift.tt/FpGlhZM

Get to know Aaron Zimmerman of the Len Stoler Automotive Group.

Sales continue to slide at Honda, Volvo

Sales continue to slide at Honda, Volvo https://ift.tt/QT9u2fO

Honda and Volvo registered lower sales in China last month as their electrified models have yet to gain traction and offset shrinking demand for gasoline products.

Guest commentary: Warranty reimbursement can provide financial lift to dealerships

Guest commentary: Warranty reimbursement can provide financial lift to dealerships https://ift.tt/XB7vQ9W

Warranty reimbursements can add up to $200,000 annually in gross profit, author writes.

Appeal by service adviser fired for insubordination denied by Conn. court

Appeal by service adviser fired for insubordination denied by Conn. court https://ift.tt/6Vveoq4

Adviser had alleged gender and pregnancy bias; customers had complained about her rudeness.

Lawsuit: Fla. VW dealership added fees at lease buyout

Lawsuit: Fla. VW dealership added fees at lease buyout https://ift.tt/WknGCMi

Customer alleges hundreds of dollars added in undisclosed fees when he tried to purchase his vehicle at the end of the lease period.

Rise of China's EV makers threatens Western automakers, UBS report says

Rise of China's EV makers threatens Western automakers, UBS report says https://ift.tt/0eImfEN

Led by BYD, Chinese carmakers will almost double their share of the auto market by the end of the decade, UBS analysts said. 

VW Group turns to design to sharpen model lineup as EV sales struggle

VW Group turns to design to sharpen model lineup as EV sales struggle https://ift.tt/xkcClzt

VW Group will strengthen the hand of its designers to better differentiate the company's 10 brands and boost demand for its upcoming EVs.

3 trade groups say pact reaffirms right-to-repair commitment. Critics call it a farce.

3 trade groups say pact reaffirms right-to-repair commitment. Critics call it a farce. https://ift.tt/fbq15sS

Automakers and a segment of independent repairers say a July agreement reaffirms their commitment to right to repair, potentially shelving the need for federal legislation. But right-to-repair advocates aren't convinced.

New-car sales expand 6% in first 27 days of August, trade group says

New-car sales expand 6% in first 27 days of August, trade group says https://ift.tt/EaJAet6

Retail sales of new passenger vehicles industrywide increased six percent year on year in the first 27 days of August on demand for electrified vehicles, the China Automobile Dealers Association said on Wednesday.

Stellantis launches new aftermarket parts brand

Stellantis launches new aftermarket parts brand https://ift.tt/CzOGRic

Stellantis has launched a new aftermarket replacement parts brand called bproauto to complement Mopar, its accessories and original equipment parts unit.

BYD confident of hitting 3 million sales despite China weakness, report says

BYD confident of hitting 3 million sales despite China weakness, report says https://ift.tt/ogbCUft

BYD's chairman said the automaker will continue to make solid profits and hit sales goals, despite an intense sales war fueled by Tesla.

Former S.C. Mitsubishi store employees plead guilty to lender fraud conspiracy

Former S.C. Mitsubishi store employees plead guilty to lender fraud conspiracy https://ift.tt/5pzfoju

Two former South Carolina Mitsubishi dealership employees accused of a two-year scheme to mislead lenders about customers' creditworthiness have pleaded guilty to conspiracy to commit wire fraud and bank fraud and making false statements to financial institutions.

Guest commentary: Auto dealers, you can't afford to ignore revised FTC Safeguards Rule

Guest commentary: Auto dealers, you can't afford to ignore revised FTC Safeguards Rule https://ift.tt/vI9osbW

A recent dealer-focused poll has confirmed it: If you're not yet compliant with the Federal Trade Commission Safeguards Rule, you're not alone.

New-car sales rise 5% in first 20 days of August, trade group says

New-car sales rise 5% in first 20 days of August, trade group says https://ift.tt/Lr7Jsli

Retail sales of new passenger vehicles industrywide gained six percent year on year in the first 20 days of August, the China Automobile Dealers Association said on Wednesday.

Spotlight: David O'Brien, CEO of Quantum5

Spotlight: David O'Brien, CEO of Quantum5 https://ift.tt/VD9UHdG

Get to know David O'Brien, CEO of Quantum5.

VW’s China sales slip for 2nd straight month

VW’s China sales slip for 2nd straight month https://ift.tt/GIJ6WQ7

Volkswagen Group’s deliveries in China, its largest single market, shrank for two consecutive months, with July volume falling ten percent year on year to 260,400.

JLR to reposition Discovery lineup amid sales slump

JLR to reposition Discovery lineup amid sales slump https://ift.tt/3GXcEY1

Demand for the  Discovery and Discovery Sport SUVs has dropped steeply while the Defender has become the automaker’s bestseller after its relaunch in 2020.

Leasing an EV is the cheapest way to get a new car, study says

Leasing an EV is the cheapest way to get a new car, study says https://ift.tt/jP81kdN

Energy Innovation, a nonpartisan energy and environmental policy firm, said leasing an EV reaps government incentives and fueling and maintenance savings.

Geely first-half profit beats estimates as price war rages on

Geely first-half profit beats estimates as price war rages on https://ift.tt/oYiEl9z

BYD benefitted from a drop in the price of lithium carbonate in the first half of the year, which resulted in the decrease of battery prices.

Dealers get creative to find desirable used cars amid tighter supply

Dealers get creative to find desirable used cars amid tighter supply https://ift.tt/asXfoDj

Dealers navigating a used-vehicle market that already allows little room for error are eyeing another obstacle: worsening used-car availability.

Texas dealer who beat cancer gives $25M to help others do same

Texas dealer who beat cancer gives $25M to help others do same https://ift.tt/EeH7bMs

Fox is helping his hometown of El Paso get its own comprehensive cancer center with a donation to Texas Tech University.

Del Grande Dealer Group boosts efficiency with technology chief

Del Grande Dealer Group boosts efficiency with technology chief https://ift.tt/Hikql3n

Hiring a chief technology officer and a staff to support him enabled Del Grande Dealer Group to modernize how it used data and make its processes quicker and more efficient.

Public dealership groups grapple with EV pricing, inventory

Public dealership groups grapple with EV pricing, inventory https://ift.tt/W3pTdV2

Even the nation's largest public dealership groups aren't immune from Tesla's pricing strategy. The EV market sales leader slashed prices this year, which is being felt by publicly traded retailers representing automakers that are bringing out waves of EVs.

Why dealership service customers are loyal, defect

Why dealership service customers are loyal, defect https://ift.tt/TYOSoPu

A 2023 study by DriveSure examined dealership customer habits — what made them loyal to a service department and factors that led them to defect to an independent repair shop.

Consumer groups ask FTC to set car dealer obligation on spot deliveries

Consumer groups ask FTC to set car dealer obligation on spot deliveries https://ift.tt/u4zCbIG

Several consumer groups petitioned the Federal Trade Commission to require that car dealers uphold credit terms in a "spot delivery" contract if a lender can't be found to buy the deal.

CDK debuts megaplatform meant to streamline dealership software needs

CDK debuts megaplatform meant to streamline dealership software needs https://ift.tt/sMiBOte

CDK Dealership Xperience incorporates the company's core dealership management system and many other software platforms and tools.

Stellantis dealership in California doubles down on leadership team

Stellantis dealership in California doubles down on leadership team https://ift.tt/7PhDJTm

Bob Nouri credits the co-general managers idea to his mentor who used it back in the 1970s.

AI tech helps retailers reach Spanish speakers

AI tech helps retailers reach Spanish speakers https://ift.tt/KrY70EA

Dealerships stand to gain by making better efforts to reach Spanish-language customers, said Carfluent CEO Chance Mayfield.

BYD calls on China automakers to unite, 'demolish the old' in global push

BYD calls on China automakers to unite, 'demolish the old' in global push https://ift.tt/PGgZX6S

BYD has said it is an "emotional need" for China’s 1.4 billion population to see a domestic brand finally become global.

Light-vehicle shipments dip 3.4% in July

Light-vehicle shipments dip 3.4% in July https://ift.tt/XhVLtDF

The wholesale volume of new light vehicles industrywide dropped 3.4 percent year on year in July after growing for four straight months, the China Association of Automobile Manufacturers said on Thursday.

EV stockpile is evidence of growing pain, not demand dip, experts say

EV stockpile is evidence of growing pain, not demand dip, experts say https://ift.tt/uTMkGZ5

While EV sales outpace inventory levels, some dealers still struggle to move the zero-emission vehicles.

CarGurus' Q2 net income drops 23%

CarGurus' Q2 net income drops 23% https://ift.tt/N0x5DTq

An increase in the vehicle listing company's U.S. marketplace revenue provided a bright spot.

Shortage of service techs in Ontario 'worse than anyone ever expected,' report finds

Shortage of service techs in Ontario 'worse than anyone ever expected,' report finds https://ift.tt/l2hJwWT

A shortage of automotive technicians at Ontario new-vehicle dealers has reached a 'crisis' level, a new report warns.

Li Auto aims to outsell BMW, Mercedes, Audi in 2024

Li Auto aims to outsell BMW, Mercedes, Audi in 2024 https://ift.tt/iAeKmh4

Li Auto will launch its first EV at the end of this year, with four new models due next year, including three full-electric cars.

Honda profits surge in latest quarter on booming U.S. sales

Honda profits surge in latest quarter on booming U.S. sales https://ift.tt/Wor6aRQ

Honda's U.S. deliveries jumped 45 percent to 347,000 vehicles in the last quarter, but demand in China was down 5 percent to 309,000 units, while sales in Europe declined 13 percent to 20,000 vehicles.

