Making technology work despite the obstacles

Making technology work despite the obstacles https://ift.tt/thVzMJC

How are dealers and entrepreneurs making auto retail technology and innovations work despite an uneven legacy system?

Auto lender American Car Center closes

Auto lender American Car Center closes https://ift.tt/LX8leRE

Auto lender American Car Center closes a day after it pulled a $222 million bond sale from the market.

Auto lender American Car Center closes

Auto lender American Car Center closes https://ift.tt/T5zMpgJ

Auto lender American Car Center closes a day after it pulled a $222 million bond sale from the market.

Study reveals buyers' plans for next car deal

Study reveals buyers' plans for next car deal https://ift.tt/6VHPJro

Vehicles with desirable features still exist in the sub-$40,000 range sought by 67 percent of buyers, according to Cars.com.

Editorial: Car warranty reimbursement battle driven by naked politics

Editorial: Car warranty reimbursement battle driven by naked politics https://ift.tt/plWQMdZ

In a growing number of states, dealer groups have turned to friendly state legislators to boost reimbursement rates from automakers on warranty service, arguing the added funds are needed to boost technician wages. But unless dealers are guaranteeing a straight pass-through, the arguments are disingenuous.

Nominate a retailer making a difference

Nominate a retailer making a difference https://ift.tt/BHRlwQS

If you know someone under age 40 who is making a big impact at a new-car dealership in the U.S., we want to know. Self-nominations are welcome.

Carvana's Q4 net loss up to $806M

Carvana's Q4 net loss up to $806M https://ift.tt/uHXlmnQ

Carvana closed out a difficult 2022 by further pulling back on growth endeavors, prioritizing cost cuts and trimming inventory.

Red McCombs built auto retail empire on guts and instinct

Red McCombs built auto retail empire on guts and instinct https://ift.tt/qApE96n

Billy Joe ‘Red' McCombs, a longtime Texas auto dealer who later built a business empire, had an 'innate ability to foresee where things are going.'

Registration is open for the 2023 Best Dealerships to Work For

Registration is open for the 2023 Best Dealerships to Work For https://ift.tt/a6i4x9s

We are looking for dealerships that have excelled in creating quality workplaces.

Ford, Chevy, Hyundai, Kia and Mazda dealerships sell in 3 states

Ford, Chevy, Hyundai, Kia and Mazda dealerships sell in 3 states https://ift.tt/DYcItd6

Dealerships selling Ford, Chevy, Hyundai, Kia and Mazda brands sold in separate fourth-quarter transactions. The stores were in Ohio, Texas and New York.

Mechanics Bank stops taking auto loan applications, will exit the business

Mechanics Bank stops taking auto loan applications, will exit the business https://ift.tt/q0aHymf

Mechanics Bank of Walnut Creek, Calif., confirmed to that it is exiting its indirect auto-lending business and has stopped taking new loan applications.

Cars.com rebounds with Q4 profit, shares rise

Cars.com rebounds with Q4 profit, shares rise https://ift.tt/kXFwohR

The company expects its marketplace to see more 2023 pullback from digital dealers.

Growing number of retailers, restaurants and travel centers install EV chargers

Growing number of retailers, restaurants and travel centers install EV chargers https://ift.tt/3rxnfzd

Subway announced plans to install EV chargers and BP Products North America acquired TravelCenters of America, expanding its EV charging goals, this month.

New-vehicle retail sales to grow 7.2% in Feb., trade group predicts

New-vehicle retail sales to grow 7.2% in Feb., trade group predicts https://ift.tt/9JSkVdx

Retail sales of new cars and light trucks, after sliding in January, will rise 7.2 percent in February from a year earlier due to eased coronavirus infections and more working days, the China Automobile Dealers Association predicted on Wednesday.

ACV Auctions narrows Q4 losses despite lower revenue

ACV Auctions narrows Q4 losses despite lower revenue https://ift.tt/FSfZwtU

ACV Auctions Inc. said it posted a net loss of $24.5 million during the fourth quarter compared with a loss of $26.3 million during the same quarter last year. Revenues fell 2 percent to $98 million.

