Used-vehicle power players Carvana, CarMax see AI uses in inspections, appraisals and more

Used-vehicle power players Carvana, CarMax see AI uses in inspections, appraisals and more https://ift.tt/8bupmts

Used-vehicle sales giants are among auto retailers assessing and expanding applications of artificial intelligence.

Used-vehicle power players Carvana, CarMax see AI uses in inspections, appraisals and more

Used-vehicle power players Carvana, CarMax see AI uses in inspections, appraisals and more https://ift.tt/D6QZNvJ

Used-vehicle sales giants are among auto retailers assessing and expanding applications of artificial intelligence.

Guest commentary: New strategies make the road back to 17 million SAAR possible

Guest commentary: New strategies make the road back to 17 million SAAR possible https://ift.tt/EP2u0Xi

The industry must be willing to take a disciplined approach to sales, inventory management and pricing.

Vehicle cost and high rates are holding back middle-income Americans, according to Santander

Vehicle cost and high rates are holding back middle-income Americans, according to Santander https://ift.tt/OuxBpcq

Thirty percent of those surveyed said they were likely to take out an auto loan if rates came down.

Nissan sales boss downshifts beleaguered brand's U.S. share target

Nissan sales boss downshifts beleaguered brand's U.S. share target https://ift.tt/eD3NH8g

The former Lexus marketer is working to flip old perceptions and draw new buyers by targeting the rational and emotional impulses involved in car buying.

Forvia posts slightly lower Q3 sales, but wins new business from Chinese automakers

Forvia posts slightly lower Q3 sales, but wins new business from Chinese automakers https://ift.tt/FywzQO6

Forvia said it underperformed the local automotive production in China due to “customer mix evolution and start of productions delayed from 2024 to 2025.”

As Fiat stalls as part of Stellantis, Italy's Turin struggles to stave off decline

As Fiat stalls as part of Stellantis, Italy's Turin struggles to stave off decline https://ift.tt/HzeoCjX

Turin's Mirafiori plant — once the symbol of Fiat's might, employing about 60,000 — has shriveled to a shadow of its former self under Stellantis ownership.

Used EVs could be answer for consumers seeking affordability

Used EVs could be answer for consumers seeking affordability https://ift.tt/SdsQJBG

The depressed values of used electric vehicles present an attractive solution to cost-conscious consumers seeking transportation, business leaders said at the 2024 Auto Finance Summit.

Stellantis dealers regain optimism after executive shake-up

Stellantis dealers regain optimism after executive shake-up https://ift.tt/iZaeTMk

Stellantis' dealer council met with new North America COO Antonio Filosa this week after criticizing the company's leadership over stagnant sales and bloated inventory.

Used-vehicle sales rise in Sept.

Used-vehicle sales rise in Sept. https://ift.tt/w9UuTV7

Sales of used light vehicles, after stagnating three straight months, rose 3.3 percent to 1.32 million last month behind a vehicle scrappage program, according to the China Automobile Dealers Association.

Guest commentary: Why bringing back stair steps is bad for automakers, dealers and consumers

Guest commentary: Why bringing back stair steps is bad for automakers, dealers and consumers https://ift.tt/5CRMToE

Fluctuating prices and preferential treatment given to some dealers create a sense of unfairness and unpredictability.

Guest commentary: Know your customer and tailor payment options to fit them

Guest commentary: Know your customer and tailor payment options to fit them https://ift.tt/JHKjzPI

Auto lenders and others should tailor payment options to their customers' preferences, writes PayNearMe CMO Anne Hay.

Sept. new-car market expands 4.5% behind scrappage program

Sept. new-car market expands 4.5% behind scrappage program https://ift.tt/UO1TvGN

Retail sales of new sedans, crossovers, SUVs and multipurpose vehicles rose 4.5 percent to 2.11 million in September after declining five straight months, the China Passenger Car Association said on Oct. 12, drawing on a final tally. 

Light-vehicle shipments edge up after dipping 3 straight months

Light-vehicle shipments edge up after dipping 3 straight months https://ift.tt/eUF3XrS

Wholesale deliveries of light vehicles bounced back last month as the positive impact of a government vehicle scrappage program kicked in and exports remained strong, the China Association of Automobile Manufacturers said.

Column: Yeehaw! Best Dealerships To Work For event celebrates winning stores

Column: Yeehaw! Best Dealerships To Work For event celebrates winning stores https://ift.tt/XxkhLmY

The Best Dealerships To Work For event was held in Nashville to celebrate an expanded group of stores that create great places to work and retain employees.

Leo Michael cartoon: Nissan's Halloween scare

Leo Michael cartoon: Nissan's Halloween scare https://ift.tt/6mZV2zD

Nissan says it will give retailers escalating bonuses on the Rogue, Pathfinder and Frontier if they reach or exceed October sales targets. It's the return of a scorned sales practice to help lift margins and market share.

Having fun at work a key driver of employee attitude among Best Dealerships

Having fun at work a key driver of employee attitude among Best Dealerships https://ift.tt/vyYdKXL

Having fun was one of the top 10 factors contributing to employees liking their dealership, according to Best Dealerships partner Workforce Research Group.

1 Thing We're Talking About: Chariot Automotive Group honored for support of college's auto programs

1 Thing We're Talking About: Chariot Automotive Group honored for support of college's auto programs https://ift.tt/85DTjeg

The owners of Chariot Automotive Group were honored for their support of the automotive training programs at Ivy Tech Community College.

Overheard: Start mobile service with one van and don't overcomplicate it

Overheard: Start mobile service with one van and don't overcomplicate it https://ift.tt/xitwhzK

Dedicate one adviser to oversee mobile service and make that their own responsibility, said Jeremy Stephens, remote operations director at Bozard Ford Lincoln on the 'What the Fixed Ops?! WTF?!' podcast.

GM’s sales slide 21% in Q3; electrified vehicles top gasoline models for first time

GM’s sales slide 21% in Q3; electrified vehicles top gasoline models for first time https://ift.tt/2dhpOm8

In the third quarter, GM’s two joint ventures delivered more than 224,000 full electric and plug-in hybrid vehicles, an increase of 61 percent and 53 percent of the company's overall China sales. 

Gen Z, millennials prefer a new generation of collectible cars

Gen Z, millennials prefer a new generation of collectible cars https://ift.tt/tgM2E7f

Gen Z and millennials have the passion for collecting cars, but what they want to drive is very different from the Mustangs, Camaros, MGBs, TR6s and Porsche 914s their parents loved.

Nissan revives stair-step plan to drive sales of 3 key models

Nissan revives stair-step plan to drive sales of 3 key models https://ift.tt/TwdcSgm

Nissan dealerships that achieve October sales goals will get bonuses of $200 to $750 on each Rogue, Pathfinder and Frontier sold.

Georgia Mercedes dealership sues commercial vehicle customizer for nearly $5 million

Georgia Mercedes dealership sues commercial vehicle customizer for nearly $5 million https://ift.tt/6bx8dDv

A Georgia dealership sued a South Carolina company for nearly $5 million for failing to pay for 83 Mercedes-Benz vehicles it bought in 2023, according to a federal court suit.

Florida dealerships battening down for 2nd major hurricane in 2 weeks

Florida dealerships battening down for 2nd major hurricane in 2 weeks https://ift.tt/JdxRhQ1

Dealerships along Florida's Gulf Coast began preparing early in the week for Milton, the second major hurricane to threaten the region in less than two weeks.

Lucid Q3 sales rise 91% to record 2,781 on generous incentives for Air sedan

Lucid Q3 sales rise 91% to record 2,781 on generous incentives for Air sedan https://ift.tt/toMCrhN

Lucid Q3 production increased a modest 16% as the automaker cleared out vehicle inventory. The EV startup's stock price rose about 2% higher in midday trading.

Leo Michael: Braking Stellantis

Leo Michael: Braking Stellantis https://ift.tt/x97ZSzg

Given the labor, manufacturing and supply chain issues plaguing Stellantis, poor Q3 U.S. sales results reinforce the uncomfortable questions already facing Stellantis management.

Thank technicians for getting things done

Thank technicians for getting things done https://ift.tt/8XITdqc

Thank the technicians for running the service department. It is not their job description, but they are the ones who know how to get things done.

Food Truck Fridays help forge connections

Food Truck Fridays help forge connections https://ift.tt/onMYNGe

Staffers at a Subaru dealership in Massachusetts spend some Fridays each summer showcasing new vehicles and interacting with potential customers at a local zoo.

Rivian reports 36% drop in Q3 sales, slashes full-year production forecast on parts shortage

Rivian reports 36% drop in Q3 sales, slashes full-year production forecast on parts shortage https://ift.tt/KIe8E6r

Rivian sold 10,018 vehicles in the third quarter and cut its full-year production forecast to around 48,000.

Volvo sales slide for sixth straight month

Volvo sales slide for sixth straight month https://ift.tt/gfZVIy1

In the first three quarters, Volvo’s China deliveries dropped 9 percent to 113,037, with September volume slipping 16 percent to 12,915. 

Judge orders CDK to transfer dealership data for Asbury Tekion pilot

Judge orders CDK to transfer dealership data for Asbury Tekion pilot https://ift.tt/Z1qRQzi

A Gwinnett County Superior Court judge has ordered CDK Global to provide Asbury Automotive Group with data from four Georgia Asbury's dealerships for use in the group's planned Tekion pilot there.

HYUNDAI-GENESIS: Q3 volume up, September sales impacted by fewer selling days and Hurricane Helene

HYUNDAI-GENESIS: Q3 volume up, September sales impacted by fewer selling days and Hurricane Helene https://ift.tt/mAczf4a

Hyundai's hybrids continue to set records, and Genesis' crossovers are the primary driver of growth for the luxury brand.

NISSAN-INFINITI: Q3 sales dip 2.2% in aftermath of Hurricane Helene

NISSAN-INFINITI: Q3 sales dip 2.2% in aftermath of Hurricane Helene https://ift.tt/b7lZnyE

Nissan Rogue deliveries tumbled 24 percent in the absence of a hybrid option.

September sales fall at Hyundai, Kia

September sales fall at Hyundai, Kia https://ift.tt/p5YRmLw

U.S. new-vehicle sales are expected to drop in September and the third quarter, with analysts expecting volatility the rest of the year, as affordability remains a challenge and the U.S. presidential election looms.

OPEN LETTER: Government's overly aggressive EV push has ignored market reality, and now we're seeing the results

OPEN LETTER: Government's overly aggressive EV push has ignored market reality, and now we're seeing the results https://ift.tt/4gw9mca

With the 2024 elections fast approaching, it's clear that our fears were warranted.

VW, Wells Fargo tie-up an advantage for dealers

VW, Wells Fargo tie-up an advantage for dealers https://ift.tt/76YNm8S

Volkswagen Financial Services will continue to handle leasing and customer service, ensuring minimal disruption for dealers, while Wells Fargo steps in to manage retail financing.

Chevy launches EV training road tour for dealership sales teams

Chevy launches EV training road tour for dealership sales teams https://ift.tt/lzQF1dp

Chevy's program combines educational sessions designed to dispel myths with opportunities to drive EVs from GM and from rival automakers.

Daily 5 report for Sept. 27: More turmoil ahead in Vinnie Johnson's minority certification controversy

Daily 5 report for Sept. 27: More turmoil ahead in Vinnie Johnson's minority certification controversy https://ift.tt/8HzKIrk

The Michigan Minority Supplier Development Council isn't going away in its quest to strip Piston Group of its minority certification.

Edmunds' new digital campaign turns to TikTok, YouTube, Meta

Edmunds' new digital campaign turns to TikTok, YouTube, Meta https://ift.tt/Gup8ZCN

Online car shopping guide Edmunds is running a sports-themed fall social media advertising campaign to boost brand awareness and help retailers sell more cars.

September, Q3 sales impacted by ‘calendar quirk,' affordability challenges

September, Q3 sales impacted by ‘calendar quirk,' affordability challenges https://ift.tt/vodlmXK

Analysts observe no new momentum in the quarter and a mostly lackluster sales pace.

New-vehicle sales will rebound 4% in September, trade group predicts

New-vehicle sales will rebound 4% in September, trade group predicts https://ift.tt/RtN5Vsq

Retail sales of new sedans, crossovers, SUVs and multipurpose vehicles will expand 4 percent from a year earlier to 2.1 million in September after declining five straight months, the China Passenger Car Association predicted. 

Service Tip: Advisers can earn a good customer survey score by being an advocate

Service Tip: Advisers can earn a good customer survey score by being an advocate https://ift.tt/qEd5Ivm

Even if a customer is not happy with the price of a repair, service advisers can still get a good survey score if they are engaged and helpful, says Chris Craig, fixed operations content owner on the RockED app.

EV sales will improve when automakers address affordability, experts say

EV sales will improve when automakers address affordability, experts say https://ift.tt/gB4vdRz

The big hindrance constraining electric vehicle sales remains affordability, said Dave Katarski, COO of Feldman Automotive Group, during a panel discussion at the Automotive News Congress.

Traditional auto dealership franchises might work best, new study says

Traditional auto dealership franchises might work best, new study says https://ift.tt/nBeuYx7

A new Oliver Wyman study, commissioned by NADA, believes the cost advantages of hybrid or direct-to-consumer auto distribution models have been overstated.

Ohio Ford-Lincoln dealership service department sees benefits in going paperless

Ohio Ford-Lincoln dealership service department sees benefits in going paperless https://ift.tt/bcrUgKq

Beau Townsend Ford-Lincoln has seen its recruiting and retention of young technicians and advisers grow with its all-digital efforts.

Dealerships can start filing claims in CDK antitrust settlement

Dealerships can start filing claims in CDK antitrust settlement https://ift.tt/aSHtp1F

An Illinois federal judge has granted preliminary approval for CDK's agreement to pay $100 million to resolve a class-action antitrust lawsuit.