Train, get compliance commitments from employees

Train, get compliance commitments from employees https://ift.tt/tZ5qrxu

Auto dealerships should train employees on compliance, governance and risk monthly and have personnel sign documentation that they will behave properly, says Tom Kline, founder and lead consultant of Better Vantage Point.

Stellantis, GM lead industry to biggest minority dealer increase since 2012

Stellantis, GM lead industry to biggest minority dealer increase since 2012 https://ift.tt/SXAxHD6

The industry added 110 U.S. minority-owned stores in 2022, marking the first time in more than a decade that the count rose by triple digits for two consecutive years.

Lucid sees price cuts, Saudi market as sales drivers

Lucid sees price cuts, Saudi market as sales drivers https://ift.tt/YZfVdpD

After posting a second-quarter net loss of $764.2 million, Lucid Motors reiterated its 2023 production goal of 10,000 Air sedans after delivering 2,810 in the first half of the year.

Rivian poised to report Q2 earnings as EV price war heats up

Rivian poised to report Q2 earnings as EV price war heats up https://ift.tt/3pVxE8C

EV makers are cutting prices, including Tesla on its crossovers and Ford on its F-150 Lightning pickup. Incentives are also rising, putting pressure on Rivian as it ramps up production, analysts say.

Column: The dealership buy-sell market was a different kind of busy in 2022

Column: The dealership buy-sell market was a different kind of busy in 2022 https://ift.tt/yADuX1h

As Automotive News documents in a package of stories starting on Page 1, the theme of the buy-sell market in 2022 was this: Private dealers and groups — not publicly traded auto retailers — were collectively the most active buyers.

R1T fender-bender repair bill: $42,000

R1T fender-bender repair bill: $42,000 https://ift.tt/eBiTt02

The cost to repair a Rivian pickup after it was in a minor rear-end collision amounted to about half of its purchase price.

Apprentice tech aspires to run his own repair shop

Apprentice tech aspires to run his own repair shop https://ift.tt/VGPDcgy

Tecnician Justin Dodd says the program has helped him become a leader and he hopes to one day operate his own automotive repair shop.

Guest commentary: 3 reasons customers want repair shops to text

Guest commentary: 3 reasons customers want repair shops to text https://ift.tt/4sReydF

Text messaging is now a staple for fast, efficient and safe communications as well as payments.

New-car market contracts 5% in July, trade group estimates

New-car market contracts 5% in July, trade group estimates https://ift.tt/FLZhpfB

Retail sales of new passenger vehicles across China dropped 5 percent in July, according to a preliminary tally by the China Automobile Dealers Association.

Mass. court rules dealership not liable for negligence of service loaner driver

Mass. court rules dealership not liable for negligence of service loaner driver https://ift.tt/8Ze7PLn

The attorney for the Mercedes-Benz dealership called it "an important case for car dealers."

Toyota, Ford, Honda, Hyundai, Kia sales advance as inventory rebounds

Toyota, Ford, Honda, Hyundai, Kia sales advance as inventory rebounds https://ift.tt/seOIa0r

U.S. light-vehicle sales are forecast to rise 15 to 18 percent in July behind improving inventory and healthy pent-up retail and fleet demand.

Toyota, Honda, Hyundai, Kia, Mazda sales advance as inventory rebounds

Toyota, Honda, Hyundai, Kia, Mazda sales advance as inventory rebounds https://ift.tt/XOoukEl

U.S. light-vehicle sales are forecast to rise 15 to 18 percent in July behind improving inventory and healthy pent-up retail and fleet demand.

Ford promises shorter F-150 Lightning wait times, more dealer stock

Ford promises shorter F-150 Lightning wait times, more dealer stock https://ift.tt/jX2JdOK

Ford said production of its F-150 Lightning electric pickup had resumed after a six-week plant shutdown to expand capacity and reaffirmed plans to hit a production run rate of 150,000 units this year.

Toyota, Hyundai, Kia, Mazda sales advance as inventory rebounds

Toyota, Hyundai, Kia, Mazda sales advance as inventory rebounds https://ift.tt/wxI7ZKO

U.S. light-vehicle sales are forecast to rise 15 to 18 percent in July behind improving inventory and healthy pent-up retail and fleet demand.

Column: Youth matters most in auto retail technology calculations

Column: Youth matters most in auto retail technology calculations https://ift.tt/wVOCdcN

Young adults are a preferred marketing audience. Auto retailers' ongoing technology improvements keep them in mind.

Hyundai, Kia sales advance 12th straight month

Hyundai, Kia sales advance 12th straight month https://ift.tt/odahQ0j

U.S. light-vehicle sales are forecast to rise 15 to 18 percent in July behind improving inventory and healthy pent-up retail and fleet demand.

Q2 new-car gross profits drop for 6 public auto dealers

Q2 new-car gross profits drop for 6 public auto dealers https://ift.tt/quTyrlo

Five of the six major publicly traded franchised dealership groups described double-digit percentage declines on new-car gross profits in the second quarter as inventories grew and rising interest rates cut into shoppers' buying power.

CDK's Salty embedded insurance tech provider shuts down

CDK's Salty embedded insurance tech provider shuts down https://ift.tt/z1nuisP

The dealership management system giant acquired Salty Dot Inc. less than two years ago. A spokesperson said the company shut it down as part of an effort to "focus our investments on innovation and market growth."

Tesla's dynamic pricing echoes legacy sales tactics

Tesla's dynamic pricing echoes legacy sales tactics https://ift.tt/Njm0pkK

CEO Elon Musk says prices could fall further to keep supply and demand in balance.

Jeep Girl Mafia's retail chain partnership opens doors for women Jeep owners

Jeep Girl Mafia's retail chain partnership opens doors for women Jeep owners https://ift.tt/kJIszCa

A partnership between Jeep Girl Mafia, an all-women club for Jeep owners, and 4 Wheel Parts, a national chain of retail stores and service centers has brought the company thousands of new customers and given female Jeep owners a safe place to ask questions.

Customers waiting too long for F&I, study finds

Customers waiting too long for F&I, study finds https://ift.tt/KuQ3zmb

F&I menus should be introduced to car buyers sooner in the sales process so they spend less than two hours in the dealership at the time of purchase, CDK says.

New-car sales will drop 4.8% in July, trade group predicts

New-car sales will drop 4.8% in July, trade group predicts https://ift.tt/8LF2teA

Retail sales of new sedans, crossovers, SUVs and multi-purpose vehicles industrywide will shrink 4.8 percent to 1.73 million in July, the China Automobile Dealers Association predicted on Wednesday.

1 Thing We're Talking About: Cancer diagnosis prompts outpouring of support

1 Thing We're Talking About: Cancer diagnosis prompts outpouring of support https://ift.tt/kGJ0TXv

A fundraising campaign has been established to help with any expenses not covered by Butler's medical insurance.

Fed raises interest rates 0.25 of a point as new-car loans loom at 7%

Fed raises interest rates 0.25 of a point as new-car loans loom at 7% https://ift.tt/kBJqM9w

The Federal Reserve on Wednesday, July 26, increased its benchmark rate target 0.25 points to 5.25-5.5 percent,a decision that could leave auto dealerships and customers dealing with higher interest rates on car loans. New-vehicle auto loans were up to an average 7.2% APR and used-vehicle loans at 11% in June, according to Edmunds.

New York dealership files lawsuit against former special finance manager

New York dealership files lawsuit against former special finance manager https://ift.tt/a07iUHf

The dealership alleges the ex-special finance manager falsely listed accessories that were not on the vehicles.

ChatGPT appeals to dealerships, but is it relationship material?

ChatGPT appeals to dealerships, but is it relationship material? https://ift.tt/FUGVpSu

ChatGPT may not appeal to dealerships and others once its flaws become better known.

BYD pads lead over VW as top-selling brand

BYD pads lead over VW as top-selling brand https://ift.tt/10XGTjW

BYD's success reflects the declining influence of foreign brands in the world’s No. 1 market as domestic EV makers move in with increasingly sophisticated and more affordable models.

Qvale Auto Group aims to win customers' loyalty with honesty and speed

Qvale Auto Group aims to win customers' loyalty with honesty and speed https://ift.tt/l5YO6Ji

The Qvale Auto Group's three stores use a business model for sales and service transactions that is built around three pillars: transparency, trust and time.

Hail strikes Michigan dealership

Hail strikes Michigan dealership https://ift.tt/8vw7h0X

A hailstorm damaged vehicles at a dealership in Davison, Mich., on Thursday

Column: ChatGPT's auto retail tech appeal could be ageless

Column: ChatGPT's auto retail tech appeal could be ageless https://ift.tt/CY5vNOR

Older and younger users alike embrace new technology and ChatGPT may be no different.

EV registrations cool for some brands that were hot last year

EV registrations cool for some brands that were hot last year https://ift.tt/xOvBAwH

The EV market is growing but brands including Ford, Kia and Nissan are underperforming as Tesla soaks up half of the new volume, according to new registration data.

New vehicle inventories up again, to 1.95 million

New vehicle inventories up again, to 1.95 million https://ift.tt/Qe2mSEW

New vehicle inventories continued their slow, steady recovery last month and stand at more than 1.95 million vehicles, Cox Automotive said, up 75 percent from a year ago.

Walser ‘bootstrapped' antifraud program

Walser ‘bootstrapped' antifraud program https://ift.tt/F8a2Jst

Jennifer Parsons, senior director of finance for the car dealership chain Walser Automotive Group, said scammers commonly attempt to use phony paystubs and fraudulent identities.

Oregon general manager shows power of Lithia Partners Group

Oregon general manager shows power of Lithia Partners Group https://ift.tt/NwqVklG

Lithia Motors' decentralized business model has allowed a Honda dealership in Southern Oregon to specialize in used-truck sales.