U.S. dealership count grew for 2nd year in a row, annual franchise report says

U.S. dealership count grew for 2nd year in a row, annual franchise report says https://ift.tt/ADk9ztJ

The number of U.S. franchised dealerships rose slightly in 2022, marking the second straight year of increases, according to an Urban Science report.

F&I tip: Leasing is fundamental

F&I tip: Leasing is fundamental https://ift.tt/lhuDGH4

Customers are seeing the benefits of leasing and it is a great retention and customer loyalty tool for dealerships, says an F&I consultant.

Carvana stock gets slight respite ahead of Q4 earnings, but uncertainty remains

Carvana stock gets slight respite ahead of Q4 earnings, but uncertainty remains https://ift.tt/35V0eEq

Carvana Co. is set to release fourth-quarter and full-year 2022 results Thursday. Analysts say investors are feeling a bit more optimistic that the online used-vehicle retailer can avoid bankruptcy.

Auto dealership retail technology is a complex puzzle to solve

Auto dealership retail technology is a complex puzzle to solve https://ift.tt/lKXjWdS

The potential for innovation in the sector is enormous, but all the pieces aren't yet working smoothly together.

Bowers Automotive, Qvale Auto Group, Sewell family join $30M financing for digital consumer offering

Bowers Automotive, Qvale Auto Group, Sewell family join $30M financing for digital consumer offering https://ift.tt/P3EKwao

Get Spiffy is a retail technology company targeting on-demand car care and maintenance.

Red McCombs, Texas auto dealer and sports franchise owner, dies at 95

Red McCombs, Texas auto dealer and sports franchise owner, dies at 95 https://ift.tt/JWMAjSw

Billy Joe "Red" McCombs, a longtime Texas auto dealer who later built a business empire, died Sunday. He was 95.

Guest commentary: The dream of affordable EVs for everyone is a ways away

Guest commentary: The dream of affordable EVs for everyone is a ways away https://ift.tt/RpTVUOz

The United States is not yet ready for a full-scale implementation of electric vehicles. However, that is not to say the conversion to electric isn't a good idea.

Lithia knocks AutoNation out of No. 1 sales ranking

Lithia knocks AutoNation out of No. 1 sales ranking https://ift.tt/RVwpKST

Lithia Motors outsold rival AutoNation by more than 40,000 new vehicles in 2022.

Volvo dealer aims to boost presence of women in auto industry

Volvo dealer aims to boost presence of women in auto industry https://ift.tt/lQVqjAs

Volvo Cars Marin has increased the percentage of women on its staff as part of an effort to improve diversity so customers feel more comfortable.

Hyundai, Stellantis, Infiniti, Lincoln, Ford and Chevy dealerships sell in 5 states

Hyundai, Stellantis, Infiniti, Lincoln, Ford and Chevy dealerships sell in 5 states https://ift.tt/GwWYajN

Here's a look at the deals involving import, domestic and luxury dealerships in Virginia, Texas, Indiana, Iowa and Oregon.

BMW tops Consumer Reports 2023 brand ranking

BMW tops Consumer Reports 2023 brand ranking https://ift.tt/idRNAfV

Addressing growing pains was a deciding factor in Consumer Reports' latest rankings of automotive brands for performance, safety and reliability. Subaru, No. 1 in 2022, finished second this year.

One Thing We're Talking About: National right-to-repair legislation reintroduced

One Thing We're Talking About: National right-to-repair legislation reintroduced https://ift.tt/tWFzsSc

The legislation is supported by aftermarket groups but is opposed by most major automakers in the U.S.

Sonic Automotive sets Q4 revenue record, takes impairment hit

Sonic Automotive sets Q4 revenue record, takes impairment hit https://ift.tt/tcLzCPw

Sonic acquired five Black Hills Harley-Davidson locations in February 2023 after buying Horny Toad Harley-Davidson and seven Team Mancuso Powersports stores in 2022.

Former service tech faces 237 charges, accused of depositing paychecks multiple times

Former service tech faces 237 charges, accused of depositing paychecks multiple times https://ift.tt/m9usoED

The service tech was charged with theft by unlawful taking, forgery and other crimes after he was accused of stealing $86,792 from Phil Fitts Ford-Lincoln in New Castle, Pa.