Column: How I beat the high cost of new cars

Column: How I beat the high cost of new cars https://ift.tt/CSz1KtQ

Like many Americans, my wife and I consider ourselves priced out of the new-car market. Low-mileage, older used cars are how to beat high prices.

Hold technicians responsible for work

Hold technicians responsible for work https://ift.tt/5bzcIvZ

Technicians, or the talent, are running fixed operations. Let’s take back control with practices we are already using.

How much auto demand will the Fed's 0.5-point rate cut produce?

How much auto demand will the Fed's 0.5-point rate cut produce? https://ift.tt/iOMZEj3

The Federal Reserve cut its benchmark rate target 0.5 points on Sept. 18, which could reduce the market interest rates that Cox Automotive polling indicates are dealerships' No. 1 challenge.

Stellantis taking heat from dealers, UAW amid EV push

Stellantis taking heat from dealers, UAW amid EV push https://ift.tt/AzMNwor

As Stellantis tries to build sales momentum in the U.S. and presses forward with its EV offensive, it's facing unrest among several constituencies that are monumentally important to its success.

Top 5 stories of the week: VW drops in-house loans; UAW pressures Stellantis

Top 5 stories of the week: VW drops in-house loans; UAW pressures Stellantis https://ift.tt/ip70EAc

A quick look at the top automotive stories of the week as determined by reader interest.

VW dealers get glimpse of future U.S. product

VW dealers get glimpse of future U.S. product https://ift.tt/dcLxjU0

VW's U.S. sales rose 26 percent in the first half of 2024, the largest gain of any mass-market brand. VW dealers to get fresh products by year-end.

Half-point Fed rate cut could spur consumer demand at auto dealerships

Half-point Fed rate cut could spur consumer demand at auto dealerships https://ift.tt/zkiZpwq

Car dealerships might see higher demand from consumers following the Federal Reserve's decision Sept. 18 to cut its benchmark rate target 0.5 points, according to Edmunds.

F&I data: Average Q2 used-vehicle payment down but interest rate up, Experian says

F&I data: Average Q2 used-vehicle payment down but interest rate up, Experian says https://ift.tt/kw84yea

The average used-car auto loan during Q2 2024 financed $26,248 with a $525 monthly car payment and 12 percent interest, according to Experian.

Feedback: More than half of new-car buyers want introduction to service department, but most don't get it, survey shows

Feedback: More than half of new-car buyers want introduction to service department, but most don't get it, survey shows https://ift.tt/uDpF2Ca

While 51 percent of new-vehicle buyers said it was 'very important' to meet someone from the service department, only 37 percent did, according to a recent survey.

Volkswagen dropping in-house U.S. auto loans, giving business to Wells Fargo

Volkswagen dropping in-house U.S. auto loans, giving business to Wells Fargo https://ift.tt/mRrKbo4

Volkswagen will cease to write U.S. Audi and VW auto loans through its in-house captive finance company and instead refer that business to Wells Fargo starting in April. It will also start to refer U.S. Ducati motorcycle loans to Wells Fargo at some point.

German maker of digital price tag tech targets U.S. dealers

German maker of digital price tag tech targets U.S. dealers https://ift.tt/rE7t4yc

Digital Communication Solutions developed digital price tag tech that relies in part on artificial intelligence. Prices can be changed instantly.

Column: How to sell and service EVs? Bowman Chevy has answers

Column: How to sell and service EVs? Bowman Chevy has answers https://ift.tt/49Wb3u1

EV attitudes, training and infrastructure can make a difference at dealerships.

Leo Michael cartoon: 4-way sales stop

Leo Michael cartoon: 4-way sales stop https://ift.tt/jqQINBa

There's high drama playing out in the U.S. auto market. The question is: Will somebody flinch? 'It's a standoff right now — between consumers, dealers, automakers and lenders — to see which one is going to blink,' says Tyson Jominy of J.D. Power.

Del Grande dealerships get ahead of California turf crackdown with low-water landscaping

Del Grande dealerships get ahead of California turf crackdown with low-water landscaping https://ift.tt/GLtAuMX

When California announced a coming ban on watering ornamental turf, Del Grande Dealer Group made a plan to save water, save money and upgrade its Silicon Valley landscaping with native plants

U.S. vehicle inventory hovers below 3 million

U.S. vehicle inventory hovers below 3 million https://ift.tt/dRgnviE

New-vehicle inventory in the U.S. was at 2.91 million last month, down slightly from the previous month, Cox Automotive said.

Used-vehicle market stalls in August

Used-vehicle market stalls in August https://ift.tt/LNUhw3y

Some 1.2 million used light vehicles were sold across China in August, unchanged from a year earlier, according to the China Automobile Dealers Association.

Bowman Chevy prepares to service any EV

Bowman Chevy prepares to service any EV https://ift.tt/90bWoYk

Being ready for all possible EV fixes means regularly investing in new equipment and updating training.

Bowman Chevy embraces EVs despite industry setbacks

Bowman Chevy embraces EVs despite industry setbacks https://ift.tt/elGVERX

The Michigan dealership says staff training and culture leads to success with EVs.

Dealership service departments improve handling phone calls but issues remain, study finds

Dealership service departments improve handling phone calls but issues remain, study finds https://ift.tt/IJhWSse

Serra Automotive, Napleton Automotive Group top the latest Pied Piper Service Telephone Effectiveness study.

Vehicle shipments in China dip 3rd month in a row

Vehicle shipments in China dip 3rd month in a row https://ift.tt/EyA0xuf

China’s vehicle exports surged 25 percent to some 511,000 in August, the China Association of Automobile Manufacturers said, but vehicles shipped domestically slumped 10 percent to 1.94 million. 

 

Now an established luxury brand, Genesis is refining strategy to win loyal customers

Now an established luxury brand, Genesis is refining strategy to win loyal customers https://ift.tt/suUpyXF

Hyundai's premium brand expects more growth on strong product, new dedicated dealerships and a focus on loyalty.

U.S. new-vehicle market ‘stuck' as buyers wait for relief, sellers try to hang on to profits

U.S. new-vehicle market ‘stuck' as buyers wait for relief, sellers try to hang on to profits https://ift.tt/k47vBlN

The August selling rate was just 15.1 million, disappointing given the addition of the holiday weekend and a sign that cash-strapped consumers are waiting to make big purchases in uncertain times.

Toyota dealer gathering to focus on partnership, products, says brand head Dave Christ

Toyota dealer gathering to focus on partnership, products, says brand head Dave Christ https://ift.tt/smw0e6a

Toyota dealers will gather for their national dealer meeting in Las Vegas on Sept. 10-11 to discuss the Japanese brand's upcoming products and strategy, while dealers may want to question the brand about a spate of embarrassing recalls.

Column: Digital retailing transformation means some will lose, disappear as efficiencies grow

Column: Digital retailing transformation means some will lose, disappear as efficiencies grow https://ift.tt/yqBMNxV

St. Charles Toyota is all in on Toyota's SmartPath digital retailing system, and it's transforming the dealership's relations with outside vendors.

Sales slumps extend at Volvo, Honda

Sales slumps extend at Volvo, Honda https://ift.tt/yIZuRlG

Steep China sales falls continued in August at Volvo Car Corp. and Honda Motor Co., the first two global automakers that have divulged their sales in the market for the most recent month.

Hybrids, crossovers drive Hyundai, Kia to Aug. U.S. sales gains

Hybrids, crossovers drive Hyundai, Kia to Aug. U.S. sales gains https://ift.tt/czp9sLN

U.S. auto sales are projected to rise 7 to 8 percent last month, analysts estimated, with average transaction prices falling as inventory rises and incentives increase.

Column: Tekion, a DMS upstart, attracts the NYSE's attention

Column: Tekion, a DMS upstart, attracts the NYSE's attention https://ift.tt/YI1yR5a

Tekion's CEO has said that the company could pursue an initial public offering if certain milestones are met.

Toyota's new SmartPath F&I tool may be a ‘game changer' for dealers

Toyota's new SmartPath F&I tool may be a ‘game changer' for dealers https://ift.tt/cFgdilP

The new F&I piece joins previous sales, service components to Toyota and Lexus' digital retailing suites, enabling purchase completions online.

Column: CDK moves forward after ‘bad things happen to good companies'

Column: CDK moves forward after ‘bad things happen to good companies' https://ift.tt/jALlObE

CDK CEO Brian MacDonald outlines the company's steps to recovery after cyberattacks.

EV sales process needs adjustment

EV sales process needs adjustment https://ift.tt/FMrow2G

It’s going to take time to figure out the EV market, but the curve is headed in the right direction. And since we are past the more savvy early adopters, the sales process will need a major adjustment.

New-car market in China rebounds in first 25 days of August, trade group says

New-car market in China rebounds in first 25 days of August, trade group says https://ift.tt/l8jSB9k

Retail sales of new sedans, crossovers, SUVs and multipurpose vehicles in China rose 5 percent year over year to top 1.3 million from Aug. 1 to Aug. 25, after declining four straight months, according to the China Passenger Car Association.

Guest commentary: Surge in leasing numbers an opportunity for dealers

Guest commentary: Surge in leasing numbers an opportunity for dealers https://ift.tt/Fu5Q0VB

While leasing as a whole appears to be bouncing back, it is not yet attracting first-time lessees at a rate commensurate to that before the pandemic.

Feedback: Two-thirds of service customers decline additional work

Feedback: Two-thirds of service customers decline additional work https://ift.tt/N2Ec1xW

Both mass market and luxury customers opt out of service work recommended by adviser or technician, survey shows.

BYD dominance is taking a toll on smaller Chinese EV rivals

BYD dominance is taking a toll on smaller Chinese EV rivals https://ift.tt/dNoeS5q

BYD has risen to become the dominant force in China’s auto market — overtaking established western automakers like VW Group to sell 3 million units last year.

F&I revenue still possible as leasing returns

F&I revenue still possible as leasing returns https://ift.tt/4FZVGHK

As leasing grows across the country, car dealership finance managers might have a harder time hitting the kind of F&I gross profit per vehicle seen during the inventory shortage. But there's still an opportunity for the finance and insurance office, experts said.

AI, machine learning boost Widewail's look at dealership reviews

AI, machine learning boost Widewail's look at dealership reviews https://ift.tt/Yplm7CP

Widewail's platform helps dealers track their online reviews. Machine learning and AI enables better understand of their wants and needs.

BYD aims to get half of sales from global markets

BYD aims to get half of sales from global markets https://ift.tt/D8jW2fR

BYD’s target is to sell about 3.6 million full-electric and plug-in hybrid cars globally in 2024, and is on track to hit 500,000 overseas sales this year.

Hyundai turns to new hybrid tech to power growth amid 'slowdown' in EV demand

Hyundai turns to new hybrid tech to power growth amid 'slowdown' in EV demand https://ift.tt/LTny0pw

Hyundai is leaning heavily into hybrids, citing ‘the recent slowdown’ in EV demand, and expects its sales of the gasoline-electric vehicles to more than double as it rolls out new electrified powertrain technologies and extends them to the Genesis premium brand.

Guest commentary: What's keeping Larry up at night?

Guest commentary: What's keeping Larry up at night? https://ift.tt/sb75g2G

Dealers need to protect customer information, train staff and invest in technology to sleep better at night.

Guest commentary: 6 tips for dealers in a still-volatile market

Guest commentary: 6 tips for dealers in a still-volatile market https://ift.tt/CqG5Z4D

What should dealers be doing to navigate these strange and challenging times?

Column: EV fire risk, dealership design and insurance costs

Column: EV fire risk, dealership design and insurance costs https://ift.tt/TRevIsY

Insurance companies are trying now to figure out is what will happen if, or when, electric vehicles catch fire on dealership property.

Many issues are hurting auto industry

Many issues are hurting auto industry https://ift.tt/n8Qahvk

The auto industry has a multitude of issues plaguing it, from overregulation and a push to an all-EV marketplace to overpriced model offerings with higher-interest loans that have placed many buyers out of the market.

Leo Michael cartoon: Dealer profit shrinkage

Leo Michael cartoon: Dealer profit shrinkage https://ift.tt/VfDy16X

The average U.S. franchised dealership saw net pretax profit slip 33.4 percent in the first half of 2024, though the profit decline appear to be slowing, according to a new dealership performance benchmark report.

Editorial: In light of EV fire risk, dealers should prepare for higher insurance costs

Editorial: In light of EV fire risk, dealers should prepare for higher insurance costs https://ift.tt/d1qFURb

The insurance industry is watching closely to see if the risk of fires grows as dealership service departments start working on more hybrids and EVs.

New-car sales will drop 4.4% in August, trade group predicts

New-car sales will drop 4.4% in August, trade group predicts https://ift.tt/QBKMVzw

China’s new-car market is set to contract for the fifth straight month in August behind slumping demand for gasoline vehicles, according to the China Passenger Car Association.

Mazda incentives soar, putting pressure on profits, upmarket move

Mazda incentives soar, putting pressure on profits, upmarket move https://ift.tt/tFsXa0K

Spiraling incentives nearly wiped out Mazda's operating profit in the latest quarter, as the company spent more to sell more. Volume and market share are growing. But it comes at a big price, with U.S. spiffs nearly double their level a year ago.

Guest commentary: Dealers can own EV sales, but success requires a culture shift

Guest commentary: Dealers can own EV sales, but success requires a culture shift https://ift.tt/NR1i3fP

Here are four proven best practices to ensure your dealership's EV success.

Rhode Island dealerships settle deceptive sales claims for $1 million

Rhode Island dealerships settle deceptive sales claims for $1 million https://ift.tt/i4r6zHg

Six Rhode Island dealerships have settled with the state attorney general over allegations of deceptive sales practices.

