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.