Mazda Financial Services proves fruitful for consumers, dealers

Mazda Financial Services proves fruitful for consumers, dealers https://ift.tt/KwvADVF

Mazda Financial Services launched in 2020 and helped customers and dealers weather COVID-19. It's proving to be a fruitful partnership for dealers and is helping protect consumers from rising interest rates.

Used-car market expands 5th straight month

Used-car market expands 5th straight month https://ift.tt/xJ40i3O

June used-vehicle sales across China rose 7.9 percent year on year to approach 1.23 million. 

1 Thing We're Talking About: Facilities design firm acquired by Safe-Guard

1 Thing We're Talking About: Facilities design firm acquired by Safe-Guard https://ift.tt/U3GAyPI

Safe-Guard intends to go beyond the F&I department to allow it to help dealership groups with process and infrastructure improvements.

Guest commentary: 5 reasons why dealers need to improve email security today

Guest commentary: 5 reasons why dealers need to improve email security today https://ift.tt/cxCg25A

Here are five compelling reasons why auto dealers need to enhance their email security measures, particularly in compliance with the FTC's Safeguards Rule.

Column: Slipping into the consumer shoes

Column: Slipping into the consumer shoes https://ift.tt/F9ACyIE

One reporter takes stock of how retail technology influences the car-buying process.

Nio has been at the brink before. Can the EV maker rally again?

Nio has been at the brink before. Can the EV maker rally again? https://ift.tt/YZOSEKT

A just-in-time share sale to CYVN Holdings LLC, an investment entity controlled by the government of Abu Dhabi, may get Nio off the immediate hook.

Light-vehicle shipments rise 2.1% in June

Light-vehicle shipments rise 2.1% in June https://ift.tt/wvmobrl

Wholesale deliveries of new light vehicles including sedans, crossovers, SUVs, multipurpose vehicles and minibuses rose 2.1 percent to 2.27 million in June, the China Association of Automobile Manufacturers said.

Calif. Ariz. dealer Abraham Razick dies in plane crash

Calif., Ariz. dealer Abraham Razick dies in plane crash https://ift.tt/ESDswOm

Dealer Abraham Razick, who died in a plane crash on July 8, was an Automotive News Notable Veteran and an Automotive News 40 under 40 honoree.

Guest commentary: Automakers dealers will weather gloomy economic forecast

Guest commentary: Automakers, dealers will weather gloomy economic forecast https://ift.tt/2CXsc8a

After supply chain disruptions, high inflation and aggressive rate hikes from global central banks, the job market is strong, and the consumer is still spending.

Column: Introducing 40 young automotive leaders

Column: Introducing 40 young automotive leaders https://ift.tt/qYNPxfU

This year's 40 Under 40 class spotlights some of the young leaders at dealerships across the country.

GM widens U.S. sales lead over Toyota

GM widens U.S. sales lead over Toyota https://ift.tt/4Zd1V0z

The June selling rate was 15.8 million, at the high end of forecasters' estimates and the third-highest of the year.

Stellantis looks to build on sales rebound

Stellantis looks to build on sales rebound https://ift.tt/Qkhy26V

Dodge, Chrysler and Ram posted sales increases in the second quarter, and the automaker is planning several promotions to keep the numbers moving higher in the months ahead.

Call center dials up the top ranking for Group 1

Call center dials up the top ranking for Group 1 https://ift.tt/nG5bBxd

Group 1 has a dedicated call center in Houston that employs 160 phone agents. They typically handle 130,000 to 150,000 calls a month.

Guest commentary: Why car dealerships should consider diverse business partners

Guest commentary: Why car dealerships should consider diverse business partners https://ift.tt/oZdhM8F

From parts suppliers, to marketing services, or mergers and acquisitions partners, collaborating with diverse teams can benefit your business.

Sales skid at Honda Nissan

Sales skid at Honda, Nissan https://ift.tt/3F8B7ht

China sales at two major Japanese automakers, Honda and Nissan, slumped in June, after a brief rebound the previous month.

Wisconsin Kia dealership's noncompete clause ruled invalid

Wisconsin Kia dealership's noncompete clause ruled invalid https://ift.tt/6wHqeFr

The appeals court said Kia of Madison failed to show its noncompete agreement was "reasonably necessary" to protect its business.

Guest commentary: How lenders can mitigate risk build customer loyalty in uncertain times

Guest commentary: How lenders can mitigate risk, build customer loyalty in uncertain times https://ift.tt/pGNzWxE

By expanding their near-prime borrower base, lenders can offset potential volatility among prime borrowers and avoid downward pressure on their yield and portfolio performance. And this step doesn't have to be a risky one.

TOYOTA-LEXUS: Toyota jumps 14% on hybrid strength; Lexus up 18%

TOYOTA-LEXUS: Toyota jumps 14% on hybrid strength; Lexus up 18% https://ift.tt/qS1BucQ

Toyota sales rose 14 percent and Lexus jumped 18 percent on strong sales of the brands' line of hybrid, fuel cell and battery-electric vehicles.

Chinese automakers to grab majority share of domestic sales for first time forecast says

Chinese automakers to grab majority share of domestic sales for first time, forecast says https://ift.tt/aqeFz8x

Competitive pricing, faster rollouts of new models and the rise of domestic electric carmakers have changed the dynamic for made-in-China auto brands.

Column: Maximizing the potential of automotive retail technology

Column: Maximizing the potential of automotive retail technology https://ift.tt/FmnZRNH

A CDK Global study found a gap between dealers using digital retail tools vs. those who use it in tandem with in-store purchases.

Stellantis sales slump ends; Honda rebounds again; Hyundai Kia advance 11th straight month

Stellantis sales slump ends; Honda rebounds again; Hyundai, Kia advance 11th straight month https://ift.tt/wQ5PObE

U.S. ligh-vehicle deliveries are forecast to rise 16 percent to 23 percent in June, forecasters say, capping a stronger-than-expected first half, fueled by pent-up retail demand and robust fleet deliveries.

Honda sales rebound again; Hyundai Kia U.S. advance 11th straight month

Honda sales rebound again; Hyundai, Kia U.S. advance 11th straight month https://ift.tt/Tq6a1Qy

U.S. ligh-vehicle deliveries are forecast to rise 16 percent to 23 percent in June, forecasters say, capping a stronger-than-expected first half, fueled by pent-up retail demand and robust fleet deliveries.

Transparency key for dealers websites

Transparency key for dealers’ websites https://ift.tt/rnavRZh

TO THE EDITOR:

I recently purchased a new vehicle at a Toyota dealership near where I live. I looked at their online inventory listing of the model, trim and color combination I was interested in. I saw they listed its MSRP. I contacted the dealership through their online chat and was soon introduced to my Toyota salesman, who called me back on my cellphone right away. So far, so good!

I mentioned that I was thinking of buying a new vehicle, specifically the one listed on their site. I made an appointment the same day and stepped into the dealership thinking the price listed on their site was what the vehicle was being sold for.

There, I found out what was listed online was NOT what it was being priced at. First off, the salesperson mentioned a markup price for the hybrid vehicle, which currently is in high demand. Also, there was a package added, which bumped up the price even more.

Working over 20 years in the automotive industry, I thought I had the upper hand when dealing with a dealership. The online listed price was not 100 percent accurate, as full disclosure was not the case. Full transparency online is crucial for a positive buying experience with any customer. To prevent anymore “gotcha” moments at the dealership, I’ll ask upfront next time what the true cost of my vehicle is.

HIEU NGUYEN, Senior analyst, Kelley Blue Book, Irvine, Calif.

Hyundai Kia U.S. sales advance 11th straight month

Hyundai, Kia U.S. sales advance 11th straight month https://ift.tt/iK4SaN5

U.S. light vehicle sales are forecast to rise 16 percent to 23 percent in June, forecasters say, capping a stronger-than-expected first half, fueled my pent-up retail demand and robust fleet deliveries.

Ford granted favorable ruling on EV program for dealers

Ford granted favorable ruling on EV program for dealers https://ift.tt/01SHxLP

After a favorable ruling in South Dakota, Ford faces additional challenges around the country on a retail strategy CEO Jim Farley describes as key to the company's future competitiveness.

New-vehicle sales will drop 5.9% in June trade group projects

New-vehicle sales will drop 5.9% in June, trade group projects https://ift.tt/aRWzFky

Retail sales of new passenger vehicles in China will decrease 5.9 percent in June, ending a rebound that stretched three straight months, the China Automobile Dealers Association said.

Toyota's May global sales jump 10% on domestic growth and more supplies

Toyota's May global sales jump 10% on domestic growth and more supplies https://ift.tt/OSz0wFd

Toyota Group sold 838,478 vehicles globally last month, compared to 761,466 vehicles in May 2022, when sales took a heavy hit from a parts shortage.

Spotlight: Paul Daly founder of Automotive State of the Union

Spotlight: Paul Daly, founder of Automotive State of the Union https://ift.tt/XeLWQlJ

Some insight on Paul Daly, founder of Automotive State of the Union.

Subprime auto loans may be harder for dealerships to place with lenders

Subprime auto loans may be harder for dealerships to place with lenders https://ift.tt/87cYzWS

The type of vehicle being financed in a subprime loan, the speed at which the model delivers equity and the existence of a service contract can make a borrower a better credit risk for a lender.

Guest commentary: Compliance risks in indirect auto lending

Guest commentary: Compliance risks in indirect auto lending https://ift.tt/R8As3TC

Compliance issues are entirely avoidable with automation technology.

Sapped used-car market on cusp of upswing forecast says

Sapped used-car market on cusp of upswing, forecast says https://ift.tt/VR7hYD4

"I do think the worst of the used-vehicle market is upon us," Cox Automotive Chief Economist Jonathan Smoke said. "I am optimistic that every month later this year will actually create strength in the used-vehicle market."