Average dealership pretax profit slipped 33% in the first half of 2024, report says

Average dealership pretax profit slipped 33% in the first half of 2024, report says https://ift.tt/hRk0p8Y

The report from Presidio Group and NCM Associates also found the typical dealership hasn't reduced expenses quickly enough amid profitability declines.

Sales folks just wanna have fun: Bob Rohrman Toyota snags customers with exciting promotions

Sales folks just wanna have fun: Bob Rohrman Toyota snags customers with exciting promotions https://ift.tt/36NtqYM

The store's general manager credits the fun environment with helping retain employees.

Why dealership volumes at auctions are ‘No. 1 concern'

Why dealership volumes at auctions are ‘No. 1 concern' https://ift.tt/SYBE6Jy

The role of AI and the potential impact of the presidential election also were among topics discussed by National Auto Auction Association leadership at Manheim Detroit.

Used-vehicle sales rebound mildly in July

Used-vehicle sales rebound mildly in July https://ift.tt/dUj5Pkl

Sales of used light vehicles in China gained 1.7 percent year over year to approach 1.28 million in July after dipping 1.5 percent in June — the first decline since March, according to the China Automobile Dealers Association.

Service tip: Use mentorship program to bridge generational gap on team

Service tip: Use mentorship program to bridge generational gap on team https://ift.tt/IrXayK7

Understanding the communication preferences and work styles across generations is key to creating a cohesive team, says Corey Smith, national fixed operations training manager at EasyCare.

Social media propels repair Utah shop into national spotlight

Social media propels repair Utah shop into national spotlight https://ift.tt/zHyw6YM

Dave Bell has been making videos that expose what he believes are shortcomings in the way vehicles are designed and engineered and how consumers who ignore maintenance often exacerbate those issues or cause new ones.

Polestar to boost U.S. retail network by nearly 75% as new product arrives

Polestar to boost U.S. retail network by nearly 75% as new product arrives https://ift.tt/SvwTRgC

The EV brand, which is tripling the size of its lineup this year, plans to add 20 stores in the U.S. by the end of 2025.

F&I tip: Have a checklist for document accuracy

F&I tip: Have a checklist for document accuracy https://ift.tt/0iVhOve

Finance and insurance offices should have a checklist to ensure the accuracy of all the parts of a deal before the documents are submitted to accounting.

Average monthly payments stabilize in Q2 for new, used vehicles

Average monthly payments stabilize in Q2 for new, used vehicles https://ift.tt/abQgmhr

The average monthly payments for both new and used vehicles fell slightly in the second quarter.

Guest commentary: Overcoming legacy data constraints to unlock the potential of generative AI

Guest commentary: Overcoming legacy data constraints to unlock the potential of generative AI https://ift.tt/zyYGhqO

Decades of siloed data management, outdated IT structures and a lack of visibility across the supply chain have created barriers to innovation.

Nissan dealership profits tank amid U.S. sales struggles

Nissan dealership profits tank amid U.S. sales struggles https://ift.tt/8AbxL7T

The average Nissan dealership earned 70 percent less in the first half of the year than in 2023, with more than a third of stores losing money, according to data obtained by Automotive News.

3-store dealership group Pillar streamlined accounts receivable with software

3-store dealership group Pillar streamlined accounts receivable with software https://ift.tt/rDWLVeb

Shifting to a software-based process helped the small Ohio and Pennsylvania car dealership group Pillar Automotive streamline accounting staff and strengthen oversight.

Vehicle shipments contract for second consecutive month

Vehicle shipments contract for second consecutive month https://ift.tt/cAg9W21

Wholesale vehicle deliveries dropped 5.2 percent year on year to 2.26 million last month amid weakening domestic demand, according to numbers the China Association of Automobile Manufacturers released on August 9.

Feldman buys car dealership that battled back after Chrysler bankruptcy

Feldman buys car dealership that battled back after Chrysler bankruptcy https://ift.tt/7b9EFOf

Feldman Automotive Group is expanding with the acquisition of a dealership in Livonia, a Detroit suburb.

Livonia Chrysler Jeep has been renamed Feldman Chrysler Jeep of Livonia following the acquisition, which closed Aug. 1. 

Feldman now owns and operates 21 automotive and RV/Airstream dealerships across Michigan, Ohio and Indiana, including six with actor Mark Wahlberg in Cleveland and Columbus, Ohio.

“Our mission at Feldman Automotive is to provide a first-class buying and customer service experience at all our dealerships, and our team is excited to provide more brands to Livonia and the surrounding communities,” Jay Feldman, chairman and CEO of Feldman Automotive Group, said in a news release.

Before the acquisition, Livonia Chrysler Jeep was owned by Colleen McDonald, whose history with the dealership consisted of hard-fought and lengthy legal battles for ownership.

McDonald initially lost ownership of all three of her family’s dealerships — Century Dodge in Taylor, Holiday Chevrolet in Farmington Hills and the Livonia store — to the 2009 General Motors and Chrysler bankruptcies.

McDonald regained ownership of the Livonia Chrysler-Jeep dealership in August 2015 after taking her case against the closure to the U.S. Supreme Court. 

Crain's Detroit Business was unable to reach McDonald or the broker on the sale for comment about the Feldman acquisition.

Feldman declined to disclose terms of the deal, but said the 40 people across the sales and service departments will stay on.

“Feldman Automotive Group has retained the employees (of the Livonia store) and we are excited to welcome them to our dealership family, and to be part of the Feldman Automotive Group team,” Feldman told Crain’s via email.

The 37,000-square-foot full-service dealership has 20 bays and an auto body shop. The location sells Chrysler, Jeep, Dodge and Ram brands.

Feldman ranked No. 17 on Crain's Fast 50 list of fastest-growing companies last year due to its expansion over the past several years. It reported 2022 revenue of $1.669 billion.

Additional expansion could be in the future for the automotive group. 

“The Livonia dealership is our latest acquisition, and we are always actively pursuing new opportunities,” Feldman told Crain’s.

Volvo sales tumble in July

Volvo sales tumble in July https://ift.tt/UKiPVyc

China sales at Volvo Car Corp. have contracted for four straight months, with July volume plunging 31 percent year on year to 9,775.

F&I tip: Paper auto loan holdouts ‘need to get going' on digital

F&I tip: Paper auto loan holdouts ‘need to get going' on digital https://ift.tt/3fSxrKM

Auto lenders are going digital, according to an executive for e-contracting support company Wolters Kluwer — and car dealerships should, too.

Guest commentary: Fraud prevention across the car-buying journey

Guest commentary: Fraud prevention across the car-buying journey https://ift.tt/nuD2yMt

The rise and impact of fraud in the automotive industry has significant implications for both consumers and auto retailers. It is imperative to combat fraud across each step of the car-buying journey.

Audi and Costco Auto Program bring back new-vehicle incentives

Audi and Costco Auto Program bring back new-vehicle incentives https://ift.tt/7QVNMG1

Audi and Costco Auto Program brings back new-vehicle incentives with three incentives available: $1,000, $1,500 or $3,000.

Sonic Automotive Q2 net income jumps despite CDK outage

Sonic Automotive Q2 net income jumps despite CDK outage https://ift.tt/xvOJmiM

Sonic Automotive's net income nearly doubled in the second quarter despite an outage related to the CDK cyberattacks.

Pricing, interest rates temper sales rebound

Pricing, interest rates temper sales rebound https://ift.tt/dRiC3fA

Overall growth is expected to slow in the second half after sales rose 2.2 percent in the first six months of 2024. Analysts say high interest rates and borrowing costs as well as elevated prices are preventing more robust demand.

Overheard: Where the rubber hits the road

Overheard: Where the rubber hits the road https://ift.tt/Ecidt5U

Service departments need to sell tires to keep customers coming back, Eddie Campbell, fixed operations director at Forest Lane Chrysler-Dodge-Jeep-Ram, said on the ‘Retention Roadmap' podcast.

Lithia net income down 28% in Q2 despite record revenue of $9.2B

Lithia net income down 28% in Q2 despite record revenue of $9.2B https://ift.tt/Zql3VuT

Lithia Motors Inc. Q2 2024 earnings: Net income fell 28 percent during the second quarter despite the car dealership group generating record revenue for that earnings period.

Hyundai gains 4%, Kia slips 10% in July; overall market expected to rise

Hyundai gains 4%, Kia slips 10% in July; overall market expected to rise https://ift.tt/y5lGDkg

The U.S. light-vehicle market rose 1 to 3 percent in July, analysts said, as many dealers recovered from the CDK cyberattacks that knocked new-car sales offline in late June.

Federal Reserve leaves interest rates unchanged again

Federal Reserve leaves interest rates unchanged again https://ift.tt/S8450mr

The Federal Reserve opted against changing its benchmark rate during its July meeting, attempting to restrict future inflation for consumers but leaving them receiving higher interest rates than they might like on financed purchases like vehicles.

F&I data: Used-vehicle payments down while interest rate inches up

F&I data: Used-vehicle payments down while interest rate inches up https://ift.tt/eo8l7Nc

The average monthly payment for a used vehicle was slightly less in the second quarter of 2024 than a year ago, according to Edmunds.

F&I tip: Know your software programs inside and out

F&I tip: Know your software programs inside and out https://ift.tt/9iRjzmU

In the wake of the recent CDK Global outage, finance and insurance managers should make sure they know the ins and outs of their software, said Teasha McMillion, an independent dealership consultant.

How one car dealership group tackles health care insurance costs

How one car dealership group tackles health care insurance costs https://ift.tt/xd2Uc1M

A Carter Myers self-insured plan allows it to manage costs and potentially give leftover money back to help employees cover premiums.

Alfa Romeo weighs sales of Junior Veloce EV in U.S.

Alfa Romeo weighs sales of Junior Veloce EV in U.S. https://ift.tt/icAtOv5

Alfa Romeo will talk to its U.S. dealers to see if the 281-hp small EV could be sold in states such as California and Florida. 

Column: Market for decade-old vehicles is getting wild in its own right

Column: Market for decade-old vehicles is getting wild in its own right https://ift.tt/AUBI5nx

A study by iseecars.com found rapid price increases, growing market share for 10-plus-year old vehicles, which lead lenders to reconsider underwriting rules.

Beijing enhances consumer incentives to scrap older vehicles, boost sales of electrified models

Beijing enhances consumer incentives to scrap older vehicles, boost sales of electrified models https://ift.tt/Nu7lyFx

The Chinese government, seeking to boost vehicle demand, has raised subsidies significantly under a scrappage program it rolled out for passenger vehicles in late April.

Overheard: Women bring intangibles to fixed operations departments

Overheard: Women bring intangibles to fixed operations departments https://ift.tt/AUn0CNe

Women are overachievers and adaptable and therefore make good dealership service and parts workers, said Diana Shubert, former parts director at a Florida JLR dealership, on 'The Parts Girls Podcast.'

F&I tip: Dealership internal communication helpful when customers cancel F&I products

F&I tip: Dealership internal communication helpful when customers cancel F&I products https://ift.tt/GCBAeqo

Car protection product cancellation work at lenders, dealerships and finance and insurance product companies can be smoothed with good internal communication between 'front' and 'back' offices, says Kat Venner-Fowler, F&I Sentinel chief product officer.

Carvana's used EV sales are up so far this year. Here's a look at who's buying them.

Carvana's used EV sales are up so far this year. Here's a look at who's buying them. https://ift.tt/wJFCVvl

Emily Knoll, Carvana's senior director of inventory strategy, shared insights on retailer's second-quarter EV Trends Report.

Column: Good service depends on techs who follow the shop's processes

Column: Good service depends on techs who follow the shop's processes https://ift.tt/vUhGixn

Technicians who don't follow their shop's work processes 100 percent of the time are eroding the trust of the consumer and costing their employers money.

Jeep's big Wagoneers seeing growth as Grand Cherokee, Wrangler struggle

Jeep's big Wagoneers seeing growth as Grand Cherokee, Wrangler struggle https://ift.tt/MID6iZo

The burly three-row Wagoneer and Grand Wagoneer are the only Jeep nameplates to post higher U.S. sales in the first half of 2024, nearly doubling their combined volume from a year ago.

Global cyber event affects dealership groups, suppliers

Global cyber event affects dealership groups, suppliers https://ift.tt/GoZarvn

A technology stoppage, which crashed Microsoft Windows computer systems worldwide, stemmed from trouble with a software update from cybersecurity provider CrowdStrike Holdings Inc.

1 Thing We're Talking About: UVeye, myKaarma bring vehicle inspection data to customers' phones

1 Thing We're Talking About: UVeye, myKaarma bring vehicle inspection data to customers' phones https://ift.tt/VxI5vjq

Automated vehicle inspection platform UVeye has teamed with service drive technology provider myKaarma to provide customers with detailed inspection data delivered to their phone.

GM’s core China joint venture faces existential crisis

GM’s core China joint venture faces existential crisis https://ift.tt/z2c7UIw

SAIC-GM in June cut production by 70 percent to below 28,400, with year-to-date output slipping 54 percent to just under 210,000. 
 

F&I data: EV payment difference smaller than industry average in Q1 2024

F&I data: EV payment difference smaller than industry average in Q1 2024 https://ift.tt/DavRd0o

The average payment difference for electric vehicles was $88 in the first quarter.

Why American Honda expects to grow faster in the U.S. than the industry this year

Why American Honda expects to grow faster in the U.S. than the industry this year https://ift.tt/YZlb97I

The Japanese automaker expects U.S. growth on returning brand loyalists and consumers sidelined during the pandemic.