Lithia Motors' Q4 net income falls as quarterly, full-year revenues climb

Lithia Motors' Q4 net income falls as quarterly, full-year revenues climb https://ift.tt/R9iT1Sf

Lithia Motors Inc.'s profit fell in the fourth quarter, but the dealership group's revenue and vehicle sales increased for both the quarter and full-year 2022 as it continued to add stores through acquisitions.

Lithia reported Wednesday that its net income dropped 15 percent to $249.9 million as revenue rose 11 percent to $6.99 billion in the fourth quarter. Net income for the full year jumped 19 percent to $1.26 billion while full-year revenue rose 24 percent to $28.23 billion — a record, according to the Medford, Ore., public retailer. While revenue and vehicle sales rose for both the quarter and the year, same-store vehicle sales were down.

"Our balance sheet is well capitalized and we're executing on the growth initiatives across our segments," Lithia CEO Bryan DeBoer said in a statement Wednesday. "With the significant capital engine we have built, we are well positioned for further consolidation in our sector."

Average gross profit per new vehicle fell 13 percent to $5,344 in the quarter, Lithia said. For the full year, however, average gross profit per new vehicle grew 24 percent to $5,816.

Average gross profit per used vehicle plunged 34 percent to $2,137 in the fourth quarter compared with the fourth quarter of 2021. For the full year, it declined 12 percent to $2,648.

Acquisition activity
Lithia said it acquired nine stores in the fourth quarter; those locations were expected to generate more than $560 million in annual revenue for the retailer. During the same period, Lithia divested four dealerships representing a combined $160 million in annual revenue. In December, Lithia bought Glenn's Freedom Chrysler-Dodge-Jeep-Ram in Lexington, Ky., southeast of Louisville. The retailer also purchased Ferrari of Denver, a dealership selling luxury and exotic brands, in December. In November, Lithia acquired Meador Chrysler-Dodge-Jeep-Ram, which it said is the second-largest CDJR store in the Dallas-Fort Worth region. In October, it bought Airstream Adventures, a collection of six RV stores on the West Coast.

In 2022 overall, Lithia acquired 31 stores representing a total of $3.5 billion in annual revenue. Lithia said that was offset by 13 sales representing $663 million in revenue.

The retailer noted that it acquired one store in February.

Lithia said it has now acquired dealerships representing $13.9 billion in annual revenue since July 2020, when it disclosed a five-year plan to reach $50 billion in annual revenue by 2025.

Lithia shares were trading down 5.9 percent at $264.59 mid-morning Wednesday.

Q4 revenue: $6.99 billion, up 11 percent from a year earlier

Q4 net income: $249.9 million, down 15 percent

Q4 adjusted net income: $251 million, down 28 percent

Q4 vehicle sales: 143,993 new and used vehicles, up 6.9 percent. Same-store sales of 127,312 new and used vehicles, down 3.2 percent.

2022 revenue: $28.23 billion, up 24 percent

2022 net income: $1.26 billion, up 19 percent

2022 adjusted net income: $1.27 billion, up 9 percent

2022 vehicle sales: 583,360 new and used vehicles, up 8.8 percent. Same-store sales of 472,415 new and used vehicles, down 7.9 percent.

Record: Full-year revenue

Ranking: Lithia ranked No. 2 on Automotive News' most recent list of the top 150 dealership groups based in the U.S., with retail sales of 260,738 new vehicles in 2021.

Car prices hit record high as automakers limit output

Car prices hit record high as automakers limit output https://ift.tt/A9cE3Gg

But for the typical American family, a new car is now just a distant dream.

Tesla on track to dislodge Toyota as king of California

Tesla on track to dislodge Toyota as king of California https://ift.tt/Mpvsg67

Tesla is gaining on Toyota in California for the top sales spot as consumers switch from gas cars and hybrids to EVs. Tesla's Model 3 topped the Toyota Camry and Tesla's Model Y bested the Toyota RAV4.

Family-owned Texas dealership group buys Toyota, Honda, GM, Stellantis stores with New Mexico purchase

Family-owned Texas dealership group buys Toyota, Honda, GM, Stellantis stores with New Mexico purchase https://ift.tt/sqr4WEN

Casa Auto Group's third generation of family leadership takes the company across state lines for the first time in decades with the purchase of four stores in New Mexico.