June light-vehicle sales forecasts show strong finish to quarter

June light-vehicle sales forecasts show strong finish to quarter https://ift.tt/RXjsdVL

The seasonally adjusted annualized selling rate for June is forecast to come in between 15.2 million and 15.9 million, up from a 13.1 million rate in June 2022 and May's 15.1 million.

Sonic cuts EchoPark footprint amid used-vehicle struggles

Sonic cuts EchoPark footprint amid used-vehicle struggles https://ift.tt/s5MWeLg

In a significant change of fortune for EchoPark, Sonic Automotive Inc. has indefinitely suspended operations at eight used-only locations and will take a second-quarter impairment charge.

How certified used-vehicle program helps set this Kansas group apart

How certified used-vehicle program helps set this Kansas group apart https://ift.tt/paZ2C1N

One dealership group's long-established used-vehicle certification program has proved helpful as customers faced with tighter new-vehicle options search for the next-best vehicle — in addition to providing boosts to its service and parts and finance departments.

New-car market contracts in first weeks of June trade group says

New-car market contracts in first weeks of June, trade group says https://ift.tt/z1F250L

Retail sales of new passenger vehicles industrywide dipped six percent in the first 18 days of June after rebounding for three straight months, the China Automobile Dealers Association said Wednesday.

1 Thing We're Talking About: Penske college establish tech training program

1 Thing We're Talking About: Penske, college establish tech training program https://ift.tt/30KFcvg

The program will last three years and cost $20,000. Graduates who get a job at Penske are eligible for tuition reimbursement, money for tools and a signing bonus.

Column: Auto dealerships: First impressions

Column: Auto dealerships: First impressions https://ift.tt/rRe4jbC

Scrappy. Inventive. Slow to change. These are a few of my first impressions about the auto retail industry more than five months into the job as the Automotive News retail technology reporter.

Column: Auto dealerships: first impressions

Column: Auto dealerships: first impressions https://ift.tt/dlcHsmG

Scrappy. Inventive. Slow to change. These are a few of my first impressions about the auto retail industry more than five months into the job as the Automotive News retail technology reporter.

Hyundai aims for double-digit EV profit margins by 2030 with new platform

Hyundai aims for double-digit EV profit margins by 2030 with new platform https://ift.tt/CPvDRBn

Hyundai's new EV strategy aims to rapidly ramp up volume, efficient manufacturing and flexible product engineering to drive down costs as the automaker seeks profit margins of 10 percent on the coming line of EVs riding on its new platform.

Hyundai aims for double-digit EV profit margins by 2030 with new platform

Hyundai aims for double-digit EV profit margins by 2030 with new platform https://ift.tt/ziQ8wDX

Hyundai's new EV strategy aims to rapidly ramp up volume, efficient manufacturing and flexible product engineering to drive down costs as the automaker seeks profit margins of 10 percent on the coming line of EVs riding on its new platform.

California GAP law: Dealers quick to comply

California GAP law: Dealers quick to comply https://ift.tt/xoagBUe

Forty-six percent of California car sales in December 2022 with GAP would not have complied with an impending state cap on the price of the coverage to 4 percent of the amount the borrower financed.

Rivian will try selling its electric trucks outside its Illinois factory

Rivian will try selling its electric trucks outside its Illinois factory https://ift.tt/MLUte5O

The switch in sales tactic is an unusual break for the EV maker, which is trying to sell an excess stock of trucks.

Guest commentary: Are dealers and their websites ready for the next wave of EV adoption?

Guest commentary: Are dealers — and their websites — ready for the next wave of EV adoption? https://ift.tt/K06DBka

Educational content has become critically important on brand websites and individual dealer websites.

Stellantis limiting shipments of gasoline vehicles to 14 states

Stellantis limiting shipments of gasoline vehicles to 14 states https://ift.tt/gjY0PAt

Stellantis says dealers in the states following California's emissions guidelines can only get gasoline vehicles ordered by customers. Dealers in other states no longer are receiving any plug-in vehicles without a customer order.

Ford GM see strong U.S. consumer demand for vehicles

Ford, GM see strong U.S. consumer demand for vehicles https://ift.tt/xzYGsSW

The bullish comments from the two automakers underscored an upbeat report by the U.S. Commerce Department that showed U.S. retail sales unexpectedly rose in May.

Used-car market rally rolls on

Used-car market rally rolls on https://ift.tt/klKG6v0

Trade group warns a weaker-than-expected recovery across China's economy is dampening demand for used light vehicles.

Guest commentary: Unrepaired recalls are $36 billion opportunity for dealers

Guest commentary: Unrepaired recalls are $36 billion opportunity for dealers https://ift.tt/KxjdHuT

With nearly 230 million vehicles that are 2000 model year or newer on the road, there are approximately 46 million with unrepaired safety recalls.

NYC dealership group sues firm it hired to uncover fraud

NYC dealership group sues firm it hired to uncover fraud https://ift.tt/ZxBNFmQ

Star Auto Sales said it had to hire other accounting firms to do the investigations instead.

NYC dealer group sues firm it hired to uncover fraud

NYC dealer group sues firm it hired to uncover fraud https://ift.tt/0CbWOrY

Star Auto Sales said it had to hire other accounting firms to do the investigations instead.

Volvo EX30 electric crossover will approach price parity

Volvo EX30 electric crossover will approach price parity https://ift.tt/Wlze6MG

The EX30 could become Volvo's best-selling car, says Volvo Cars Chief Commercial Officer Björn Annwall.

Chevy salesman leverages TikTok to educate, move metal

Chevy salesman leverages TikTok to educate, move metal https://ift.tt/hBdtoST

A former high school principal is bringing transparency to the car-buying process and rapidly gaining fans through social media.

New-vehicle shipments rebound 28% in May

New-vehicle shipments rebound 28% in May https://ift.tt/ioA5Znx

Wholesale deliveries of new vehicles in China rose 28 percent to 2.38 million in May, in an extended rebound from the pandemic-buttered year-earlier period, the China Association of Automobile Manufacturers said.

New-car market expands 29% in May, extending rebound

New-car market expands 29% in May, extending rebound https://ift.tt/TZGDplo

China’s new-vehicle market has rebounded for three straight months from the pandemic-battered year-earlier period, with retail sales jumping 29 percent in May, according to the China Automobile Dealers Association. 

Soaring EV sales could still leave world short on emissions goal

Soaring EV sales could still leave world short on emissions goal https://ift.tt/D0JNmi4

Despite global shipments of EVs surging to around 27 million from 10.5 million last year, a shortage of natural resources and infrastructure could slow the pace at which electric cars are helping to reach emissions goals, Bloomberg says.

Lube tech sues Fla. dealership, claims underpayment

Lube tech sues Fla. dealership, claims underpayment https://ift.tt/No8iXhj

Lube techs were promised a more lucrative flag rate but instead were paid an hourly rate with no overtime, according to the lawsuit.

CAR: FTC auto dealer regs will cost buyers time, industry billions

CAR: FTC auto dealer regs will cost buyers time, industry billions https://ift.tt/YFRl0V8

The FTC had estimated its proposed rules on accessories, car protection products and dealership representations of price and monthly payments would save customers three hours of time and cost the auto retail industry $1.36 billion to $1.57 billion over 10 years.

Group 1 Automotive adds Kia store, sells Ford dealership

Group 1 Automotive adds Kia store, sells Ford dealership https://ift.tt/hb5fvMK

Group 1 said the new Kia store is expected to generate $85 million in annual revenue. The auto retailer also divested a Ford dealership near New Orleans.

Ex-exec of former Prime Auto owner to plead guilty to fraud

Ex-exec of former Prime Auto owner to plead guilty to fraud https://ift.tt/viHcfIE

Jeffrey Lash was charged in 2021 along with GPB founder and ex-CEO David Gentile and another executive who the U.S. said used the funds to cover shortfalls and enrich themselves.

Service department book clubs yield process improvements, profitability

Service department book clubs yield process improvements, profitability https://ift.tt/szpYAxm

Service department employees are given free access to books and are sometimes given bonuses to participate in the book club.

Can U.S. auto retailers learn from Rome?

Can U.S. auto retailers learn from Rome? https://ift.tt/imbaKnM

Romans are tech-savvy in retail transactions, but also take plenty of time to slow down and connect. Auto retailers should keep that in mind as they digitize their operations.

Column: How Tekion, others learned thought outside the box

Column: How Tekion, others learned thought outside the box https://ift.tt/OmrkgJN

Learning and adapting are necessary for business success — and those who take unconventional approaches can reap outsized rewards.

New Texas partnership buys Stellantis, GM and Kia dealerships

New Texas partnership buys Stellantis, GM and Kia dealerships https://ift.tt/9je0wzY

A veteran auto retail executive and Kia dealership general manager have bought three dealerships in Texas in a new partnership.

Dealer anniversaries

Dealer anniversaries https://ift.tt/kPOEyWm

Dealers featured this week include Yegor Malinovskii, Berlin City Auto Group in Maine president; and Larry Giacchino, CEO of Carman Auto Group in Delaware.

Franchise Equity Partners reveals $55M minority stake in Parks Automotive Group

Franchise Equity Partners reveals $55M minority stake in Parks Automotive Group https://ift.tt/lrxgOKi

Franchise Equity Partners invested $55 million in Parks Automotive Group, to acquire a minority stake in the group. The announcement comes months after Parks Automotive, with the investment firm, bought two Stellantis stores near Charlotte, N.C.

Cars.com launches new brand campaign, refreshes image

Cars.com launches new brand campaign, refreshes image https://ift.tt/08dBUtO

The company is launching a new branding campaign and debuted a revised logo in a bid to market itself as offering broader vehicle services to consumers.