Column: Unraveling the true cost of owning an electric car

Column: Unraveling the true cost of owning an electric car https://ift.tt/qz4THhx

Two contradictory choruses dominate the electric vehicle discussion: 'EVs are much more expensive than gasoline vehicles' and 'EVs cost less to own than gasoline vehicles.' We set out to determine which was true.

Honda leaps Stellantis, pickups down in '24

Honda leaps Stellantis, pickups down in '24 https://ift.tt/B3rHSZq

Although the industry grew 2.2% in the first half of the year, GM, Hyundai-Kia, Stellantis and Tesla experienced declines.

Guest commentary: CDK attack is a wake-up call for dealers: Prepare for the next crisis

Guest commentary: CDK attack is a wake-up call for dealers: Prepare for the next crisis https://ift.tt/FvDi46f

Every dealer should now recognize the need to have a strong business continuity management plan and make it a strategic priority.

Mercedes sales rebound in Q2

Mercedes sales rebound in Q2 https://ift.tt/uO12IbX

Mercedes-Benz saw its China deliveries gain 2 percent year on year to 172,600 in the second quarter after sliding 12 percent to 168,900 in the first quarter. 

F&I tip: Don't forget interest when refunding a customer if mistake made during CDK outage

F&I tip: Don't forget interest when refunding a customer if mistake made during CDK outage https://ift.tt/t7fHou5

If a dealership inadvertently overcharged a customer during the CDK outage, 'it needs to be promptly refunded to the consumer,' says Hudson Cook law firm partner Jean Noonan.

F&I data: Credit unions edge out captives for Gen Z auto loans

F&I data: Credit unions edge out captives for Gen Z auto loans https://ift.tt/KqHp7SO

Captive finance lenders were the most popular source of car loans for most generations — but not Generation Z, which was slightly more likely to borrow from a credit union during the first third of the year, according to Equifax data.

Hyundai pushed fake EV sales reporting scheme, Napleton lawsuit claims

Hyundai pushed fake EV sales reporting scheme, Napleton lawsuit claims https://ift.tt/wCrtV9W

Hyundai said it does not "condone any intentional falsification of sales reporting data and [has] launched an immediate investigation."

Fifth Third Bank settles CFPB forced auto loan insurance case for $5M

Fifth Third Bank settles CFPB forced auto loan insurance case for $5M https://ift.tt/cm9pQZt

Fifth Third Bank has agreed to pay restitution to auto borrowers and a $5 million civil penalty to settle Consumer Financial Protection Bureau allegations it mishandled the "force-placed insurance" it applied to thousands of customer cars, the agency said.

Porsche sales off 7% in H1 as China slump deepens

Porsche sales off 7% in H1 as China slump deepens https://ift.tt/n3blL98

Sales in China fell by 33% and 6% in the U.S. Executives said they believe a raft of new and updated models in the next year will give the VW Group brand a boost.

Guest commentary: CDK attack is a wake-up call for dealers: Prepare for the next crisis

Guest commentary: CDK attack is a wake-up call for dealers: Prepare for the next crisis https://ift.tt/VQK5uwe

Every dealer should now recognize the need to have a strong business continuity management plan and make it a strategic priority.

GM’s China sales slide 29% in Q2 amid EV transition

GM’s China sales slide 29% in Q2 amid EV transition https://ift.tt/iPv9sq6

GM and its two Chinese partners delivered 373,000 vehicles in China in the second quarter, a drop of 29 percent from a year earlier, as the Detroit automaker continues to struggle in a market shifting to electric vehicles and hybrids.

Column: Meet this year's class of 40 Under 40 honorees

Column: Meet this year's class of 40 Under 40 honorees https://ift.tt/6Ctul7z

Automotive News spotlights its latest class of 40 Under 40 honorees in its July 8 issue.

We asked our 40 Under 40 honorees: What would people be surprised to learn about you?

We asked our 40 Under 40 honorees: What would people be surprised to learn about you? https://ift.tt/Z0inPhf

We try to get to find out just a little more about our 2024 40 Under 40 honorees.

Michigan dealership group takes branding to the skies with hot air balloon

Michigan dealership group takes branding to the skies with hot air balloon https://ift.tt/xUIFbeO

A hot air balloon emblazoned with the name of the Kalamazoo, Mich., dealership group dances through Midwest skies every summer.

Dealers say EV sales training provides a competitive edge

Dealers say EV sales training provides a competitive edge https://ift.tt/koEZ3tz

Staff learn how to sell EVs to consumers who have different concerns than buyers of internal combustion vehicles. 

Geely hikes 2024 sales target

Geely hikes 2024 sales target https://ift.tt/va3Zwmp

Geely Automobile Holdings, citing strong first-half volume, raised its sales target for 2024 to 2 million, a 5.3 percent increase from goal it set at the start of the year. 

FORD: EVs, Lincoln drive slight gain as F-Series slips in Q2

FORD: EVs, Lincoln drive slight gain as F-Series slips in Q2 https://ift.tt/69OaqGp

Ford sold 532,466 light vehicles in the quarter, including a record 53,822 hybrids. Overall pickup sales rose 5 percent, but deliveries of its flagship F-Series line fell 6.1 percent.

More highlights from amicus briefs in FTC CARS Rule case

More highlights from amicus briefs in FTC CARS Rule case https://ift.tt/76mqh5I

Stakeholders including used-car dealer group NIADA and two Florida auto retailers have filed amicus briefs offering the 5th Circuit Court of Appeals additional perspectives on the FTC's impending CARS Rule for dealerships.

Editorial: Buy-sells undergo ‘Great Recalibration' as expectations adjust

Editorial: Buy-sells undergo ‘Great Recalibration' as expectations adjust https://ift.tt/xuvpNej

Dealers who sold their stores asked for and received top dollar for their stores during pandemic boom times. Expectations now need recalibrating.

Collision repair organization I-CAR develops new curriculum for schools, shops

Collision repair organization I-CAR develops new curriculum for schools, shops https://ift.tt/wVxD1Oo

The Inter-Industry Conference on Auto Collision Repair is introducing new entry-level curriculum for career and technical schools as well as collision repair centers as part of its I-CAR Academy.

Tesla's Q2 deliveries fall 4.8% for second straight decline despite sales promotions

Tesla's Q2 deliveries fall 4.8% for second straight decline despite sales promotions https://ift.tt/x8Uh7NB

Tesla said it delivered 443,956 vehicles globally in the second quarter, which was better than expected by Wall Street analysts. Tesla's stock price rose about 8 percent in July 2 early trading

Hyundai, Kia sales drop in wake of CDK cyberattack

Hyundai, Kia sales drop in wake of CDK cyberattack https://ift.tt/8xTjNwM

The market was on track to rise modestly in June but the widespread cyberattack at CDK, disrupting new-car deliveries, is expected to put a dent in volume, though many sales will be made up in July.

Study looks at how well dealerships answer service department telephone calls

Study looks at how well dealerships answer service department telephone calls https://ift.tt/Yte6Ng4

Pied Piper called more than 2,700 dealerships across the U.S., trying to schedule a service appointment. The fresh metric could show auto retailers a new way to enhance customer brand loyalty.

Column: Buy-sell activity drops, stays historically elevated in 2023

Column: Buy-sell activity drops, stays historically elevated in 2023 https://ift.tt/NgmjkiF

Automotive News Research & Data Center first-quarter estimates support industry projections for bustling buy-sell activity through 2024.

Infiniti, Mazda stores increase in popularity

Infiniti, Mazda stores increase in popularity https://ift.tt/i4LfWHl

Fewer Honda and Toyota franchises were part of 2023 dealership acquisitions, according to the Automotive News Research & Data Center.

Leo Michael cartoon: Where's my data?

Leo Michael cartoon: Where's my data? https://ift.tt/lu7v6Qc

A survey that polled 1,300 drivers found that 96 percent of people said they should own any and all data generated from their car, and 78 percent of drivers are uncomfortable or extremely uncomfortable with automakers even collecting driver data in the first place.

Column: CDK cyberattack hits broad swath of industry, like 2011 tsunami did

Column: CDK cyberattack hits broad swath of industry, like 2011 tsunami did https://ift.tt/SZvBYqH

The deadly 2011 Japan earthquake and tsunami taught automakers a valuable lesson about their supply chains. It's one dealers would be wise to learn.

Ram tops J.D. Power quality survey; Porsche is No. 1 premium brand

Ram tops J.D. Power quality survey; Porsche is No. 1 premium brand https://ift.tt/CDc6nv8

Ram climbed to first place in the 2024 J.D. Power U.S. Initial Quality Study, but fellow Stellantis brand Dodge dropped to last. Porsche was No. 1 among premium brands.

New-car demand slips in first weeks of June, trade group says

New-car demand slips in first weeks of June, trade group says https://ift.tt/EzUpTZw

In the first 23 days of June, retail deliveries of new sedans, crossovers, SUVs and multipurpose vehicles slipped 12 percent to below 1.09 million, the China Passenger Car Association said.

New-car demand slips in first weeks of June, trade group says

New-car demand slips in first weeks of June, trade group says https://ift.tt/2bAjdRD

In the first 23 days of June, retail deliveries of new sedans, crossovers, SUVs and multipurpose vehicles slipped 12 percent to below 1.09 million, the China Passenger Car Association said.

F&I data: More people were late on auto payments in Q1 2024

F&I data: More people were late on auto payments in Q1 2024 https://ift.tt/ljKZGrq

The percentage of motorists at least 30 days late on their auto payments rose year over year during the first quarter of 2024, as did the proportion at least 90 days delinquent, according to the Federal Reserve Bank of New York's Center for Microeconomic Data.

Hyundai, Amazon amp up pilot, ready launch

Hyundai, Amazon amp up pilot, ready launch https://ift.tt/FNnv5fs

Hyundai Motor America is opening its program to its whole dealer body ahead of its late-2024 launch, but stipulates that Amazon lacks capacity to onboard everyone right away.

Why 3 Hyundai dealer agreement addendums could make business trickier for its retailers

Why 3 Hyundai dealer agreement addendums could make business trickier for its retailers https://ift.tt/RXMJ5TC

The three franchise agreement addendums Hyundai wants its retailers to sign will not be legal in some states, and the changes don't take into account where today's industry stands, a dealer attorney says.

Editorial: Automakers, dealers must align for EV success

Editorial: Automakers, dealers must align for EV success https://ift.tt/A6iJbxP

The industry is changing faster than ever. Automakers need to react, but they must take dealers with them.

Overheard: Get in the trenches with workers before making changes

Overheard: Get in the trenches with workers before making changes https://ift.tt/y72Cm6n

Getting feedback from staff will ensure any changes are effective and accepted, said Nick Gianake, parts manager at Ken Garff Ford Greeley in Colorado on "The Parts Girl Podcast" hosted by Kaylee Felio.

Former Vt. dealership employee pleads guilty to mail fraud

Former Vt. dealership employee pleads guilty to mail fraud https://ift.tt/ptL0yeX

A former employee of a Vermont Nissan dealership pleaded guilty to committing mail fraud on June 18, according to the U.S. attorney's office.

The F&I office needs earlier face time with customers

The F&I office needs earlier face time with customers https://ift.tt/nMR5Fu7

Finance and insurance managers should speak with customers early in the car-buying process, said Dustin Gingerich, finance director at Kokomo Auto World in Indiana.

Dealership group celebrates apprentice technicians with signing ceremony at their high school

Dealership group celebrates apprentice technicians with signing ceremony at their high school https://ift.tt/VLliP6Y

To celebrate students who choose to become auto repair technicians — as well as raise the profile of such careers — Carter Myers Automotive partners with high schools in its stores' markets to hold signing ceremonies for those students.

F&I data: Buyers with higher credit scores are leasing more

F&I data: Buyers with higher credit scores are leasing more https://ift.tt/0sJi5gt

Leasing rates grew overall in the first quarter of 2024.

Guest commentary: Dealers should make technology an advantage, not a roadblock

Guest commentary: Dealers should make technology an advantage, not a roadblock https://ift.tt/bWTDhjN

Dealerships can work more efficiently and manage the web of documents that comes with every sale without an expensive technology overhaul.

Polestar plans to enter seven markets in 2025

Polestar plans to enter seven markets in 2025 https://ift.tt/btmufwN

Polestar deliveries slumped 40 percent in the first quarter and the company now aims to deliver 155,000-165,000 cars in 2025, compared with 54,600 in 2023.

Column: Automotive retail subject of first 2024 Intelligence Report

Column: Automotive retail subject of first 2024 Intelligence Report https://ift.tt/LMwSd5N

After several years of soaring profits, automotive retailers have come back down to Earth — or at least in the neighborhood. We take a look at how they are faring.

Interest rates, affordability issues persist for dealerships

Interest rates, affordability issues persist for dealerships https://ift.tt/Bj9GzFT

The top dealership groups and used-vehicle retailers struggle with profitability in the wake of ongoing issues such as interest rates and affordability.

FTC’s tougher regulations needed

FTC’s tougher regulations needed https://ift.tt/MTSHDdq

Deception comes at the most vulnerable time in the car-buying process.

Stellantis exec departures raise alarm among U.S. dealers, salaried workers

Stellantis exec departures raise alarm among U.S. dealers, salaried workers https://ift.tt/FZqV2m9

Four prominent North American executives have left in recent months as CEO Carlos Tavares pushes Stellantis to improve its performance and cut costs.

Fed keeps benchmark rate unchanged as auto dealers call interest rates an issue

Fed keeps benchmark rate unchanged as auto dealers call interest rates an issue https://ift.tt/EtSu94Y

Car dealers and consumers will have to continue to wait for relief from higher interest rates as Federal Reserve leaders once again opted to leave its benchmark rate the same.