Inventories retreat slightly to 1.73 million

Inventories retreat slightly to 1.73 million https://ift.tt/pKnNR1F

Inventories are down slightly but still remain significantly above where the industry was a year ago and far below where it has been historically, according to analysts' estimates.

Editorial: Don't drive back to the bad old days of conflict

Editorial: Don't drive back to the bad old days of conflict https://ift.tt/9ljqhZQ

After three years of unprecedented industry prosperity, troubling signs are arising of potential conflicts between automakers and franchised dealers. Those areas of dispute should be negotiated, not forced, for the continued collective good of all.

It's not sci-fi: Hawaiian dealership group lets robots do the data-entry work

It's not sci-fi: Hawaiian dealership group lets robots do the data-entry work https://ift.tt/6GzyJrE

Servco Pacific uses robotic process automation, or RPA, to perform repetitive data-entry tasks for dealership employees, which reduces manual errors and frees them to perform higher-value tasks — and focus more sharply on customers.

Federal ‘right-to-repair' bill reintroduced in House

Federal ‘right-to-repair' bill reintroduced in House https://ift.tt/qJpB4yM

The bill — known as the Right to Equitable and Professional Auto Industry Repair Act — would require all tools and equipment, wireless transmission of repair and diagnostic data and telematics systems needed for vehicle repairs be made available to the independent repair industry.

Volvo CEO stirs up new angst among U.S. dealers

Volvo CEO stirs up new angst among U.S. dealers https://ift.tt/M9xZi3I

If Volvo attempts to bring its direct sales model to this side of the Atlantic, it will push U.S. retailers into a defensive posture, the brand's dealer board chief warned.

Audi, Porsche, Mercedes-Benz and Chevy dealerships sell in 4 states

Audi, Porsche, Mercedes-Benz and Chevy dealerships sell in 4 states https://ift.tt/d6VkHTP

The dealerships, which sold in separate transactions last year, are in Michigan, California, Washington and Illinois.

Skepticism meets Biden EV push

Skepticism meets Biden EV push https://ift.tt/JUsjmft

Dealers say they're feeling pressure from automakers to invest in EVs and the necessary infrastructure and upgrades to sell and service them. They are split on the Biden administration's strategy.

Lithia Motors sells Detroit-area dealership, expands in Canada

Lithia Motors sells Detroit-area dealership, expands in Canada https://ift.tt/9iIcwz2

Lithia Motors' activity on both sides of the dealership buy-sell market continued with a fourth-quarter store sale and a February acquisition.

California dealers see EV demand lifting 2023 sales

California dealers see EV demand lifting 2023 sales https://ift.tt/1veQr0V

Tesla had the two top-selling models last year as consumers snapped up EVs, with battery-electric vehicles capturing 17 percent of the market and hybrids close behind, at 14 percent. Toyota was the No. 1 brand, followed by Tesla and Ford.

Minnesota Automobile Dealers Association loses court of appeals case aimed at blocking Clean Car Rule

Minnesota Automobile Dealers Association loses court of appeals case aimed at blocking Clean Car Rule https://ift.tt/YrlDoQC

The Minnesota Automobile Dealers Association lost a court of appeals decision aimed at blocking the state's Clean Car Rule that follows California regulations on new-vehicle emissions standards.

Minnesota's Clean Car Rule upheld

Minnesota's Clean Car Rule upheld https://ift.tt/Wq4VDQe

The Minnesota Automobile Dealers Association lost a court of appeals decision aimed at blocking the state's Clean Car Rule that follows California regulations on new-vehicle emissions standards.

Penske Automotive's Q4 net income declines amid record revenue

Penske Automotive's Q4 net income declines amid record revenue https://ift.tt/ZEMXy3w

The auto retailer's fourth-quarter included higher foreign currency exchange and lower average gross profits per new vehicle and used vehicle, though higher new-vehicle sales helped generate record fourth-quarter revenue.

Digital retailing was not a thing the last time I bought a car

Digital retailing was not a thing the last time I bought a car https://ift.tt/r1yZ7an

Digital changes are already transforming the auto-buying process on the front and back ends.