Tesla Model Y was the world's best-selling car in Q1

Tesla Model Y was the world's best-selling car in Q1 https://ift.tt/OHXIkMo

The premium midsize crossover beat the Toyota Corolla for the title with 267,171 Model Ys sold in the first quarter.

Tesla Model Y was the world's best-selling car in Q1

Tesla Model Y was the world's best-selling car in Q1 https://ift.tt/3ARQDid

The premium midsize crossover beat the Toyota Corolla for the title with 267,171 Model Ys sold in the first quarter.

Texas bill to ban 'forced financing' may be out of time

Texas bill to ban 'forced financing' may be out of time https://ift.tt/z2LckqB

SB1464 would have prohibited an auto dealership from requiring consumers to use financing from the retailer or its partner lenders. The bill also would have barred dealerships from charging more to customers who bring cash or outside financing to a deal.

Dealer-backed VC fund raises $13 million, lower than target

Dealer-backed VC fund raises $13 million, lower than target https://ift.tt/3PKQ7hu

Automotive Ventures had hoped to raise as much as $50 million for its DealerFund, but economic trends left investors more cautious.

Ford adds 1,000 Escapes to mobile service fleet

Ford adds 1,000 Escapes to mobile service fleet https://ift.tt/Ah7njaM

The automaker says dealers can use Escapes to perform light maintenance, software updates and some recall fixes.

With stores, Tekion could work out kinks

With stores, Tekion could work out kinks https://ift.tt/uORyFW5

Tekion has some great operating features, but its launch into the market was premature and facilitated by a few automakers wrongly buying concept over actual function.

Tekion made DMS switch easy for store

Tekion made DMS switch easy for store https://ift.tt/HmRU1sl

The Tekion package was installed in our store about 12 months ago. This was our fourth dealership management system in 30 years of operation. Tekion’s implementation team performed flawlessly.

Dealer anniversaries

Dealer anniversaries https://ift.tt/Y80Mkqh

Dealers featured this week include John and Tom Zimbrick, dealer principal and owner of Zimbrick European, a Mercedes-Benz dealership in Madison, Wis.; Jeff Wood, dealer principal of Tom Wood Group; Stapp Interstate Toyota in Frederick, Colo.; Tom Wilkins, owner of Wilkins Mazda in Elmhurst, Ill.; Robert Woodall III, dealer principal of Robert Woodall Cadillac in Danville, Va.; and Jim Barr, general manager of Crest Acura in Syracuse, N.Y.

Multiple Stellantis dealerships and a Kia store sell in Q1, Q2 deals

Multiple Stellantis dealerships and a Kia store sell in Q1, Q2 deals https://ift.tt/fgH1Lha

Two auto retailers ranked among Automotive News' top 150 dealership groups completed second-quarter acquisitions, while a regional group and a pair of partners also expanded in deals this year.

New-vehicle sales rebound in first 3 weeks of May

New-vehicle sales rebound in first 3 weeks of May https://ift.tt/XLfYKPM

Retail sales of new passenger vehicles surged 41 percent in the first three weeks of May as the market continued to rebound from the same pandemic-hit period last year, according to the China Automobile Dealers Association. 

Dealership service, parts sales for 2022

Dealership service, parts sales for 2022 https://ift.tt/HNuPaOm

Other NADA Data numbers include the number of technicians employed and number of repair orders written.

Maserati, Alfa Romeo, Mazda, Volvo and domestic dealerships sell

Maserati, Alfa Romeo, Mazda, Volvo and domestic dealerships sell https://ift.tt/fPq0MEj

Two auto retailers in top 150 dealership groups, including publicly traded Sonic Automotive, completed second-quarter transactions, while a pair of growing regional groups also expanded.

Mercedes-Benz shows off 8 new vehicles to dealers; electric CLA and GLC coming to U.S. in 2024

Mercedes-Benz shows off 8 new vehicles to dealers; electric CLA and GLC coming to U.S. in 2024 https://ift.tt/lSGu0KM

Fresh product and improved supply should lift Mercedes U.S. sales by 5 to 10 percent this year.

A look at some used-vehicle-only retailers in the U.S. (revenue in millions)

A look at some used-vehicle-only retailers in the U.S. (revenue in millions) https://ift.tt/ELlGUPH

Joining CarMax on the inaugural list is a mix of national and regional used-vehicle retailers with high-volume, multistore operations. There are also publicly traded online used-vehicle retailers that gained more prominence in the last decade and grew sales volumes substantially during the COVID-19 pandemic.

11 charged with stealing cars from 26 dealerships in Ohio

11 charged with stealing cars from 26 dealerships in Ohio https://ift.tt/ryIv01h

At one dealership, prosecutors said, some of the suspects gave a salesperson their real names while casing the showroom before stealing from it the same night.

Tesla offering discounts of over $1,300 on some U.S. Model 3 cars

Tesla offering discounts of over $1,300 on some U.S. Model 3 cars https://ift.tt/iUp9wnf

Facing economic headwinds and mounting competition, Tesla this year has aggressively cut vehicle prices in several regions and is resorting to the traditional automakers' tactic of offering incentives to clear inventory, analysts said.

North Carolina's Leith group recruits techs at Cars and Coffee event. It's a success.

North Carolina's Leith group recruits techs at Cars and Coffee event. It's a success. https://ift.tt/2OqoPHe

Cars and Coffee Morrisville draws auto enthusiasts from around the state. Leith Automotive Group is using the event to hire badly needed technicians and other workers.

Gilchrist Automotive expands with 3 acquisitions

Gilchrist Automotive expands with 3 acquisitions https://ift.tt/AhT9g62

The auto retailer purchased four dealerships in three deals this year to grow in Oklahoma and Texas.

Lawsuit: Kunes Ill. managers encouraged fraud, retaliated against staff who wouldn't deceive lenders

Lawsuit: Kunes Ill. managers encouraged fraud, retaliated against staff who wouldn't deceive lenders https://ift.tt/XITKArZ

The March 30 complaint by former Kunes Hyundai and Kunes Chrysler-Dodge-Jeep-Ram sales manager Scott Grodeck and former Kunes Auto Mall general manager Edward Boliaux alleges they experienced retaliation when they refused to commit fraud at Sycamore, Ill., Kunes locations.

Sutherlin group buys Lexus-Toyota car dealership, sells 3 stores

Sutherlin group buys Lexus-Toyota car dealership, sells 3 stores https://ift.tt/CdXLrQs

Sutherlin Automotive Group sold three dealerships in Georgia last month and reentered another Southeastern state on Monday.

Column: Customer data platform technology could be auto retail's next big thing

Column: Customer data platform technology could be auto retail's next big thing https://ift.tt/v5UuTDx

Customer data platform technology is designed to help make customer interactions more efficient and customize the experience. CDP has been around for a while but is new to auto retail.

Tesla price cuts are having their desired effect on Model Y

Tesla price cuts are having their desired effect on Model Y https://ift.tt/ipmj4cu

The Model Y crossover, which received Tesla's biggest price discount, saw registrations rise 79 percent in the first quarter. The Model 3 sedan's bump was just 11 percent.

U.S. vehicles get older and bigger as economic environment, consumer preferences change

U.S. vehicles get older and bigger as economic environment, consumer preferences change https://ift.tt/nwm3vCl

Consumers' choices to keep their current vehicles longer and purchase used instead of new are pushing the average age of U.S. vehicles up — a boon for the service industry. Passenger cars are the oldest on average; electric vehicles are the youngest.

Ford dealer gives $5,000 scholarship to every applicant

Ford dealer gives $5,000 scholarship to every applicant https://ift.tt/ij38zUW

"If I can help people, it's my responsibility to do that," said Bazzy, who didn't attend college after graduating from high school outside Pittsburgh in the 1970s.

Tesla, other EV makers likely cost California dealers $910 million in 2022 profit opportunity

Tesla, other EV makers likely cost California dealers $910 million in 2022 profit opportunity https://ift.tt/yagh5P2

The lost profit opportunity breaks down to nearly $700,000 per dealership.

CarGurus Q1 net income down; digital wholesale revenue nose-dives

CarGurus Q1 net income down; digital wholesale revenue nose-dives https://ift.tt/E1FzO4h

The company's digital wholesale division, which includes trading platform CarOffer, saw a higher loss and a major drop in revenue, but CarGurus CEO Jason Trevisan said executives have taken steps to stabilize the business.

Vroom reports $75M net loss, shrunken revenue in Q1

Vroom reports $75M net loss, shrunken revenue in Q1 https://ift.tt/zPjl9yU

The retailer expects its gross profit per vehicle to improve in the second half of the year as it sells a higher mix of newer inventory, CEO Tom Shortt said.

New COO at JM Family; new presidents at JM&A, Southeast Toyota Finance

New COO at JM Family; new presidents at JM&A, Southeast Toyota Finance https://ift.tt/B5xSbdU

New JM Family COO Dan Chait had been president of Southeast Toyota Finance since 2012 and took on the JM&A Group presidency as well in 2021. JM Family has tapped Scott Gunnell to replace him at JM&A Group and Bill Shope to take over the presidency at Southeast Toyota Finance.

NADA Data: 2022 new-car inventory up; vehicle sales per dealership down

NADA Data: 2022 new-car inventory up; vehicle sales per dealership down https://ift.tt/UROiJfE

Franchise dealerships' total payroll in 2022 was up from 2021, but the average number of new and used vehicles sold per employee fell.

TrueCar used-car valuation tool launches as Q1 revenue drops, losses rise

TrueCar used-car valuation tool launches as Q1 revenue drops, losses rise https://ift.tt/d0KZRAz

TrueCar Wholesale Solutions is designed to help the company make the most of strong used-car demand.

New-car sales surge 56% in April

New-car sales surge 56% in April https://ift.tt/tnITD5K

Surge reflects rebound from April 2022, when Shanghai, China’s largest city and auto production hub, was locked down to contain a new way of coronavirus infections.