F&I tip: Protect consumer information with physical audits as well as cybersecurity, compliance CEO says

F&I tip: Protect consumer information with physical audits as well as cybersecurity, compliance CEO says https://ift.tt/MeQWm3Y

Cybersecurity is an important and high-profile component of compliance with the federal Safeguards Rule requiring dealerships. But dealerships should also conduct frequent physical audits.

F&I data: Captives financed more than 60% of new vehicles in Q1, Experian says

F&I data: Captives financed more than 60% of new vehicles in Q1, Experian says https://ift.tt/CKGtpAL

Captive finance companies financed 62 percent of all new-vehicle loans and leases begun during Q1 2024, up 8 percentage points from a year earlier and their highest market share since 2010.

Court rules dealership's salesman violated noncompete agreement

Court rules dealership's salesman violated noncompete agreement https://ift.tt/1PJm7lT

A used-car salesman at a suburban Detroit dealership violated a 12-month, 25-mile noncompete agreement by taking a new job at a rival same-make store six miles away, the Michigan Court of Appeals ruled.

Infiniti eyes Lexus, Acura customers to rebuild market share

Infiniti eyes Lexus, Acura customers to rebuild market share https://ift.tt/3CbUvgF

In late July, Infiniti will launch a program to help retailers with marketing and expense reduction.

Findlay Automotive targeted in cyberattack

Findlay Automotive targeted in cyberattack https://ift.tt/y7DYmJB

Findlay Automotive Group has been hit by a cybersecurity attack that continues to hamper some of its sales and service operations.

Convenience and flexibility key to selling F&I products to Gen Z buyers, survey says

Convenience and flexibility key to selling F&I products to Gen Z buyers, survey says https://ift.tt/YS8I5jO

Many Gen Z shoppers said the convenience of research and shopping for F&I products was the most influential factor in their purchasing decision.

AG resolves lease buyout cases with 2 more N.Y. Nissan dealers

AG resolves lease buyout cases with 2 more N.Y. Nissan dealers https://ift.tt/m92E5rM

Seven Nissan dealers so far agreed to pay restitution or penalties over allegedly bogus fees or improper vehicle price hikes for post-lease purchases.

Guest commentary: Dear Elon Musk: Partner with dealers to take Tesla into 'Ludicrous Mode'

Guest commentary: Dear Elon Musk: Partner with dealers to take Tesla into 'Ludicrous Mode' https://ift.tt/wPfnQLb

An open letter to Tesla CEO Elon Musk from dealership buy-sell advisory firm Haig Partners.

Impel CEO: WhatsApp is important digital marketing tool

Impel CEO: WhatsApp is important digital marketing tool https://ift.tt/ft80kpS

Intel's CEO believes messaging platforms such as WhatsApp are far more effective in reaching customers than email, which is weighed down with spam and junk maail.

Ky. appeals court reinstates $100,000 damage award against Ford dealership

Ky. appeals court reinstates $100,000 damage award against Ford dealership https://ift.tt/yNhU4OR

The Kentucky Court of Appeals has reinstated a $100,000 punitive damage award against a Lexington dealership that failed to disclose a pickup it sold as new was previously damaged while an employee was driving it.

2025 U.S. House FTC budget bill would prohibit agency spending on dealership CARS Rule

2025 U.S. House FTC budget bill would prohibit agency spending on dealership CARS Rule https://ift.tt/f2oOuXH

Lawmakers and the National Automobile Dealers Association have once again looked to the federal budget to block the FTC CARS Rule targeting car dealer advertising and finance and insurance practices.

New-car sales dip 3% in May, trade group says

New-car sales dip 3% in May, trade group says https://ift.tt/Zv2AlHe

China’s new-car market contracted for the second straight month in May, despite a vehicle scrappage program the government launched at the beginning of the month, according to the China Automobile Dealers Association.

1 Thing We're Talking About: Giving high schoolers a glimpse at automotive repair

1 Thing We're Talking About: Giving high schoolers a glimpse at automotive repair https://ift.tt/k6i9wKl

Universal Technical Institute has teamed up with NAPA for its Summer Ignite program, which gives high school juniors an opportunity to explore careers in automotive or motorcycle repair.

Service & Parts tip: Directors overseeing multiple dealerships need a cohesive strategy

Service & Parts tip: Directors overseeing multiple dealerships need a cohesive strategy https://ift.tt/5LqexBn

Fixed operations directors who manage multiple stores should create a cohesive strategy that aligns all locations with the company's overall objectives, said Corey Smith, national fixed operations training manager at EasyCare.

Guest commentary: 5 reasons to quit your day job and start an auto tech company now

Guest commentary: 5 reasons to quit your day job and start an auto tech company now https://ift.tt/GHsN0g5

If you build something with value, great businesses will always find buyers.

Minorities in auto retail make $200K, show career similarities to nonminority whites

Minorities in auto retail make $200K, show career similarities to nonminority whites https://ift.tt/JmZd5HO

The car dealership industry paid members of minority groups more than $200,000 in 2023, within $10,000 of what nonminority industry professionals at car dealers earned, and far more than the average American, according to the Automotive News Dealership Salary Survey.

F&I data: Average new-vehicle lease payments fall in first quarter

F&I data: Average new-vehicle lease payments fall in first quarter https://ift.tt/oTmwiqX

Experian data shows a decrease in lease payments, while average new-vehicle loan payments rose slightly over Q1 2023.

F&I tip: Meet the customer early in the transaction

F&I tip: Meet the customer early in the transaction https://ift.tt/87gGyud

Finance and insurance managers should meet car shoppers "before the consumer becomes a customer" who has officially agreed to a vehicle transaction at the auto dealership, Ascent Dealer Services CEO Adam Marburger said during the 2024 NADA Show.

VC investment is sparking again for retail tech, F&I and more

VC investment is sparking again for retail tech, F&I and more https://ift.tt/bkh5cax

Stella Automotive AI, Botdoc, AutoComplete, Detect Auto and QoreAI are among the companies seeking or winning new funding.

Chase exec for captive finance companies expects subvention to grow

Chase exec for captive finance companies expects subvention to grow https://ift.tt/SfUqe4u

Leslie Morris said some automakers were considering alternatives to incentive spending during inventory shortage, but sweeteners on cars are now back to 'very, very significant levels.'

Guest commentary: Five action items to hasten Safeguards Rule compliance

Guest commentary: Five action items to hasten Safeguards Rule compliance https://ift.tt/ncW8ADV

The FTC has amended the Safeguards Rule to better protect people across the country from breaches and cyberattacks that lead to identity theft and financial loss. It's crucial that all businesses become compliant.

Toyota, Hyundai, Kia post robust U.S. sales gains in May as EVs gain momentum

Toyota, Hyundai, Kia post robust U.S. sales gains in May as EVs gain momentum https://ift.tt/YbXdmNu

Toyota, Hyundai and Kia reported strong sales gains in May, bolstered by hybrids and electric vehicles.

Toyota Motor North America saw its sales climb 16 percent in May to 216,611, powered by a 15 percent boost in Toyota brand sales, while Lexus brand sales rose 17 percent.

Among the automaker's top-selling models, sales of the Toyota RAV4 rose 27 percent, Camry sales were down 7.7 percent, Corolla up 23 percent and Tacoma down 17 percent. Interestingly, the Toyota brand's gain came despite a mid-April recall and resulting international stop-sale on the Prius because of faulty rear-door latches.

The Japanese automaker also said that a record 39 percent of its sales in May were of either hybrid, plug-in hybrid, hydrogen-powered or electric vehicles.

Meanwhile, Hyundai Motor Co. posted a robust 12 percent gain in May light-vehicle sales in the U.S., with eight of its 11 marques rising over the same month last year.

The Korean automaker said it sold 78,485 new vehicles during the past month, noting strong gains by its electric vehicles and hybrids.

"We continue seeing great success in our eco-friendly line-up with an overall 50 percent increase year over year," Randy Parker, CEO of Hyundai Motor America, said in a statement. "Both EVs and hybrids continue to gain popularity."

The gains in EVs and hybrids helped overcome drops in deliveries in two of its leading sellers. The Elantra sedan slipped 15 percent to 13,311 deliveries while the Tucson compact crossover dropped 4 percent to 17,371.

Hyundai's sibling automaker Kia America said May deliveries rose 5 percent to 75,156. The Kia Sportage crossover paced the gains with a 21 percent improvement to 15,512 deliveries. Forte sedan deliveries increased 31 percent to 13,132.

Kia's new electric vehicle, the EV9, posted 2,187 deliveries, a 39 percent gain over April 2024.

Subaru of America reported a 7 percent increase in sales to 58,356, driven by the Crosstrek, up 32 percent to 13,836, and the Forester, up 45 percent to 15,345. It’s top-selling Outback, however, fell 3.7 percent to 16,506. Sales of the electric Solterra were up 255 percent to 1,546.

U.S. new-vehicle sales are projected to rise in May from a year earlier, helped by demand for crossovers and pickups, according to a joint report by industry consultants J.D. Power and GlobalData last week.

Total new-vehicle sales for May 2024, including retail and nonretail transactions, are expected to reach 1,446,800 units, a 2.9 percent jump from a year ago.

Average transaction prices in the month are expected to be about $45,033, down $1,045 from a year ago. Average incentive spend per vehicle has grown 48 percent from a year ago and is on track to reach $2,640.

Reuters contributed to this report

Franchised dealerships play critical role in U.S.

Franchised dealerships play critical role in U.S. https://ift.tt/bH5OI0L

TO THE EDITOR:

Regarding “Ohio Sen. Sherrod Brown attacks Bernie Moreno’s history as car dealer,” autonews.com, May 22: In light of Ohio Sen. Sherrod Brown’s recent attack on senatorial candidate Bernie Moreno’s former car dealership business, it is crucial to underscore the often overlooked and misunderstood role that dealerships play in their communities and the broader economy.

Franchised new-car dealerships are the lifeblood of the Texas economy, playing a pivotal role in employment, economic growth and tax contributions at every level — local, regional and statewide. 

Texas is home to 1,340 franchised dealerships. They collectively employ over 150,000 people, making the automotive retail sector one of the largest employers in the state. The sheer volume of economic activity generated is immense, with $106 billion in sales each year. This translates into an extraordinary $6.8 billion in sales tax revenue. These funds are critical for supporting education, health care, transportation and other essential services.

Now, imagine these contributions replicated across all 50 states. Dealerships nationwide provide millions of jobs, contribute billions in sales and generate substantial tax revenues that are crucial for the economic health and development of the entire country. These dealerships are not just places to buy cars, they are pillars of local economies and indispensable components of the national economic framework.

Dealerships are vital economic engines that drive prosperity and development. Their contributions to employment and tax revenue are unmatched. Let’s recognize the indispensable role they play across the U.S.

In light of the recent political discourse, I urge automobile dealers and their employees all over the U.S. to support Bernie Moreno’s candidacy for Senate and his future advocacy of our business. 

TOM McCOLLUM, CEO, Forbes Todd Automotive Group, Dallas

1 Thing We're Talking About: Considering a collision repair careeer after high school

1 Thing We're Talking About: Considering a collision repair careeer after high school https://ift.tt/YJsBTUt

While many high school graduates will attend college in the fall, the collision repair industry reminds those unsure of their future to consider a skilled trade.

Green-minded Subaru store uses rain to power car wash

Green-minded Subaru store uses rain to power car wash https://ift.tt/crZAENG

Planet Subaru has installed a pair of 800-gallon tanks in its service area that collect rainwater from the dealership roof, filter it, and use it for its customer car wash with the help of gravity.

Service & parts tip: Keys for service manager's long-term goals for department

Service & parts tip: Keys for service manager's long-term goals for department https://ift.tt/GaTOQw7

Turning vision into reality for service managersinvolves strategic planning and consistent execution, says Corey Smith, national fixed operations training manager at EasyCare.

American Honda's top sales exec Mamadou Diallo exits as automaker gains ground

American Honda's top sales exec Mamadou Diallo exits as automaker gains ground https://ift.tt/l021WKJ

American Honda's senior vice president of auto sales, Mamadou Diallo, will depart and Acura head of sales Emile Korkor is returning to Honda Canada.

Napleton Automotive tops new survey on Web lead response times

Napleton Automotive tops new survey on Web lead response times https://ift.tt/iRqW91M

Napleton Automotive topped Pied Piper's annual Web lead response time survey by relying on a centralized business development team.

Volkswagen ID7 EV, with a likely high price tag, would be tough sell, dealers say

Volkswagen ID7 EV, with a likely high price tag, would be tough sell, dealers say https://ift.tt/hVUrzjl

2024 was supposed to be the year in which Volkswagen's U.S. electric vehicle offerings would have expanded from just the ID4 compact crossover to a trio of EVs. A delay is changing that.

Technology is essential in the fight against fraud

Technology is essential in the fight against fraud https://ift.tt/Hboagw9

Harrington credits the dealership's identity verification software for giving them the tools to combat a sophisticated crime syndicate.

How long is service check-in? Customers and dealers have different answers

How long is service check-in? Customers and dealers have different answers https://ift.tt/aMJSve4

Dealers and consumers have different perceptions on how long check-in takes, according to a new GoMoto report.

Guest commentary: Dealerships should leverage lending partners to navigate market challenges

Guest commentary: Dealerships should leverage lending partners to navigate market challenges https://ift.tt/x0gC6Mm

The right lending partners can help a wide spectrum of buyers finance their next vehicle and at the same time inject efficiency into the loan process.

Stellantis U.S. sales boss Jason Stoicevich leaves after 2 months

Stellantis U.S. sales boss Jason Stoicevich leaves after 2 months https://ift.tt/PqtE9MF

Stellantis has appointed Matt Thompson as senior vice president of U.S. retail sales to succeed Jason Stoicevich, who took on that role in March.

