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