Ford, Stellantis and GM car dealerships sell in Iowa and Arizona

Ford, Stellantis and GM car dealerships sell in Iowa and Arizona https://ift.tt/GE1SYJN

Stores in Iowa and Winslow, Ariz., a town immortalized by the Eagles hit "Take It Easy," sell in 2022 deals.

Richest man in Vietnam reinforces risky $8.2 billion wager on VinFast

Richest man in Vietnam reinforces risky $8.2 billion wager on VinFast https://ift.tt/V6kfrq2

Pham Nhat Vuong's $8.2 billion investment so far has yielded just 93,000 vehicles and 162,000 e-scooters.

Guest commentary: Dealers, prep for straight talk on rates, value

Guest commentary: Dealers, prep for straight talk on rates, value https://ift.tt/CA3N5kP

During a recession, customers are willing to buy value even though they also seek the cheapest deal, APCO Holdings Training and Development Vice President Jeremiah Shelton writes in a guest column.

April auto sales defy economic uncertainty

April auto sales defy economic uncertainty https://ift.tt/9AH7WxD

Thanks to more inventory and rising incentives, consumers blew past higher interest rates and tightening credit to continue spending on cars and trucks. Fleet sales also played a large role in boosting April sales.

Carvana posts smaller Q1 net loss; revenue falls 25 percent

Carvana posts smaller Q1 net loss; revenue falls 25 percent https://ift.tt/6WaNqXj

The online used-vehicle retailer reported a net loss of $286 million for the quarter ended March 31, smaller than its loss of $506 million in the year-ago period. Revenue fell 25 percent to $2.6 billion.

Cars.com Q1 revenue and net income climb; dealer customers dip

Cars.com Q1 revenue and net income climb; dealer customers dip https://ift.tt/86uW1Sm

The company's acquisitions of Accu-Trade and CreditIQ over the last two years are helping to boost results.

Lighting fires in a positive way

Lighting fires in a positive way https://ift.tt/6DrZjkv

Servant leaders light a fire under someone, not behind them, says FixedOps Marketing CMO Charity Dunning.

Fed delivers small interest rate hike, flags possible pause in tightening cycle

Fed delivers small interest rate hike, flags possible pause in tightening cycle https://ift.tt/plwc8Gz

The unanimous decision lifted the U.S. central bank's benchmark overnight interest rate to the 5-5.25 percent range. The Federal Reserve’s actions increase the likelihood of higher borrowing costs for new and used vehicles and other forms of credit.

Morgan Automotive Group buys 4 dealerships in Florida, including its first in Miami

Morgan Automotive Group buys 4 dealerships in Florida, including its first in Miami https://ift.tt/qpFcThJ

Morgan Automotive followed its acquisitive 2022 by adding 4 dealerships so far this year and has entered the Miami market.

Kia will push EV leasing to reap tax credit boon

Kia will push EV leasing to reap tax credit boon https://ift.tt/Fze1JUv

Kia will lean more aggressively into the Inflation Reduction Act provision that extends a $7,500 federal EV incentive to leasing customers.

Honda surges; Ford, Toyota edge up; Hyundai, Kia post double-digit gains

Honda surges; Ford, Toyota edge up; Hyundai, Kia post double-digit gains https://ift.tt/8R0oAyQ

Analysts estimate the overall U.S. new light-vehicle market expanded up to 5.7 percent in April, with fleet driving most of the gain, as inventories continue to recover.

Tesla revives popular Model 3 Long Range after hiatus

Tesla revives popular Model 3 Long Range after hiatus https://ift.tt/01B7s45

The automaker is taking orders for the extended-range version of the most popular EV sedan in the U.S. CEO Elon Musk said last year that the trim had been paused because of too much demand.

KAR Global announces rebrand under the name Openlane

KAR Global announces rebrand under the name Openlane https://ift.tt/smkfFYa

KAR Global's corporate name will change to Openlane on May 15, and the rebranded company will keep trading under the ticker symbol "KAR" on the New York Stock Exchange, according to a news release.

AutoNation announces Formula One partnership with Alpine

AutoNation announces Formula One partnership with Alpine https://ift.tt/sZ2Pekc

The retailer will sponsor the BWT Alpine Formula One team in the Miami Grand Prix in Florida, it said in a statement.

Honda surges; Toyota edges up; Hyundai, Kia post double-digit gains

Honda surges; Toyota edges up; Hyundai, Kia post double-digit gains https://ift.tt/eGYwagi

Analysts estimate the overall U.S. new light-vehicle market expanded up to 5.7 percent in April, with fleet driving most of the gain, as inventories continue to recover.

Hyundai, Kia rack up double-digit U.S. sales gains in April

Hyundai, Kia rack up double-digit U.S. sales gains in April https://ift.tt/YNEp7On

Analysts estimate the overall U.S. new light-vehicle market expanded up to 5.7 percent in April, with fleet driving most of the gain, as inventories continue to recover.

AutoNation customer experience exec Cannon to retire; CMO named

AutoNation customer experience exec Cannon to retire; CMO named https://ift.tt/O3ilPeK

A veteran retail industry marketing executive will become the dealership giant's new CMO. Marc Cannon will pivot to AutoNation's philanthropic efforts and then retire by the end of 2023.

Group 1 CEO Kenningham views some car dealerships as overpriced

Group 1 CEO Kenningham views some car dealerships as overpriced https://ift.tt/iVCy3FS

Group 1 Automotive Inc. is calling out some dealership sellers who it believes are pricing their businesses unrealistically high.

"There is a certain portion of sellers that have unrealistic expectations," Group 1 Automotive CEO Daryl Kenningham said during the company's first-quarter earnings call last week. "I always like to tell people, we will never win a bidding war, but we try to stick to discipline with what we will pay for a group of stores."

Group 1, of Houston, is pursuing acquisitions as a big part of its growth strategy. It's also using capital for share buybacks and investment in growth areas such as service and technology.

Its latest acquisition of Estero Bay Chevrolet in Estero, Fla. in the first quarter is expected to add an estimated $150 million in annual revenue.

More acquisitions are likely in the months ahead, but Group 1 is avoiding transactions in which sellers are asking exorbitant prices, Kenningham said. They're not realistic, he added, because they don't factor in future performance expectations.

"They're trying to price them based on what they did make last year, or even the year before, as opposed to what they will be making moving forward," Kenningham said.

Gross profit estimates in that scenario were "once-in-a-lifetime" results based on supply chain issues "and microchip shortages that we'll probably never see again," he added.

But not all dealerships on the market are overpriced, Kenningham said.

"Some sellers understand the market and where it's heading," he said. "We always tell people we're engaged with on our transaction [that] we try to make offers based on what we believe the stores will make, not what they did make. That's always our guiding light on how much to offer for a dealership group."

Buying and selling

Even as Group 1 pursues growth through acquisitions, it's selling some dealerships.

"I just see us trying to manage our portfolio aggressively," Kenningham said.

Group 1 disclosed in its first-quarter earnings that it unloaded two dealerships. In March, Key Auto Group, of Portsmouth, N.H., purchased Group 1's Boardwalk Acura in Egg Harbor Township, N.J., west of Atlantic City. The store was renamed Key Acura of Atlantic City.

Group 1 also sold Staten Island Buick-GMC in New York to Island Auto Group, of Staten Island. That group renamed the store Island Buick-GMC, according to co-owner Marcello Sciarrino.

"We own 80 percent of the market here, so it just helps us grow our market," Sciarrino said.

According to Sciarrino, the deal took seven to eight months to close.

Group 1 said those stores, plus a Jaguar new-vehicle franchise in New Mexico it resigned in March, produced a combined $50 million in annual revenue.

The franchise move was part of JLR's rethinking of the Jaguar dealership network, Kenningham said. Group 1 kept an adjoining Land Rover dealership, "which was the vast majority of the volume," he added.

Group 1 ranks No. 4 on Automotive News' list of the top 150 dealership groups based in the U.S., retailing 154,714 new vehicles in 2022 (some of which include sales outside the U.S.). Island Auto ranks No. 64 on the list, retailing 13,217 new vehicles in 2022.

A 30-day supply back for 3 public auto groups

A 30-day supply back for 3 public auto groups https://ift.tt/S0IgRxm

Asbury Automotive Group Inc. has more than 60 days' supply of its No. 2 brand Stellantis, though stop-sale orders have contributed to that stockpile.

Carvana's creditors offer to swap debt for equity, defer payment

Carvana's creditors offer to swap debt for equity, defer payment https://ift.tt/zhL8vdG

Creditors holding about 90 percent of Carvana Co.'s bonds have been pitching the beleaguered used-car company on ways to pare down debt and improve liquidity, including a proposal for a debt-for-equity swap, according to people with knowledge of the situation.

The group, represented by White & Case and PJT Partners, recently offered to swap a substantial amount of unsecured notes for equity in Carvana, the people said, asking not to be named discussing a private matter. The bondholders also said they would allow the company to pay some of its interest with additional debt, a feature known as payment-in-kind.

The proposal isn't final and terms could change. Carvana has not formally engaged with the group's offers, the people added, asking not to be identified because the matter is private.

Bondholders had earlier signaled their interest in moving their existing unsecured positions into new first-lien debt and allowing the company to pay interest in kind for two years, the people said. The plan would save Carvana more than $1 billion in cash interest, the people added. The group also offered to provide new money to the company and asked Carvana's equity holders to inject roughly $1 billion into the business, they said.

Representatives at Carvana, one of its advisers Kirkland & Ellis, and White & Case didn't respond to requests for comment. PJT and another Carvana adviser Moelis & Co. declined to comment.