Ford may lift restrictions on which dealers can sell EVs

Ford may lift restrictions on which dealers can sell EVs https://ift.tt/XyLZwiv

Ford, after 11 meetings with dealers around the U.S., plans to undo a key element of the EV certification it launched in 2022, prompting backlash and lawsuits.

How a 4-day workweek strengthened service at a Canadian dealership

How a 4-day workweek strengthened service at a Canadian dealership https://ift.tt/clxJQsX

Ontario dealership uses a four-day workweek instead of five to fix a technician shortage.

1 Thing We're Talking About: Stellantis scholarships for Native American students wanting to be technicians

1 Thing We're Talking About: Stellantis scholarships for Native American students wanting to be technicians https://ift.tt/5XIeud6

Stellantis will award three scholarships to qualifying Native American students in the U.S. and Canada to help them become automotive service technicians.

New-car demand remains weak in first 19 days of May, trade group says

New-car demand remains weak in first 19 days of May, trade group says https://ift.tt/Hv59TJA

Retail sales of new sedans, crossovers, SUVs and multipurpose vehicles industrywide dipped 5 percent year on year to some 900,000 in the first several weeks of May, the China Automobile Dealers Association said Wednesday.

Why Canadian dealers are turning to the Philippines to find service techs

Why Canadian dealers are turning to the Philippines to find service techs https://ift.tt/y56isnm

To date, more than 200 Philippine technicians have started working at dealerships in Ontario. But why the focus on the Philippines?

Overheard: Setting minimum standards for service staff

Overheard: Setting minimum standards for service staff https://ift.tt/xknIsXb

Cavender Auto Group's Allie Peters talked about some recent service department initiatives on the 'What the Fixed Ops?!' podcast.

Transparency and flexibility key in the finance office

Transparency and flexibility key in the finance office https://ift.tt/O9xqKbW

F&I managers should also try to present multiple financing options.

Average age of U.S. vehicles reaches new heights; total vehicles in operation continues to rise

Average age of U.S. vehicles reaches new heights; total vehicles in operation continues to rise https://ift.tt/COVBY9t

The average age of vehicles rises to 12.6 years, and total vehicles in use increases to 286 million. The aging rate is expected to slow.

Dave Cantin Group uses AI to value dealerships

Dave Cantin Group uses AI to value dealerships https://ift.tt/GRHQiq6

New York brokerage firm Dave Cantin Group started developing its AI-based Jump IQ software in 2022 and began testing it six months ago.

Used-vehicle-only list: 2023 a pivotal year for Carvana, others

Used-vehicle-only list: 2023 a pivotal year for Carvana, others https://ift.tt/yVgaxJ1

CarMax leads Automotive News' second tally of used vehicle-only retailers by sales volume, and Carvana recovers to keep its formidable spot on the list.

Some used-vehicle-only retailers in the U.S. (revenue in millions)

Some used-vehicle-only retailers in the U.S. (revenue in millions) https://ift.tt/lgx50UL

The 25 used-vehicle-only retailers on this list collectively sold 1,530,836 retail vehicles in 2023, down 9.2 percent from 1,685,716 in 2022. The 2022 total includes 24 groups as Zoom Automotive, of Bristol, Tenn., did not report sales that year.

Used-vehicle demand continues to rise

Used-vehicle demand continues to rise https://ift.tt/KbUdwgM

China’s used-vehicle market expanded 15 percent year on year to exceed 1.34 million in April, according to the tally of the China Automobile Dealers Association.

 

Service tip: Build strong team with training, regular check-ins

Service tip: Build strong team with training, regular check-ins https://ift.tt/sdG20Nu

To build a high-performing team, a service manager should focus on cementing team dynamics and enhancing performance, said Corey Smith, national fixed operations training manager at EasyCare.

Cadillac expands Europe presence, takes aim at German premium rivals

Cadillac expands Europe presence, takes aim at German premium rivals https://ift.tt/lCX5Rz1

The full-electric Lyriq's price is "extremely competitive" against comparable all-wheel-drive crossovers offered by BMW, Mercedes and Audi, GM Europe Managing Director Jaclyn McQuaid said.

F&I tip: Don't be afraid of artificial intelligence in F&I

F&I tip: Don't be afraid of artificial intelligence in F&I https://ift.tt/LPVdvgK

Car dealership offices shouldn't fear artificial intelligence, says Barry Schwartz, senior director of business development at finance and insurance metrics and menu provider StoneEagle.

F&I data: Santander study finds pent-up auto demand, need for lower payments

F&I data: Santander study finds pent-up auto demand, need for lower payments https://ift.tt/06voUPL

A Santander Consumer USA survey in February found 55 percent of middle-class customers delayed a car purchase during the previous year because of cost, up 5 percentage points from the last survey.

April vehicle shipments forge ahead behind exports

April vehicle shipments forge ahead behind exports https://ift.tt/SgLkOUJ

Wholesale deliveries of vehicles industrywide gained 9.3 percent year on year to 2.36 million last month, the China Association of Automobile Manufacturers said this week. Exports continued to drive the shipment growth, according to the trade group’s tally. 

Genesis dealership count triples

Genesis dealership count triples https://ift.tt/Ju45Uwk

Genesis now has 35 exclusive storefronts across the U.S., helping to edge the premium brand away from mainstream Hyundai.

Volvo's Q1 EV sales plunge: A momentary blip or a sign its 2030 plan is in jeopardy?

Volvo's Q1 EV sales plunge: A momentary blip or a sign its 2030 plan is in jeopardy? https://ift.tt/KZJcNqB

Volvo EV sales in the U.S. plummeted 65 percent in the first quarter. According to Cox Automotive estimates, it was the largest year-over-year percentage decline in the luxury segment.

What will high vehicle prices and interest rates mean for the auto finance market in 2024?

What will high vehicle prices and interest rates mean for the auto finance market in 2024? https://ift.tt/pq8zJax

Automotive News asked five auto finance experts to share their thoughts on these challenges and what affordability constraints might mean for the months ahead.

QoreAI places ID verification process in customer's hands

QoreAI places ID verification process in customer's hands https://ift.tt/s485iCl

The startup developed a platform that combines anti-fraud and ID verification processes typically handled by separate systems.

New-vehicle market contracts 2% in April

New-vehicle market contracts 2% in April https://ift.tt/flts1pL

Retail sales of new sedans, crossovers, SUVs and multi-purpose vehicles industrywide dipped 2 percent year on year to below 1.59 million in April, the China Automobile Dealers Association said Wednesday.

Digital auto finance will bring efficiency and better customer experience, experts say

Digital auto finance will bring efficiency and better customer experience, experts say https://ift.tt/JV3kPHa

Using technology to improve internal efficiency and external consumer experience were key themes for panelists speaking on digital auto finance at the 2024 Auto Finance Summit East conference.

‘Black box' auto finance decisions can complicate dealer lender choice

‘Black box' auto finance decisions can complicate dealer lender choice https://ift.tt/21D7axC

Lenders ditching traditional rate sheets and adopting new underwriting models for considering car loan applicants presents a challenge to car dealership finance offices, leaders at FinBe USA and Axos Bank say.

Stella Automotive AI raises VC from Reynolds and Reynolds, dealerships

Stella Automotive AI raises VC from Reynolds and Reynolds, dealerships https://ift.tt/4XQOtG7

Stella, which makes automotive artificial intelligence technology for dealerships, secured $19.7 million.

Register now for the Automotive News Leading Women Conference

Register now for the Automotive News Leading Women Conference https://ift.tt/CQy3I1z

The May 21 event features Ford Motor Co.'s Lisa Drake and Hyundai Motor America's Tia Battle as keynote speakers.

AI-powered auto finance company LendBuzz looks to expand after 2023 boom

AI-powered auto finance company LendBuzz looks to expand after 2023 boom https://ift.tt/B2dGApW

Lendbuzz's use of AI, neural networks and machine learning to evaluate credit applicants finds insights about risk that traditional underwriting would overlook.

Rivian to report Q1 earnings as EV maker cuts costs, prepares new models

Rivian to report Q1 earnings as EV maker cuts costs, prepares new models https://ift.tt/BbEgUey

While Rivian announced an $827 million incentive package from the state of Illinois last week, analysts still expect it to burn through billions in cash this year.

10-day sales reports were unending battle

10-day sales reports were unending battle https://ift.tt/0Ce2jiv

Keeping up with the sales numbers and getting compared to our competition every 10 days drove us nuts at Chrysler because our sales at the time were not keeping up with our competition.

Public retailers grapple with soft EV demand in Q1

Public retailers grapple with soft EV demand in Q1 https://ift.tt/yvjuS8M

All six public retailers experienced challenges with electric vehicles, but also saw opportunities.

TruCar details car-buying platform pilot; Q1 numbers improve

TruCar details car-buying platform pilot; Q1 numbers improve https://ift.tt/5Nktocq

TrueCar CEO Jantoon Reigersman said its pilot of an enhanced TrueCar+ platform will enable a digital car buying transaction from start to finish.

Top 5 stories of the week: Asbury looks to sell dealerships; UAW threatens Stellantis stamping plant

Top 5 stories of the week: Asbury looks to sell dealerships; UAW threatens Stellantis stamping plant https://ift.tt/Cg4sjxa

A quick look at the top automotive stories of the week as determined by reader interest.

Steps a new service manager should take in the first 30 days to set foundation for success

Steps a new service manager should take in the first 30 days to set foundation for success https://ift.tt/UA9dX5L

As a new service manager, the first 30 days are pivotal for laying down a strong foundation, says Corey Smith, national fixed operations training manager at EasyCare.

Sonic Automotive's EchoPark used-car business shows Q1 turnaround

Sonic Automotive's EchoPark used-car business shows Q1 turnaround https://ift.tt/9AzGucV

Sonic Automotive President Jeff Dyke said the group won't open any EchoPark stores this year.

Carvana Q1 net income swings to $49 million; revenue up 17%

Carvana Q1 net income swings to $49 million; revenue up 17% https://ift.tt/8Bs3Ugj

The online used-vehicle retailer said it sold 91,878 used vehicles in the first quarter, up 16 percent from the same period last year. Shares surged in aftermarket trading.

Fed holds rates steady, flags 'lack of further progress' on inflation

Fed holds rates steady, flags 'lack of further progress' on inflation https://ift.tt/rQD3ziK

The Federal Reserve said it "does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably towards 2%."

F&I data: Auto borrowers like idea of loan payments on Venmo, PayPal

F&I data: Auto borrowers like idea of loan payments on Venmo, PayPal https://ift.tt/PE9QZUH

Majorities or near-majorities of consumers with car loans value alternative payment options such as Venmo and PayPal, calling them 'important' or 'very important' to have available, according to a March PayNearMe survey.

Toyota vs. Tesla: Hybrids surge as EVs cool in bellwether California market, Q1 data shows

Toyota vs. Tesla: Hybrids surge as EVs cool in bellwether California market, Q1 data shows https://ift.tt/MwLSO8q

First-quarter hybrid registrations rose 53% while full EVs gained 2.8%, the California dealers association said. Toyota and its hybrid lineup gained ground on Tesla's battery-electric models.

AutoNation Finance should break even by 2025: CFO

AutoNation Finance should break even by 2025: CFO https://ift.tt/5kKD7em

AutoNation CFO Thomas Szlosek said that AutoNation Finance is making steady progress as the division continues shift to company customers.

Guest commentary: The hidden financial cost of fraud for dealers

Guest commentary: The hidden financial cost of fraud for dealers https://ift.tt/RUoYN35

Some dealers are unaware of the severity, don't identify the fraudulent activity until it's too late or view fraud simply as a cost of doing business.

Column: Used vehicles in focus in Automotive News' 2024 top 100 dealership groups list

Column: Used vehicles in focus in Automotive News' 2024 top 100 dealership groups list https://ift.tt/1HxDObK

Dealership groups that moved up or held their spots on Automotive News' latest top 100 list said they didn't lose focus on their used-vehicle sales in 2023.

Automotive News Top 100 Used Dealership Groups (2024)

Automotive News Top 100 Used Dealership Groups (2024) https://ift.tt/LIp5TV1

The top 100 dealership groups ranked by used-vehicle sales

Xpeng touts 'super fast' software, AI upgrades as it mulls Europe output

Xpeng touts 'super fast' software, AI upgrades as it mulls Europe output https://ift.tt/xBzoL9W

Xpeng's exports could grow to around 10 percent of its sales this year from about 1 to 2 percent last year as the automaker pushes into new markets including France, Italy and the U.K.

Editorial: Legacy automakers toying with direct sales is wrongheaded

Editorial: Legacy automakers toying with direct sales is wrongheaded https://ift.tt/oP6sh9d

Dealer association executives are trying to turn brands associated with VW Group and Honda away from direct sales efforts and back to the franchise model.

Fred Beans buys 4 Rosenthal Automotive dealerships

Fred Beans buys 4 Rosenthal Automotive dealerships https://ift.tt/cfSbeWF

Rosenthal Automotive Organization divested four Philadelphia area dealerships it bought in June 2022 from Sussman Automotive Group.

Overheard: Mentoring young parts managers

Overheard: Mentoring young parts managers https://ift.tt/hgZrEax

Inventory help, being supportive are best ways to mentor young parts managers, said Scott Rutherford of Mike Maroone Chevrolet North and Mike Maroone Volkswagen in Colorado Springs, Colo., on "The Parts Girl Podcast."

Pretax charges drop Sonic Automotive's Q1 net income

Pretax charges drop Sonic Automotive's Q1 net income https://ift.tt/HuarTXE

The company said $7 million in pretax charges contributed to a 12 percent dip in first-quarter net income.

