Brockman bail conditions to continue

A federal judge ordered no changes to the bail terms for former Reynolds and Reynolds CEO Bob Brockman, who faces charges of tax evasion and wire fraud.

source https://www.autonews.com/retail/brockman-bail-conditions-continue

Lightico secures $13 million, reveals 2 auto lender customers

The capital secured from the latest investment round will be used to add scale to the software as a service company, grow its customer base and invest in its technology platform.

source https://www.autonews.com/finance-insurance/lightico-secures-13-million-reveals-2-auto-lender-customers

Diversity and inclusion across auto lending

From sports analogies to internal definitions, auto finance leaders discuss the importance of drawing on talent from different pools, and creating good tension and discussion that better serves auto finance customers and dealership partners.

source https://www.autonews.com/fi-blog/diversity-and-inclusion-across-auto-lending

Ford Credit: Legacy processes prop up barriers to diversity, inclusion

Removing relocation requirements, recruiting from a larger pool of universities and leaning on virtual internship programs are among the ways auto lenders can increase diversity, according to co-chairs of the Ford Credit Diversity and Inclusion Council.

source https://www.autonews.com/finance-insurance/ford-credit-legacy-processes-prop-barriers-diversity-inclusion

New York study touts marketing power of live auto shows

The study said 229,000 brand additions are made to shoppers' lists as a result of consumers seeing those brands at the New York show.

source https://www.autonews.com/marketing/new-york-study-touts-marketing-power-live-auto-shows

Rivian will offer 2 ways for customers to get vehicles fixed

Rivian CEO RJ Scaringe for the first time explains how Rivian customers and Amazon will be able to get their vehicles serviced. The company will open 41 brick-and-mortar service centers and offer mobile service.

source https://www.autonews.com/service/rivian-will-offer-2-ways-customers-get-vehicles-fixed

Cars.com narrows Q3 net loss, adjusted results improve

The Chicago dealership services and vehicle listings company showed signs its business is recovering from the effects of the coronavirus pandemic.

source https://www.autonews.com/dealers/carscom-narrows-q3-net-loss-adjusted-results-improve

Connected TV is one piece of wider strategy

The idea of connected and over-the-top television advertising is to target buyers more likely to be in market for a vehicle vs. a mass audience.

source https://www.autonews.com/commentary/connected-tv-one-piece-wider-strategy

In pandemic, dealers bullish on valuations

More dealers than a year ago said the value of their dealerships will rise over the next year, according to a new survey by an advisory firm.

source https://www.autonews.com/dealers/pandemic-dealers-bullish-valuations

CDK settles antitrust lawsuit over data access

Terms of the settlement between DMS giant CDK Global and third-party data integrator Authenticom are confidential.

source https://www.autonews.com/retail/cdk-settles-antitrust-lawsuit-over-data-access

Ohio retailer attracts new crowds with drive-in movie nights

Thayer Family Dealerships of Bowling Green, Ohio, typically hosts a handful of events per year to keep customers coming back. It pivoted to hosting drive-in movies during the pandemic.

source https://www.autonews.com/best-practices/ohio-retailer-attracts-new-crowds-drive-movie-nights

Sonic adds leaders for online retailing push

Steve Wittman joined the nation's sixth-largest new-vehicle retailer as its first chief digital retail officer, and Stephen Conrad joined as vice president of e-commerce, also a new position.

source https://www.autonews.com/retail/sonic-adds-leaders-online-retailing-push

Dealers know how to sell cars in reality

There are good reasons why dealers are still needed in the sale of automobiles, writes an Automotive News reader in a letter to the editor.

source https://www.autonews.com/letter-editor/dealers-know-how-sell-cars-reality

CEO poises Tekion as a disrupter to DMS market

The startup is now valued at more than $1 billion.

source https://www.autonews.com/retail/ceo-poises-tekion-disrupter-dms-market

Brockman exits top roles with Reynolds

Facing a 39-count federal indictment, the former chairman and CEO of the dealership services giant is scheduled to appear in court for a bail review hearing this week.

source https://www.autonews.com/retail/brockman-exits-top-roles-reynolds

Nissan will let customers compare rival RAV4 at dealerships

Nissan will offer customers Toyota RAV4 test drives as part of a marketing blitz for its competing Rogue compact crossover.

source https://www.autonews.com/dealers/nissan-will-let-customers-compare-rival-rav4-dealerships

Dealer anniversaries

50 with BMW

Jesse Hord, third from left, CEO of Keeler Motor Car Co. in Latham, N.Y., receives a 50-year award for Keeler BMW. Also pictured are, from left, Gerry Matthews, area manager for BMW of North America; Alan Litrell, Keeler BMW general manager; Patrick Ryan, vice president, Keeler Motor Car Co.; and Tom Shanley, regional vice president for BMW of North America. 

source https://www.autonews.com/dealers/dealer-anniversaries-57

Dealers try to ward off new limits as virus surges

Dealer association leaders are lobbying state and local governments, among other tactics, to try to keep a fresh batch of COVID-19 restrictions at bay.