To maintain a united front, members of the bondholder group have also agreed to extend a cooperation agreement to end of November, with the ability to extend the pact to May 2024, the people said. The group, which includes Apollo Global Management Inc. and Pacific Investment Management Co., came together last year to negotiate with Carvana in preparation for a restructuring.

Led by Chief Executive Officer Ernest Garcia III and his father, Ernie Garcia II, Carvana was one of the companies that benefited from the pandemic economy. The firm raised billions of dollars during the easy-money era to buy droves of pre-owned autos and lure buyers with cheap loans. But its fortunes turned as auto production rebounded and higher interest rates crimped consumer spending.

Carvana had earlier proposed that creditors trade $1.3 billion in debt for $1 billion in notes secured with various assets while shareholders wouldn't suffer a loss. That exchange offer was quickly shot down by the group.

To drum up investor interest, Carvana sweetened terms of the exchange offer and extended the participation deadline to May 3. The company is now staring down at a $168 million interest payment on bonds due in May.

The company's 10.25 percent bond due 2030 last changed hands at around 55 cents on the dollar, according to Trace. Its shares have slumped 89 percent over the past twelve months.

How daily checkouts, e-contracting boosted this store's F&I profits

How daily checkouts, e-contracting boosted this store's F&I profits https://ift.tt/zWXUPBH

Taylor CDJR's daily improved communication and digitized F&I sales increased profit per vehicle to more than $2,400 from $1,100.

Vroom reduces employee headcount by about 120

Vroom reduces employee headcount by about 120 https://ift.tt/gaESU3w

The reduction is included as part of an "organizational restructuring" that Vroom has implemented amid a reexamination of "all facets of the business," the company said in a regulatory filing.

Stellantis, GM, Mazda and Ford dealerships sell across 4 states

Stellantis, GM, Mazda and Ford dealerships sell across 4 states https://ift.tt/kHyxurA

Domestic and import dealerships in Massachusetts, Virginia, Wisconsin and Indiana traded hands in three first-quarter deals and a third-quarter 2022 transaction.

Mercedes more upbeat on signs U.S., China picking up

Mercedes more upbeat on signs U.S., China picking up https://ift.tt/HbFanjd

Demand in Europe was still sluggish, but the automaker expects that to improve in the coming months as consumer confidence rebuilds.

Auto retail giant Lithia Motors says it cut about 1,000 jobs

Auto retail giant Lithia Motors says it cut about 1,000 jobs https://ift.tt/dQ6w1oi

Auto retail giant Lithia Motors Inc. told analysts last week that it cut about 1,000 positions.

Sonic Automotive Q1 net income drops 51%

Sonic Automotive Q1 net income drops 51% https://ift.tt/Tlg1HDM

Sales at Sonic Automotive's EchoPark brand rose 34 percent in the first quarter, but the auto retailer saw lower gross profits per new and used retail vehicles, as well as lower sales volume from its franchised dealerships.

Sedano scoops up 3 stores near home

Sedano scoops up 3 stores near home https://ift.tt/LEx40j5

Sedano's acquisitive first-quarter brings his dealership count to 5 and adds a store along California's iconic Mile of Cars in National City.

Toyota edges past 9.1M vehicle output goal, warns chip shortage lingering

Toyota edges past 9.1M vehicle output goal, warns chip shortage lingering https://ift.tt/YHyL60a

Toyota produced 9.13 million vehicles in the 12 months through March 31, up from 8.57 million in the previous fiscal year.

Group 1 Automotive improves first-quarter revenue as net income drops

Group 1 Automotive improves first-quarter revenue as net income drops https://ift.tt/OiesDbB

Acquisitions, service business growth and elevated vehicle pricing helped the Houston dealership giant improve its revenue numbers in a tough market.

Lithia exits Alabama with sale of Subaru store; sells 2 other dealerships in Q3 deals

Lithia exits Alabama with sale of Subaru store; sells 2 other dealerships in Q3 deals https://ift.tt/2SobjU6

Lithia Motors made its first divestiture of 2023 with the sale of a Subaru store in Alabama, which was the auto retail giant's entry into the southeastern state. The group also sold two other dealerships last year in third-quarter transactions.

Penske Automotive Q1 earnings drop on record revenue

Penske Automotive Q1 earnings drop on record revenue https://ift.tt/Ms5Nqz2

Penske Automotive's Q1 retail automotive same-store service & parts revenue was $643 million, up 10 percent from the same period a year ago.

Asbury net income, revenue down in Q1 after stores dropped in 2022

Asbury net income, revenue down in Q1 after stores dropped in 2022 https://ift.tt/XR32kwF

Asbury sold 16 dealerships in 2022: Four in the first quarter, three in the second, and nine in the fourth.

Meta's revised auto listing restrictions have mixed effect on dealers

Meta's revised auto listing restrictions have mixed effect on dealers https://ift.tt/FztOgva

Meta as of Jan. 30 stopped letting dealerships create used-vehicle listings using a Facebook business page.

GM Q1 earnings: Employee, dealer buyouts push net income down 19%; full-year guidance up

GM Q1 earnings: Employee, dealer buyouts push net income down 19%; full-year guidance up https://ift.tt/ecJLjso

North American pretax profit rose 14 percent to $3.6 billion.

U.S. Auto Sales institutes furloughs

U.S. Auto Sales institutes furloughs https://ift.tt/snv6ZgW

LinkedIn posts Monday by a store manager and assistance compliance manager announced they were let go and looking for work.

Paying over sticker? There are choices

Paying over sticker? There are choices https://ift.tt/yqdo2pi

So 27 percent of the people who paid over sticker price said they would never buy that brand again, according to a survey by GfK. Really? Why did they pay over sticker price in the first place?

Which dealership groups grew the most by volume of used-vehicle sales?

Which dealership groups grew the most by volume of used-vehicle sales? https://ift.tt/i1GHMPm

23 dealership groups on the our top 100 dealership groups by used-car sales list recorded double-digit percentage gains in used-vehicle retail units sold. Many of those gains came as a result of dealership acquisitions made in 2021 and 2022.

Car Pros dealership group emphasizes the human element of car sales

Car Pros dealership group emphasizes the human element of car sales https://ift.tt/oQdkvyE

Car Pros has a companywide training program centered around the human element of car sales.

Former Mississippi Toyota dealership comptroller charged with embezzlement

Former Mississippi Toyota dealership comptroller charged with embezzlement https://ift.tt/pPd8f7Z

Latisha Jones Smith, 50, faces felony embezzlement charges for allegedly stealing around $71,000 from a Toyota dealership in Philadelphia, Miss.

Kia, Nissan, Ford, Stellantis and GM dealerships sell across 5 states

Kia, Nissan, Ford, Stellantis and GM dealerships sell across 5 states https://ift.tt/rUpWQwe

A West Coast auto retailer bought and sold dealerships, a dealer acquired his first Ford store, a group grew to three stores and two brothers expanded their holdings, all in transactions that closed in the second and fourth quarters of 2022 and the first quarter this year.

Lincoln's plan to regain ‘mojo': Fewer dealers, more fluid EV strategy

Lincoln's plan to regain ‘mojo': Fewer dealers, more fluid EV strategy https://ift.tt/52jXV4L

After three years of declining U.S. sales, the brand's new president says a smaller dealer network is needed to be successful.

AutoNation Q1 results: Declines in net income, revenue and vehicle sales

AutoNation Q1 results: Declines in net income, revenue and vehicle sales https://ift.tt/jAPvWs6

The auto retailing giant partially offset its declines with gains in new-vehicle and after-sales revenue.

Lithia cuts Driveway Finance Corp. income forecasts through 2025

Lithia cuts Driveway Finance Corp. income forecasts through 2025 https://ift.tt/RMFJQyA

Lithia Motors, in an updated forecast, expects its captive finance company, Driveway Finance Corp., to post a loss of $40 million in 2023.

Focus on follow-up

Focus on follow-up https://ift.tt/p5GyFDs

Following up with customers who don't initially buy F&I products in the business office could pay off and increase product sales.

Lithia's Q1 net income drops 33 percent on lower gross profits per vehicle

Lithia's Q1 net income drops 33 percent on lower gross profits per vehicle https://ift.tt/mkIGU46

Lithia Motors, which surpassed AutoNation Inc. in new vehicles sold in 2022 to take the No. 1 spot, said new- and used-vehicle sales were up in the first quarter, but average gross profits per retail unit for new and used vehicles fell.

Bill that aimed to block automaker ability to reassign buy-sell deals fails in West Virginia

Bill that aimed to block automaker ability to reassign buy-sell deals fails in West Virginia https://ift.tt/VrLqOdf

A bill that aimed to block automakers' use of right of first refusal on dealership buy-sell deals in West Virginia failed to move in the House of Delegates before the state's legislative session ended last month.

Flow Automotive buys Mercedes-Benz, Toyota, Honda, Subaru and Stellantis dealerships

Flow Automotive buys Mercedes-Benz, Toyota, Honda, Subaru and Stellantis dealerships https://ift.tt/QFB5LDf

Flow Automotive Cos. expanded its presence in Charlottesville, Va., in one of the largest dealership acquisitions of the year, as tracked by .

Southern used-car dealer U.S. Auto Sales closes locations

Southern used-car dealer U.S. Auto Sales closes locations https://ift.tt/uI5qlJ9

U.S. Auto Sales' website carried a popup Tuesday morning stating its used-vehicle dealerships had closed, but it was "working on a solution to re-open them as soon as possible."

Tesla profits after price cuts the focus of Q1 earnings

Tesla profits after price cuts the focus of Q1 earnings https://ift.tt/8yEZ7XQ

Tesla is expected to report lower vehicle gross margins after juicing deliveries this year with multiple rounds of price reductions.