Group 1 net income falls nearly 7 percent in Q1

Group 1 net income falls nearly 7 percent in Q1 https://ift.tt/YPTWRJz

Group 1's net income fell, while revenue and new- and used-vehicle sales grew.

Vroom CEO: ‘Gut-wrenching' decision to end online used-car business

Vroom CEO: ‘Gut-wrenching' decision to end online used-car business https://ift.tt/5ERndPZ

When a search to secure more capital was unsuccessful, Vroom's senior leadership called it: The company would stop buying and selling used vehicles online as soon as possible.

Former AFG exec reveals 2023 CareGard data breach, criticizes company's response

Former AFG exec reveals 2023 CareGard data breach, criticizes company's response https://ift.tt/35cp2M1

AFG Cos. was unprepared for a ransomware attack last summer, for months had been unsure of the extent of the breach, and as of early this month hadn't alerted automaker partners or the agents selling its coverage to dealerships, a whistleblower alleges.

Struggling Nissan cuts profit and sales outlook on sliding volume, over-optimistic plans

Struggling Nissan cuts profit and sales outlook on sliding volume, over-optimistic plans https://ift.tt/Oq1jbhz

Nissan issues a profit warning, cutting profit and sales forecasts, as volume misses expectations and the automaker compensates suppliers for its over-optimistic plans

Collision technicians are happy overall, but issues remain, study shows

Collision technicians are happy overall, but issues remain, study shows https://ift.tt/EVhBwTP

Collision repair technicians are happier with their jobs than their service technician counterparts but not thrilled overall with the industry, a new report shows.

Finance managers should bring F&I foundation to deal

Finance managers should bring F&I foundation to deal https://ift.tt/CPVDGBM

During a presentation, Ascent Dealer Services CEO Adam Marburger encouraged finance managers to focus on the foundation of the dealership's finance and insurance operation and not just the sales themselves.

Tesla's global job cuts include leading markets U.S., China

Tesla's global job cuts include leading markets U.S., China https://ift.tt/IWh1toR

Tesla cuts jobs in U.S. and China amid falling sales. The layoffs affect sales and service positions. 

CarMax plans to shorten window for vehicle returns, refunds

CarMax plans to shorten window for vehicle returns, refunds https://ift.tt/OEmLWbj

Used-vehicle retailer CarMax announces changes to the length of its Money Back Guarantee that go into effect May 12.

New-car inventory and price changes approach normal in 2023, NADA report shows

New-car inventory and price changes approach normal in 2023, NADA report shows https://ift.tt/Jn5MkRa

The average retail selling price increased 1.6 percent to $47,014 in 2023, marking slower growth than the 9.2 percent increase in 2022.

Guest commentary: Video's role in selling vehicles in a buyer's market

Guest commentary: Video's role in selling vehicles in a buyer's market https://ift.tt/TWn5dYu

One of the most effective ways to raise a dealership's brand online and influence car shoppers is with video.

Shop Talk: Service departments part of dealership construction focus

Shop Talk: Service departments part of dealership construction focus https://ift.tt/63bqwoF

As dealerships are built or current facilities upgraded, service departments are part of the conversation, says Sam Rockaway, vice president of sales at Redcom Design & Construction in Westfield, N.J.

West Herr Automotive finds service advisers from within the organization

West Herr Automotive finds service advisers from within the organization https://ift.tt/5yt9TjI

West Herr Automotive Group is piloting an effort to recruit and train more female service advisers from within the organization — mainly its business development center.

Mercedes-Benz to introduce 2 new models ahead of Beijing auto show

Mercedes-Benz to introduce 2 new models ahead of Beijing auto show https://ift.tt/A0veOlr

The Mercedes AMG GT 63 S E Performance and the all-electric version of the G Class, Mercedes Benz' venerable off-roader, are set to debut in China this month.

Used-vehicle demand gathers pace

Used-vehicle demand gathers pace https://ift.tt/oYBAqeM

Used-vehicle sales in China rose 9.6 percent year on year to approach 1.38 million in March after growing 6.7 percent in the first two months of this year, the China Automobile Dealers Association said this week. 

Try a 'you may also like' pitch to sell low-cost extras to customers

Try a 'you may also like' pitch to sell low-cost extras to customers https://ift.tt/CKFqpau

Catching the customer's eye with "you may also like" car protection product selections in the manner of Amazon can drive incremental business in a car dealership finance and insurance office, according to Shawn McCool president of F&I sofware company iTapMenu.

Vehicle shipments rise 9.9% in March behind exports

Vehicle shipments rise 9.9% in March behind exports https://ift.tt/vxOzJNK

Automakers in China shipped some 502,000 vehicles abroad last month, an increase of 38 percent from a year earlier.

New Mexico EV mandate will remain in place, despite opposition from auto dealers

New Mexico EV mandate will remain in place, despite opposition from auto dealers https://ift.tt/2MDj7tO

The New Mexico Automotive Dealers Association and Garcia Automotive Group have opposed the state's EV mandate to adopt California's zero-emission vehicle rules.

BMW reveals new products, retail strategy at dealer meeting

BMW reveals new products, retail strategy at dealer meeting https://ift.tt/tF4yW1A

BMW will use technology and data sharing with dealerships to improve the customer experience and drive loyalty and after-sales revenue.

Lucid sales surge 40% in Q1 after price cuts

Lucid sales surge 40% in Q1 after price cuts https://ift.tt/BG2UOJX

The EV startup delivered 1,967 Air sedans in the first quarter and produced 1,728 after building up inventory last year. Lucid cut the price of its base Air by $7,500 in mid-February to spur demand.

Wolfe Automotive enters U.S., buys two Montana dealerships

Wolfe Automotive enters U.S., buys two Montana dealerships https://ift.tt/LtdJh1b

Wolfe Automotive Group, of Calgary, Alberta, in Canada, has purchased its first two U.S. dealerships.

AI and digital tools combat auto finance fraud, Informed.IQ report shows

AI and digital tools combat auto finance fraud, Informed.IQ report shows https://ift.tt/oxHdSA9

Just over 30 percent of Informed.IQ's survey respondents said they had an error in 1 out of every 4 deal jackets.

How we compile the top 150 dealership groups list

How we compile the top 150 dealership groups list https://ift.tt/zwrHZog

There were 14 groups from Automotive News' 2023 top 150 dealership groups list that submitted surveys this year but didn't make the 2024 list.

Pickups left out of Q1 auto sales growth

Pickups left out of Q1 auto sales growth https://ift.tt/L9SW75e

Sales of large pickups fell 4 percent in the first quarter in a new light-vehicle market that grew 5.6 percent.

Leo Michael cartoon: A seller eclipse

Leo Michael cartoon: A seller eclipse https://ift.tt/soAeSW5

Unlike most scientific experiments, any lessons learned by automakers and dealers — for example, how record-low inventories allowed them to achieve record profitability during an industrywide supply shortage — probably are not repeatable.

Used-vehicle wholesale prices fell slightly in March, Cox Automotive says

Used-vehicle wholesale prices fell slightly in March, Cox Automotive says https://ift.tt/S6Q0jHV

Cox Automotive also broke out year over year price fluctuations in vehicle segments.

Guest commentary: AI is a win-win for automotive retail

Guest commentary: AI is a win-win for automotive retail https://ift.tt/8KJgtLQ

While AI has been contributing positively to automotive retail, there is so much more on the horizon.

1 Thing We're Talking About: GAO report examines right-to-repair issue

1 Thing We're Talking About: GAO report examines right-to-repair issue https://ift.tt/9dQpz4f

The U.S. Government Accountability Office released a report on potential impacts that changing technologies would have on the right-to-repair issue.

GM’s China sales dip 4.5% in Q1

GM’s China sales dip 4.5% in Q1 https://ift.tt/BMmciby

Chevrolet deliveries dropped 47 percent to about 18,000 while Buick sales dipped 2.8 percent to around 103,000.

New-car sales expand 7% in March, trade group estimates

New-car sales expand 7% in March, trade group estimates https://ift.tt/gzR7uME

Sales of new passenger vehicles including sedans, crossovers, SUVs and multipurpose vehicles industrywide rose 7 percent year on year to approach 1.7 million in March, the China Passenger Car Association estimated Wednesday, drawing on a preliminary tally.

STELLANTIS: Q1 sales down 9.7% on lower Ram volume

STELLANTIS: Q1 sales down 9.7% on lower Ram volume https://ift.tt/bvVxhEy

Ram and Dodge saw the biggest declines, but Jeep started the year with a 1.8 percent increase after five consecutive years of lower sales.

F&I data: Leasing up to 22% of new-vehicle deals in Q4 2023, Experian says

F&I data: Leasing up to 22% of new-vehicle deals in Q4 2023, Experian says https://ift.tt/wPV3ZWU

Leasing rebounded to 22 percent of new-car deals in the fourth quarter of 2023, up from 18 percent a year earlier, according to Experian.

Guest commentary: AI poised to have positive impact on auto finance

Guest commentary: AI poised to have positive impact on auto finance https://ift.tt/L5ikQyK

With the help of AI, automotive finance and lease businesses are already streamlining processes, improving customer experience and detecting fraud.

Consumers with low credit face confusion in auto financing, survey finds

Consumers with low credit face confusion in auto financing, survey finds https://ift.tt/5Wnk1aS

A key factor holding consumers with lower credit scores back is confusion with the lending process, Open Lending found.

Champ Titles says more states are adopting its digital vehicle titling

Champ Titles says more states are adopting its digital vehicle titling https://ift.tt/8LZp5Xz

Champ Titles will bring its digital vehicle titling to one of the nation's most populous states, and its CEO said two more state governments will sign on soon.

GM sales dip in Q1; Toyota, Honda rack up double-digit gains

GM sales dip in Q1; Toyota, Honda rack up double-digit gains https://ift.tt/h2KUSBV

U.S. light-vehicle sales are projected to rise 4.7 percent to 12 percent in March, and 4.5 to 5.6 percent in the first quarter, based on estimates from forecasters, as market growth slows.

Used-vehicle sales get tax refund lift, Cox says

Used-vehicle sales get tax refund lift, Cox says https://ift.tt/SFHxB17

Used-vehicle retail transactions grew weekly from late January to March 14, an indication of the seasonal uptick those sales typically experience as consumers spend their tax refund dollars.

March U.S. sales edge up at Hyundai, slip again at Kia

March U.S. sales edge up at Hyundai, slip again at Kia https://ift.tt/gBKsvP4

U.S. light-vehicle sales are projected to rise 4.7 percent to 12 percent in March, and 4.5 to 5.6 percent in the first quarter, based on estimates from forecasters, as market growth slows.

Column: Opposites attract in New York, while EV heartburn persists

Column: Opposites attract in New York, while EV heartburn persists https://ift.tt/5IbwrH7

From the transition to electric power to an easing of EPA regulations and rising inventories, last week demonstrated how the industry is a study in contrasts.

Will industry learn lesson from lean inventories?

Will industry learn lesson from lean inventories? https://ift.tt/Ivs6Tqm

Automakers pledged to maintain lower inventories for higher profits when the production crisis abated. As the industry approaches 3 million unsold vehicles, will the lessons from that time take root? Or be ignored?

March sales look robust, thanks to incentives and inventory

March sales look robust, thanks to incentives and inventory https://ift.tt/vwgM7aU

Analysts see March U.S. auto sales as the best month since May 2021 because of increasing inventories — and resulting rising incentives and retreating prices.

Electrified vehicles will account for 45% of March new-car sales, trade group predicts

Electrified vehicles will account for 45% of March new-car sales, trade group predicts https://ift.tt/BAJtyMU

Overall sales of new passenger vehicles, including sedans, crossovers, SUVs and multipurpose vehicles, will increase 3.7 percent to about 1.65 million in March, the China Passenger Car Association predicts.

Nissan taps Southeast Asia chief to lead Dongfeng JV

Nissan taps Southeast Asia chief to lead Dongfeng JV https://ift.tt/fiD2pz0

Nissan plans to refresh 73 percent of Nissan-badged models and roll out eight electrified vehicles, in addition to hiking Chinese exports, as part of a midterm plan to revive lagging China sales.

1 Thing We're Talking About: EV service visits might be more frequent than first thought, CDK survey shows

1 Thing We're Talking About: EV service visits might be more frequent than first thought, CDK survey shows https://ift.tt/pFYw72n

When it comes to EVs, the thinking is that with a smaller number of moving parts dealership service departments will lose revenue because of fewer owner visits. Some EV manufacturers don't even recommend a service visit in the first year.

Nio cuts Q1 sales forecast amid tepid demand

Nio cuts Q1 sales forecast amid tepid demand https://ift.tt/uYxyk2R

A price war started by Tesla in China last year to combat weakening demand in the region has also hit the margins of domestic EV companies including Nio.

F&I should build relationships with auto dealership sales, service departments

F&I should build relationships with auto dealership sales, service departments https://ift.tt/2HWUIb5

Auto dealership finance professionals need to be 'servant leaders' — and for other dealership departments as well as the customer, says Ascent Dealer Services CEO Adam Marburger.

Porsche CEO: U.S. is the backbone of the brand's sales momentum

Porsche CEO: U.S. is the backbone of the brand's sales momentum https://ift.tt/61V7Yn2

Porsche told retailers it expects U.S. sales to improve marginally this year from a record in 2023.

Nissan eyes next-gen EVs, hybrids, 1 million more sales in broad 3-year strategy

Nissan eyes next-gen EVs, hybrids, 1 million more sales in broad 3-year strategy https://ift.tt/uMiqTRO

Nissan said it will launch seven “all-new” models in the U.S. and Canada over the next three years, as part of the push. And the company pledged to refresh 78 percent of its U.S. lineup in that time.