source https://www.autonews.com/dealers/dealers-try-ward-new-limits-virus-surges

Auto lenders prioritize diversity, inclusion

As protests against police brutality continue into the fall, automotive business leaders contemplate their own diversity and inclusion efforts. Automotive finance, a sector that has historically skewed white and male, has not been exempt from such self-reflection.

source https://www.autonews.com/finance-insurance/auto-lenders-prioritize-diversity-inclusion

F&I drives profit for public retailers in Q3

Several public groups reported record-high F&I profit per vehicle, and two retailers earned more than $2,000 on average in F&I profit per vehicle sold.

source https://www.autonews.com/finance-insurance/fi-drives-profit-public-retailers-q3

BMW provides speed-trap alert subscription option

The automaker is adding an early warning system that alerts drivers to speed-detection devices and traffic speed and red-light cameras.

source https://www.autonews.com/retail/bmw-provides-speed-trap-alert-subscription-option

One last bonus after 67 years selling Fords

Quentin Strouss sold cars for 67 years and retired from Ron Lewis Ford with more than 12,000 sales under his belt.

source https://www.autonews.com/retail/one-last-bonus-after-67-years-selling-fords

Streaming TV clicks with auto marketers

Vendors are rolling out new products to target ads specifically to consumers looking for a vehicle while they watch streaming content.

source https://www.autonews.com/marketing/streaming-tv-clicks-auto-marketers

Swiss freeze more than $1 billion held by Bob Brockman

Brockman, who faces federal tax evasion and money laundering charges, stepped down as CEO and chairman dealership management system giant Reynolds and Reynolds, the company said Friday.

source https://www.autonews.com/dealers/swiss-freeze-more-1-billion-held-bob-brockman

TrueCar focuses on military program as USAA business phases out

TrueCar's revenue-sharing partnership with USAA represented about 29 percent of the vehicles sold by dealers to buyers who connect through the company's marketplace.

source https://www.autonews.com/retail/truecar-focuses-military-program-usaa-business-phases-out

Brockman steps down as Reynolds and Reynolds CEO

The privately held dealership management system giant did not immediately say whether Bob Brockman, who faces federal charges of tax evasion and wire fraud, will remain chairman. President and COO Tommy Barras will take over as CEO.

source https://www.autonews.com/dealers/brockman-steps-down-reynolds-and-reynolds-ceo

CarGurus net income soars in Q3

The vehicle listings site said net income more than tripled in the third quarter on slightly lower revenue, with a reduction in expenses during the pandemic.

source https://www.autonews.com/retail/cargurus-net-income-soars-q3

Trucks propel Toyota, Hyundai, Subaru Oct. sales; SAAR at 16.4M

Toyota Motor, Hyundai, Subaru and Mazda racked up October U.S. sales gains behind crossovers and other light trucks, signaling the market continues to claw back amid the pandemic.Toyota division pickup deliveries jumped 22 percent. Volume dropped at Ford and Honda Motor.

source https://www.autonews.com/sales/trucks-propel-toyota-hyundai-subaru-oct-sales-saar-164m

CFPB limits calls, texts debt collectors send to consumers

While lenders aren't third-party debt collectors, American Financial Services Association leaders voiced concerns this year that its membership could end up being similarly restricted.

source https://www.autonews.com/finance-insurance/cfpb-limits-calls-texts-debt-collectors-send-consumers

Public retailers see profits rise in 3rd quarter

Several public groups reported record-high F&I profit per vehicle, and two retailers earned more than $2,000 on average in F&I profit per vehicle sold

source https://www.autonews.com/finance-insurance/public-retailers-see-profits-rise-3rd-quarter

‘Secret weapon' Ford Credit posts best results since 2005

The lender said it benefited from a "pretty big inventory" of used vehicles heading into the reporting period that it was able to sell into an improving market.

source https://www.autonews.com/finance-insurance/secret-weapon-ford-credit-posts-best-results-2005

Light trucks propel Toyota, Hyundai, Subaru sales

Toyota Motor, Hyundai, Subaru and Mazda racked up October U.S. sales gains behind crossovers and other light trucks, signaling the market continues to claw back amid the pandemic.Toyota division pickup deliveries jumped 22 percent. Volume dropped at Honda Motor.

source https://www.autonews.com/sales/light-trucks-propel-toyota-hyundai-subaru-sales

FCA design chief Ralph Gilles draws from Canadian roots

What is Ralph Gilles' favourite vehicle project so far? Hint: It’s built in Canada.

source https://www.autonews.com/design/fca-design-chief-ralph-gilles-draws-canadian-roots

Dealers monitor online reviews for COVID-19 praise

Key to driving socially distanced foot traffic, some dealers say, is emphasizing COVID-19 safety protocols in customer outreach. And in the digital world, online reviews are the strongest currency.

source https://www.autonews.com/retail-technology/dealers-monitor-online-reviews-covid-19-praise