Former megadealer Bernie Moreno trying again for Senate seat

Former megadealer Bernie Moreno trying again for Senate seat https://ift.tt/wZ576fs

The former megadealer has filed paperwork to run for Senate in Ohio and is being encouraged by former President Donald Trump.

Dealer anniversary

Dealer anniversary https://ift.tt/e5y2Axd

The dealer featured this week is Winston Pittman Sr., dealer principal of Chatham Parkway Toyota in Savannah, Ga.

Hyundai leans on EV tax credit lease provision

Hyundai leans on EV tax credit lease provision https://ift.tt/mpK4Lbe

Hyundai is making use of the leasing provision in the EV tax credit rules to keep its electric models in the fight.

Bob Loquercio Auto Group buys Lexus, Toyota and Ford dealerships

Bob Loquercio Auto Group buys Lexus, Toyota and Ford dealerships https://ift.tt/kYrzHhI

The acquisitions bring the group's franchised dealership count to 14 and includes its first Lexus store.

Ourisman Cars adds Ford, Toyota and Stellantis dealerships

Ourisman Cars adds Ford, Toyota and Stellantis dealerships https://ift.tt/bxJrASF

Ourisman Cars, a group of dealerships within Ourisman Automotive Group, bolstered its Maryland presence with third-quarter 2022 and first-quarter 2023 acquisitions.

Polestar turns to certified pre-owned to offset limited new inventory

Polestar turns to certified pre-owned to offset limited new inventory https://ift.tt/aAJpzWZ

A new CPO program will help amplify brand awareness, Polestar North America boss says.

CarMax quarterly net income, used-car sales plunge, stock rises

CarMax quarterly net income, used-car sales plunge, stock rises https://ift.tt/TdX8FW6

CarMax said net income plunged 57 percent to $69 million in the quarter ended Feb. 28. But CarMax shares gained 9.6 percent to $72.21.

Former MLB players Brian Dorsett and Dorian Boyland buy and sell dealerships in Q1

Former MLB players Brian Dorsett and Dorian Boyland buy and sell dealerships in Q1 https://ift.tt/M41vAeV

Two dealerships trading hands involved former Major League Baseball players Dorian Boyland and Brian Dorsett, and a group bought its second Long Island store, all in the first quarter, while another dealer purchased his second store in fourth-quarter 2022.

Obituary: Former Hendrick CEO Edward Brown III dies at 74

Obituary: Former Hendrick CEO Edward Brown III dies at 74 https://ift.tt/IOKSnlH

In 2010, banking executive Brown came out of retirement to become CFO for Hendrick.

Capital One exits floorplan lending business

Capital One exits floorplan lending business https://ift.tt/Jurw9xe

Capital One decided to exit floorplan lending on March 29, but will stay in the auto finance business.

CarMax quarterly net income, used-car sales plunge

CarMax quarterly net income, used-car sales plunge https://ift.tt/S8xkV3i

CarMax said net income plunged 57 percent to $69 million in the quarter ended Feb. 28.

Nonprofit turns to virtual reality to train more auto technicians

Nonprofit turns to virtual reality to train more auto technicians https://ift.tt/vdC520R

Vehicles for Change worked with a Houston company on the curriculum. They have a virtual reality lesson on oil changes and plan to add more lessons.

Ford dealership employee in Wis. killed at work remembered as ‘jack of all trades'

Ford dealership employee in Wis. killed at work remembered as ‘jack of all trades' https://ift.tt/rb19Hve

Nicholas Jozefowski, of Johnson Creek, Wis., had worked in automotive and trades for "the majority of his life," according to his obituary.

New Apple CarPlay integration helps improve Domino's pizza ordering — from customer dashboards

New Apple CarPlay integration helps improve Domino's pizza ordering — from customer dashboards https://ift.tt/yq63vem

The new Apple CarPlay technology allows motorists to order a pizza with a few taps on the screen.

Selling over sticker price can backfire on car dealer, automaker

Selling over sticker price can backfire on car dealer, automaker https://ift.tt/VW0t93Y

Survey: 29% of customers charged above MSRP told GfK they would never buy that brand of vehicle again.

Dealerships' EV charging cost savings may be found in solar panels

Dealerships' EV charging cost savings may be found in solar panels https://ift.tt/ZYtRL1j

Dealerships are paying for expensive EV charging stations and hoping solar panels cover some of the costs.

Dealer anniversary

Dealer anniversary https://ift.tt/gu0iG2U

The dealer featured this week is Jay Darling, dealer principal of Darling’s Nissan in Bangor, Maine.

Wholesale used-vehicle prices rose through Q1, but may be at a turning point

Wholesale used-vehicle prices rose through Q1, but may be at a turning point https://ift.tt/AU73iZ2

Cox Automotive's Manheim Used Vehicle Value Index rose 1.5% in March from February.

Iconic Felix Chevrolet dealership among stores sold in 4 states

Iconic Felix Chevrolet dealership among stores sold in 4 states https://ift.tt/5Kp9bPu

L.A.'s iconic Felix Chevrolet changed hands, a group added another Kia store to its mix, and dealerships selling General Motors and Stellantis brands traded hands in fourth-quarter and second-quarter transactions.

EV tax credit rulebook clearer, but Treasury's work is not done

EV tax credit rulebook clearer, but Treasury's work is not done https://ift.tt/QOXWZzk

How strictly the U.S. Treasury Department defines and enforces the law's "foreign entity of concern" provision could affect the Biden administration's objectives to drive EV adoption and build a domestic supply chain.

Illinois state Senate approves bill to codify e-signatures, home vehicle delivery

Illinois state Senate approves bill to codify e-signatures, home vehicle delivery https://ift.tt/gmTE917

If also passed in the state House and signed into law, S.B. 1896 would amend the Illinois Vehicle Code to clarify language pertaining to home vehicle delivery and electronic signatures.

Volvo sales dip 6% in March; Q1 deliveries edge up

Volvo sales dip 6% in March; Q1 deliveries edge up https://ift.tt/omLKrHg

Volvo Car Corp.’s sales in China, its largest market worldwide, dropped six percent to 11,608 in March due to weak demand for gasoline-powered products. 

Gregg Young expands dealership count in Iowa

Gregg Young expands dealership count in Iowa https://ift.tt/oC3d5cg

The Gregg Young Automotive Group, with stores in Iowa and Nebraska, added four dealerships in three transactions late last year to add to its presence in the Hawkeye state.

Group 1 Automotive was the seller of a N.J. Acura store

Group 1 Automotive was the seller of a N.J. Acura store https://ift.tt/0UtXlfK

New Hampshire's Key Auto Group bought three dealerships on the East Coast and one in Nevada in three separate transactions. Group 1 Automotive was the seller of a N.J. Acura store.

Work-from-home trend gives sales, F&I staff chance to upsell, GfK says

Work-from-home trend gives sales, F&I staff chance to upsell, GfK says https://ift.tt/xJlg2NF

54 percent of consumers planning to buy a new vehicle commute daily, while 46 percent either work exclusively from home or have flexible arrangements. Those with flexibility have the most income and are more likely to be planning to buy their first luxury vehicle.

There's no single growth strategy for dealers, M&A panel says

There's no single growth strategy for dealers, M&A panel says https://ift.tt/3RdCQ64

Panelists speaking on M&A activity at the J.D. Power Automotive Forum in New York said there are several growth strategies dealers can pursue, but they agreed that it was important to focus on being a better operator.

Nissan strategy means more partnership with dealers, Papin says

Nissan strategy means more partnership with dealers, Papin says https://ift.tt/fdukt5K

Retailers should be involved through multiple owners as well as schedule follow-up visits with EV buyers.

Column: Adapting to bank failures

Column: Adapting to bank failures https://ift.tt/uvQtSnw

Retail auto tech startups affected by the Silicon Valley Bank collapse can be resilient and survive the crisis. But longer-term concerns remain about inflation and rising interest rates.

Chevy, Audi, Stellantis and Ford dealerships trade hands in 4 states

Chevy, Audi, Stellantis and Ford dealerships trade hands in 4 states https://ift.tt/gzjwH0v

Two of the country's largest dealership groups made first-quarter purchases while two other growing groups on the East Coast also made early 2023 purchases.

Former employee at Michigan Chevy-Buick dealership accused of embezzling $68,000

Former employee at Michigan Chevy-Buick dealership accused of embezzling $68,000 https://ift.tt/6ER2UZr

A former Betten Baker Chevrolet-Buick of Cadillac title clerk is on bond after being accused of embezzling $68,000.

STELLANTIS: U.S. sales dip 9.1% in Q1

STELLANTIS: U.S. sales dip 9.1% in Q1 https://ift.tt/lKkPEfx

Jeep and Ram volume was down, but Chrysler and Dodge posted gains.

HYUNDAI: U.S. sales rose 16% to 184,449 in Q1 after strong March

HYUNDAI: U.S. sales rose 16% to 184,449 in Q1 after strong March https://ift.tt/LoPNSVp

Hyundai Motor America closed the first quarter strong with best-ever March sales and also posted the fifth consecutive month of record sales, while crossovers continue to provide a major lift to Genesis.

SUBARU: Sales jump 23% in March with Crosstrek record

SUBARU: Sales jump 23% in March with Crosstrek record https://ift.tt/wC5TtkL

Subaru of America's volume rose 8.3 percent for the first quarter as the Crosstrek remained the brand's top-selling vehicle.

TOYOTA/LEXUS: Toyota sales fall 9.1% in March, despite Lexus gain

TOYOTA/LEXUS: Toyota sales fall 9.1% in March, despite Lexus gain https://ift.tt/5z6FZ8E

Toyota Motor North America said its sales fell 9.1 in March to 176,456 as declining sales at Toyota dragged down a positive month at Lexus. For the first quarter, the automaker's sales fell 8.8 percent to 469,558.