New Nissan plan eyes next-gen EVs, hybrids, 1 million more sales

New Nissan plan eyes next-gen EVs, hybrids, 1 million more sales https://ift.tt/UX4HSCk

Nissan wants to boost global sales by 1 million vehicles over the next three years in a new mid-term plan that outlines the introduction of hybrid vehicles to the U.S. market, a next-generation electric vehicle development and production strategy, as well as new batteries.

Jeep Grand Cherokee defies brand's sales woes

Jeep Grand Cherokee defies brand's sales woes https://ift.tt/xOh41G8

By expanding the Grand Cherokee into a family of models that includes a three-row option and a plug-in hybrid, sales have climbed even as the brand lost customers overall.

Honda to trim U.S. dealer profit margins

Honda to trim U.S. dealer profit margins https://ift.tt/Hkqc1dC

The company is also making some reductions and changes in marketing, advertising and service payments as it adjusts spending for the shift to electric vehicles.

Program that trains foster kids to be technicians expanding to Los Angeles

Program that trains foster kids to be technicians expanding to Los Angeles https://ift.tt/kjRXChE

Petra Cares, a Houston area nonprofit training kids who age out of the foster care system to become automotive service technicians, is expanding its program to Los Angeles.

New-car sales rise 13% in first 17 days of March, trade group says

New-car sales rise 13% in first 17 days of March, trade group says https://ift.tt/umwWtBn

Sales of electrified vehicles surged 56 percent to around 335,000 during the period, the China Automobile Dealers Association said.

Talk to each other: How dealers can smooth tech vendor bumps

Talk to each other: How dealers can smooth tech vendor bumps https://ift.tt/zE8vShp

CEO Liza Borches has pursued a multiyear effort to streamline her dealership group's use of technology and make remaining vendors work better together. That included a summit of all the major players.

Dealerships' responses to website inquiries improving, new study shows

Dealerships' responses to website inquiries improving, new study shows https://ift.tt/regL0CD

Pied Piper's study, released this month, ranks dealerships on a 100-point scale based on how they respond to mystery customer inquiries on their websites within 24 hours.

Technology and AI can help new and veteran F&I managers alike overcome process pain points

Technology and AI can help new and veteran F&I managers alike overcome process pain points https://ift.tt/ZkwhSvU

Higher sales volume on car dealership lots is inevitably returning. That means more deals being drafted and more customers entering the F&I office.

Franchised used car dealer sentiment lowest since pandemic, Cox survey shows

Franchised used car dealer sentiment lowest since pandemic, Cox survey shows https://ift.tt/wsTUh4f

Franchised and independent dealers also reported year over year growth or stability in used-car inventory mix, Cox Automotive's latest Dealer Sentiment Index says.

Customer experience should be prioritized

Customer experience should be prioritized https://ift.tt/bANGsjd

As long as there is negotiation and sales consultants being paid commission, the auto industry will have a black eye.

GM works to improve parts, accessories e-commerce

GM works to improve parts, accessories e-commerce https://ift.tt/tugz2nO

Last summer, General Motors combined separate digital storefronts — one for parts, one for vehicle accessories — into a single website for each of its four vehicle brands.

Editorial: Stair-step incentives are dead. Let them stay that way

Editorial: Stair-step incentives are dead. Let them stay that way https://ift.tt/w51RkaC

Stair-step incentives, which were prevalent among many automakers before the pandemic, largely died when inventories shrunk. Now that inventories are growing again, automakers should bypass the temptation to resurrect the destructive sales tactic.

Farley, top Ford execs hit road to hear dealers' concerns

Farley, top Ford execs hit road to hear dealers' concerns https://ift.tt/8qYTs5S

The tour comes as dealer trust levels within Ford have plummeted as the company faces continued quality woes and questions over its electrification strategy.

Beijing plan to cut down payments for new cars likely to fall flat, analysts say

Beijing plan to cut down payments for new cars likely to fall flat, analysts say https://ift.tt/jiTNKQ4

Regulators pitching the move as a way to boost the economy say they will set car loan terms and quotas "reasonably," but stopped short of revealing the new levels.

Used-vehicle market expands in first 2 months

Used-vehicle market expands in first 2 months https://ift.tt/0ejLYuy

Sales of used light vehicles across China rose 6.7 percent from a year earlier to surpass 2.33 million in the first two months of the year, the China Automobile Dealers Association said.

SAIC-GM vehicle shipments drop in first 2 months

SAIC-GM vehicle shipments drop in first 2 months https://ift.tt/r1CcE69

SAIC-General Motors, GM’s passenger-vehicle joint venture with SAIC Motor Corp., lost more market share in China in the first two months of 2024, with wholesale deliveries dropping 60 percent to 49,500. 

Cox: Dealers optimistic about service and parts business

Cox: Dealers optimistic about service and parts business https://ift.tt/I24VUDu

Dealers remain positive about their service and parts business, though that sunny outlook was a bit less than a year ago, according to the latest Cox Automotive Dealer Sentiment Index.

Retail auto tech entrepreneur guides new mobile learning startup

Retail auto tech entrepreneur guides new mobile learning startup https://ift.tt/MKDcGl8

Marco Schnabl is the co-founder of RockED, a mobile learning platform targeting the retail auto industry.

Ind. dealership group starts high school program to develop future auto technicians

Ind. dealership group starts high school program to develop future auto technicians https://ift.tt/7UlJx6A

Many dealerships look to community college training programs as a source of future auto mechanics. An Indiana dealership group is starting even earlier in its search — high school.

Nissan returns to sales playbook to move old Rogue supply

Nissan returns to sales playbook to move old Rogue supply https://ift.tt/9GocReg

Nissan is offering dealers a $1,000 bonus on each 2023 Rogue sold in March if they meet their volume target, which varies by store.

Feb. vehicle shipments slip 20%, year-to-date volume up 11%

Feb. vehicle shipments slip 20%, year-to-date volume up 11% https://ift.tt/dQufDo6

Fluctuation in January and February wholesale deliveries reflects timing of China's Lunar New Year holiday, the China Association of Automobile Manufacturers said.

Guest commentary: How captives and banks should respond to buyers' evolving tastes

Guest commentary: How captives and banks should respond to buyers' evolving tastes https://ift.tt/XEe8LAK

A lender expanding into new product and service areas such as subscriptions has challenges integrating the new additions into their platform.

Column: How to combat the fraud problem in the auto finance market

Column: How to combat the fraud problem in the auto finance market https://ift.tt/3mcYxrC

Automotive finance fraudsters today are armed with evolving technology and backed by crime syndicates; dealerships will need to be vigilant and innovative to keep up.

Leo Michael cartoon: Pot o' gold

Leo Michael cartoon: Pot o' gold https://ift.tt/xztM1RX

The U.S. new-car dealership count in 2023 fell slightly year over year, but throughput, or the average new-vehicle sales per franchise, jumped as inventory rebounded, according to Automotive News' annual dealer census.

Vehicle subscriptions look for customers through EVs

Vehicle subscriptions look for customers through EVs https://ift.tt/5XkjLPt

All-electric programs have emerged as the subscription model looked like it might die out in the U.S.

1 Thing We're Talking About: Ford, dealers invest $2 million for future service techs

1 Thing We're Talking About: Ford, dealers invest $2 million for future service techs https://ift.tt/xp9Fs23

Ford and its retail network are working to combat the service tech shortage by offering 400 students $5,000 each to earn their automotive tech degree or certificate.

New-car sales slump 21% in Feb., trade group estimates

New-car sales slump 21% in Feb., trade group estimates https://ift.tt/6oX3g5A

Retail sales of new sedans, crossovers, SUVs and multipurpose vehicles industrywide skidded 21 percent to below 1.1 million last month, the China Automobile Dealers Association said, drawing on a preliminary tally.

7 key takeaways from U.S. auto sales in February

7 key takeaways from U.S. auto sales in February https://ift.tt/XdIfAQJ

February marked the 19th consecutive month when sales increased year over year, with the SAAR topping 16 million for the fourth time in the past year.

Carvana CEO: How retailer executes eventual scale-up is crucial

Carvana CEO: How retailer executes eventual scale-up is crucial https://ift.tt/B0oLaRn

Carvana CEO Ernie Garcia said the retailer is not yet leaning back into growth, but will eventually enter a transition period to do so.

F&I gross profit per vehicle down for 4 of 6 publics in Q4

F&I gross profit per vehicle down for 4 of 6 publics in Q4 https://ift.tt/ReZPY7m

Same-store finance and insurance gross profit per car sold fell at four of the top six franchised auto dealership groups in the fourth quarter compared with a year earlier. AutoNation was the only major new-vehicle public retailer to grow F&I profit per vehicle retailed in full-year results.

Dealers, lenders say AI decisioning leads to inaccurate digital auto retail quotes

Dealers, lenders say AI decisioning leads to inaccurate digital auto retail quotes https://ift.tt/rVZH9wE

Ninety percent of car dealers and lenders feel the use of artificial intelligence to evaluate consumer creditworthiness has led to shoppers receiving inaccurate initial car payment quotes, according to a December poll by auto finance software provider eLEND Solutions.

Guest commentary: Buying a car should be like boarding a plane

Guest commentary: Buying a car should be like boarding a plane https://ift.tt/lUMAQ0y

When airports get busy and the security line backs up, they don't skip steps. Dealerships are sometimes different. The busier they become, the more frequent some of the steps are skipped.

2024 Automotive News Dealer Census

2024 Automotive News Dealer Census https://ift.tt/rwunZoP

Some automaker initiatives to reduce store counts proved strong last year.

Jaguar assembly lines go dormant in June, but stockpile to keep dealers supplied until next year

Jaguar assembly lines go dormant in June, but stockpile to keep dealers supplied until next year https://ift.tt/IushDlY

JLR is planning a tightly managed transition from the current lineup to a new one that aims to keep Jaguar dealers from running out of new vehicles.

Audi partners with Costco on new incentive program

Audi partners with Costco on new incentive program https://ift.tt/jeLoXTP

The specials are highest on some of the German luxury brand's electric vehicles and big sedans.

Ineos waits for San Francisco Bay Area dealership to open

Ineos waits for San Francisco Bay Area dealership to open https://ift.tt/l3SmJ6g

Ineos Automotive, which has just the Grenadier SUV on sale at the moment, has been operating without a key U.S. location: Silicon Valley.

New-vehicle sales slide in first weeks of Feb. behind holiday, trade group says

New-vehicle sales slide in first weeks of Feb. behind holiday, trade group says https://ift.tt/xW4Uq52

Retail sales of new sedans, crossovers, SUVs and multipurpose vehicles fell 25 percent to some 861,000 in the first 25 days of February, according to a tally by the China Automobile Dealers Association.

Dealerships are now eligible for recognizable Energy Star branding

Dealerships are now eligible for recognizable Energy Star branding https://ift.tt/nRmFKDI

The coveted designation, which consumers have relied on for decades to suss out the most energy-efficient appliances, now includes a completely different category: car dealerships.

Auto lender tapped Wolters Kluwer, Informed.IQ for digitization while still using paper

Auto lender tapped Wolters Kluwer, Informed.IQ for digitization while still using paper https://ift.tt/BAgT2z7

It's possible for a lender to digitize auto finance workflow without having gone fully paperless, according to financial technology companies Wolters Kluwer and Informed.IQ.

Guest commentary: Is your auto payments data working for you? 5 questions to ask

Guest commentary: Is your auto payments data working for you? 5 questions to ask https://ift.tt/y6fbi2A

Auto lenders recognize their payments data holds valuable information and insights. The challenge lies in uncovering the key details that can enhance and guide daily decision making.

McLaren hooks up with O'Gara Coach Co. for a 12,000-square-foot Las Vegas retail outpost

McLaren hooks up with O'Gara Coach Co. for a 12,000-square-foot Las Vegas retail outpost https://ift.tt/Xls5jfP

McLaren anticipates adding up to four ultraluxury stores in two to three years.

Phil Long Dealerships Chairman Jay Cimino dies

Phil Long Dealerships Chairman Jay Cimino dies https://ift.tt/NHlQE2X

Cimino became CEO of Phil Long Dealerships in 2001 and is known for his contributions to the company's growth.

Stellantis dealers prepare for EV rush in 2024

Stellantis dealers prepare for EV rush in 2024 https://ift.tt/72haXZM

With the first Stellantis EVs arriving this year, dealerships have to meet training requirements for sales associates, technicians, service advisers and management.

Federal Reserve leaves interest rates unchanged, says more 'confidence' needed in inflation slowdown before cuts

Federal Reserve leaves interest rates unchanged, says more 'confidence' needed in inflation slowdown before cuts https://ift.tt/G3c7QoT

For the auto industry, interest rates remain top of mind for franchised dealerships.

Toyota global EV sales quadruple in 2023, still big gap with goal

Toyota global EV sales quadruple in 2023, still big gap with goal https://ift.tt/akoGuJn

Toyota sold 104,018 EVs worldwide last year, but the automaker has a long way to go before it reaches its target of selling 1.5 million in 2026.

Guest commentary: Is AI-powered GPT a friend or foe?

Guest commentary: Is AI-powered GPT a friend or foe? https://ift.tt/SCwZRDf

Even as the automotive software industry races to embrace GPT, a closer look reveals a lack of true innovation in these new tools.

BYD faces key decisions in growing European market share

BYD faces key decisions in growing European market share https://ift.tt/4JayNdc

BYD is having an internal debate about which products, brands and powertrains to launch in Europe, where it will soon open a car plant in Hungary.

Column: NADA Show is like the Super Bowl of auto retail

Column: NADA Show is like the Super Bowl of auto retail https://ift.tt/tvuJbxH

NADA Show 2024, coming up in a few days, is akin to automotive retail's Super Bowl, a mix of meetings, mingling, music, demonstrations, drinking and dancing.