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.