Matick Automotive buys Art Moran Buick-GMC in suburban Detroit

Matick Automotive buys Art Moran Buick-GMC in suburban Detroit https://ift.tt/DRQy4Uv

Matick Automotive Group has acquired a Buick-GMC dealership in suburban Detroit.

Pencilwrench enables techs to write more accurate service reports

Pencilwrench enables techs to write more accurate service reports https://ift.tt/RMLSwlP

Manufacturers like the accurate and thorough explanations of repair and warranty work technicians submit using the platform Pencilwrench provides.

Dealers, focus on relationship selling

Dealers, focus on relationship selling https://ift.tt/R0NKFXB

Dealers should start now to retrain salespeople in the art of relationship selling, writes an Automotive News reader in a letter to the editor.

Obituary: Michael Hooley

Obituary: Michael Hooley https://ift.tt/Wm39XOi

Michael Hooley, 80, owner of Plantation Ford, Weston Nissan and Weston Volvo Cars in Florida, died Jan. 30.

Stellantis, Ford, GM and Mercedes-Benz dealerships trade hands in Q4

Stellantis, Ford, GM and Mercedes-Benz dealerships trade hands in Q4 https://ift.tt/Gonw9Ei

Stellantis, Ford, GM and Mercedes-Benz dealerships sold in fourth-quarter transactions across Montana, Missouri, New Jersey and Michigan.

Shift Technologies sheds East Coast stores

Shift Technologies sheds East Coast stores https://ift.tt/0SBiVG2

The retailer said its store leases, inventory and related assets in Richmond, Va., Charlottesville, Va., and Tampa, Fla., will "be assumed by a local dealership group." It did not disclose the name of the group.

Asbury spends $2.7M in Q4 pursuing 'significant' but unconsummated acquisition

Asbury spends $2.7M in Q4 pursuing 'significant' but unconsummated acquisition https://ift.tt/W362g0u

Asbury's sale of nine North Carolina dealerships in the fourth quarter also was partly agreed to in anticipation of the unconsummated acquisition.

Sony-Honda vehicles might end up with competing dealers

Sony-Honda vehicles might end up with competing dealers https://ift.tt/bLjme5d

Sony Honda Mobility wants to challenge the status quo in automaking. That could mean its cars end up with Honda dealers' competitors.

Market contracts 35% in January, trade group estimates

Market contracts 35% in January, trade group estimates https://ift.tt/5HKtZ1i

Retail sales of new light vehicles in China slipped 35 percent in January from a year earlier because of the COVID pandemic, lack of incentives and fewer working days, the China Automobile Dealers Association estimates. 

Canada's Go Auto buys its first U.S. dealership

Canada's Go Auto buys its first U.S. dealership https://ift.tt/1kMt4B7

Go Auto of Edmonton, Alberta, said it has acquired a joint Toyota and Mercedes-Benz dealership near Seattle in Bellingham, Wash.

Porsche dealers told tight supply will linger

Porsche dealers told tight supply will linger https://ift.tt/UImyQvp

Porsche will prioritize meeting demand for performance variants, such as the GT and GTS, across the lineup.

Fed opts for small rate hike, still expects to deliver 'ongoing increases'

Fed opts for small rate hike, still expects to deliver 'ongoing increases' https://ift.tt/c5ZCb9j

"Inflation has eased somewhat but remains elevated," the U.S. central bank said in a statement that marked an explicit acknowledgement of the progress made in lowering the pace of price increases from the 40-year highs hit last year.

Service and parts forecast cloudy with a dose of confidence

Service and parts forecast cloudy with a dose of confidence https://ift.tt/vJyaWZ2

Staffing issues continue to plague service and parts departments, but managers are confident of another profitable year.

Congress reintroduces bill to stop surge of catalytic converter thefts

Congress reintroduces bill to stop surge of catalytic converter thefts https://ift.tt/Jtv5TBk

The legislation aims to reduce catalytic converter thefts by requiring new vehicles to have the VIN stamped onto the converter, allowing law enforcement officers to link stolen parts to the originating vehicles.

Credit Acceptance income drops 42%, auto loan volume up in Q4

Credit Acceptance income drops 42%, auto loan volume up in Q4 https://ift.tt/f9XHsUP

Credit Acceptance Corp.'s auto loan volume from dealerships rose 26 percent during the fourth quarter.