Light trucks propel Toyota, Hyundai, Mazda sales

Toyota Motor Corp., Hyundai and Mazda racked up October U.S. sales gains behind crossovers and other light trucks, in the latest sign the market continues to claw back amid the coronavirus pandemic. Toyota division pickup deliveries jumped 22 percent.

source https://www.autonews.com/sales/light-trucks-propel-toyota-hyundai-mazda-sales

Light trucks drive Toyota, Hyundai sales

Toyota Motor Corp., Hyundai and Mazda racked up October U.S. sales gains behind demand for crossovers and other light trucks, in the latest sign the market continues to claw back amid the coronavirus pandemic. Toyota division pickup deliveries jumped 22 percent.

source https://www.autonews.com/sales/light-trucks-drive-toyota-hyundai-sales

Crossovers drive Hyundai to Oct. sales gain

Hyundai's U.S. sales edged up 1 percent to 57,395 in October behind a second consecutive month of double-digit growth in retail deliveries, driven by crossovers, in the latest sign the market continues to claw back amid the coronavirus outbreak.

source https://www.autonews.com/sales/crossovers-drive-hyundai-oct-sales-gain

CDK quarterly net earnings slip on flat revenue

The DMS giant said the number of North American automotive customer sites has grown seven consecutive quarters, with fiscal first-quarter results exceeding expectations amid the pandemic.

source https://www.autonews.com/retail/cdk-quarterly-net-earnings-slip-flat-revenue

Asbury sells S.C. Lexus store to comply with brand's region cap

The dealership group sold Lexus of Greenville in South Carolina to comply with its framework agreement with Lexus, which stipulates that the group can't own more than four stores in one designated area.

source https://www.autonews.com/retail/asbury-sells-sc-lexus-store-comply-brands-region-cap

Tiny dealership gives VW buyers a reality check

An augmented reality experience for consumers in Australia is one way Volkswagen is trying to make shoppers more comfortable with buying a vehicle online during the pandemic.

source https://www.autonews.com/retail/tiny-dealership-gives-vw-buyers-reality-check

NADA widens diversity, inclusion efforts

The dealer association has put a spotlight on its efforts to improve diversity, inclusion and equity within the organization and among its 16,000-plus members.

source https://www.autonews.com/dealers/nada-widens-diversity-inclusion-efforts

Service department leaders share stories of survival

Panelists for the second and third installments of Automotive News' five-part 2020 Fixed Ops Journal Forum discussed how they kept their service departments running during the pandemic and lessons that were learned.

source https://www.autonews.com/fixed-ops-journal-forum/service-department-leaders-share-stories-survival

Millers sell Utah Jazz after 35-year run

Dealer Larry Miller once said selling the team would be like selling one of the state's national parks. But his widow says the deal, reportedly valued at $1.66 billion, will allow her family to diversify its business and increase its philanthropy.

source https://www.autonews.com/dealers/millers-sell-utah-jazz-after-35-year-run

Brockman bail conditions to be reviewed

Reynolds and Reynolds' CEO is expected back in court Nov. 12 to review conditions of his release, following his indictment on federal tax evasion and wire fraud charges.

source https://www.autonews.com/dealers/brockman-bail-conditions-be-reviewed

Volvo adds flexibility to subscription program

Customers can now swap their Volvo in as little as four months instead of every year, and they can even cancel their membership.

source https://www.autonews.com/sales/volvo-adds-flexibility-subscription-program

Scavenger hunts keep Garavel buyers coming back

Paul Garavel knows there's an easier, cheaper and better way to get customers who buy a car to come back: It just takes a little effort, a lot of kindness and a few tchotchkes.

source https://www.autonews.com/best-practices/scavenger-hunts-keep-garavel-buyers-coming-back

COVID-19 brings out worst — and best — reviews

As the pandemic rages on, retailers often find themselves in conflict with consumers who expect more social distancing and mask-wearing or who resent being told to follow protocols. The tension has caused some of the most negative — and positive — online reviews and social media posts that reputation experts have seen.

source https://www.autonews.com/dealers/covid-19-brings-out-worst-and-best-reviews

CarLotz's go-public goal: Streamline sales

CarLotz is the latest online used-vehicle outlet to go public in the past few months, following Vroom and Shift. How will it differentiate itself? "We are consolidating all the middlemen into one middleman."

source https://www.autonews.com/retail/carlotzs-go-public-goal-streamline-sales

Group 1 reports record Q3 earnings on cost efficiencies

The dealership group said net income more than tripled to $126.4 million even though revenue fell 2.5 percent to $3 billion.

source https://www.autonews.com/dealers/group-1-reports-record-q3-earnings-cost-efficiencies

Tesla plans to open about 52 new service centers in 2021, report says

Last week, analysts at Brokerage RBC noted that Tesla's investment in service and quality has not been enough to keep up with its increasing sales and has the potential to damage the brand.

source https://www.autonews.com/service/tesla-plans-open-about-52-new-service-centers-2021-report-says