New-car margins don't pay the bills anymore. So what is a dealer to do? "Think about everything else ... new, used, F&I, parts and service," says Thomas England of DHG Dealerships.
The measure would allow Rivian and other EV makers to sell directly to consumers in the state, but legislators removed the most controversial provision that would have allowed all automakers to do the same. The state House takes it up next.
Excluding one-time items such as a $461 million strategic review charge, Cars.com said its adjusted net income for 2019 tumbled 23 percent to $104.2 million
Several F&I software platforms, including RouteOne unit MaximTrak, have followed suit, launching technology that allows consumers to learn about F&I products and purchase coverage remotely. The additions signal digital retailing's growing influence over the F&I process.
Some of the nation's largest retailers cited a variety of factors for the latest gains, including the success of branded F&I products, vendor partnerships, deeper product penetration and training. But several public dealership groups noted potential headwinds resulting from the industry pivot to used-vehicle sales.
The product, which is underwritten by Nationwide Mutual Insurance and affiliates, launched last fall as Ford added its name to the list of companies leveraging consumers' driving habit data into discounts on auto insurance.
CEO Rob Steele said the Nova Scotia-based dealership group will continue to scout opportunities in the Austin-San Antonio area after buying its first U.S. store.
The rare sports car was resold at more than twice the price to a Hong Kong buyer within weeks of its original sale in Canada, despite a two-year hold agreement, the automaker alleges in a lawsuit.
Dealer Howard Drake has had to find a balance between meeting Cadillac's evolving brand standards and protecting his California dealership's landmark status, a pillar of famous Ventura Boulevard.
The legislation, which is not supported by legacy automakers, would allow manufacturers to sell electric vehicles directly to consumers and cause lasting damage to franchised auto dealers.
As a legislative battle over automakers’ ability to sell EVs directly to consumers heats up in Denver, startup Rivian has received a dealer license in Arizona and says it's also considering Washington, Illinois, Massachusetts, California and Florida.
Sonic Automotive wants to grow its EchoPark standalone used-vehicle business to 25 stores in five years.
Despite retailing more used vehicles, dealers are making less money.
The measure is an early test of unity among member of the newly formed Alliance for Automotive Innovation.
CDK Global CEO Brian Krzanich says he tries to meet with dealers in person — even giving some his cellphone number — as the company works to improve customer service.
Artificial intelligence has become a staple at U.S. dealerships. Often, it takes the form of chatbots following up on leads.
Dropping its traditional coverage cut Village Automotive's insurance costs by more than $300,000 while keeping employee contributions flat.
The dealer featured this week is Jeff Lupient, dealer principal of Jim Lupient Infiniti in Minneapolis.
Annual capacity at the Corvette plant in Kentucky is about 80,000, and GM – after a delay caused by last year’s UAW strike -- is expected to build about 40,000 of the cars this year, according to LMC Automotive.
Capacity at the Corvette plant in Kentucky is about 80,000 per year, and Chevy is expected to build about 40,000 of the cars this year, according to LMC Automotive.
China car sales plunged 92 percent during the first two weeks of February as the coronavirus outbreak kept buyers away from showrooms. The China Passenger Car Association said deliveries this month may slide by about 70 percent.
California posted the biggest decrease in dealerships in 2019, down 28 to 1,478, followed by Illinois with nine fewer, and Ohio and Missouri with seven fewer each.
The break with USAA ends a 13-year relationship between TrueCar and the lender, which services U.S. military members and veterans.
Hyundai's Genesis brand finished No. 2 in the rankings while Tesla surged eight spots to No. 11 -- the highest of any U.S.-based auto brand.
As the deadly coronavirus outbreak wreaks havoc across the auto supply chain, there is hope that Beijing will throw around stimulus to get China Inc. through another rough patch. The cratering new-vehicle market could lead the government to support yet more sales incentives and other measures directed at consumers.
California posted the biggest decrease in dealerships in 2019, down 28 to 1,478, followed by Illinois with nine fewer, and Ohio and Missouri with seven fewer each.
As the deadly coronavirus outbreak wreaks havoc across the auto supply chain, there is hope that Beijing will throw around stimulus to get China Inc. through another rough patch. The cratering car market could lead the government to support yet more sales incentives and other measures directed at consumers.
Pendragon's new CEO, Bill Berman, must navigate the UK company through a tough period for the car industry that has seen a string of profit warnings from the company and its peers.
While technology and software allow consumers to study financing terms and product options online, a digital strategy that omits the F&I step entirely is incomplete and a threat to the bottom line.
Sonic Automotive's revenue jumped 6.8 percent to $2.75 billion, as each part of the business posted gains except for wholesale vehicles.
The two stores being acquired by Lithia are the only Lexus dealerships in the Sacramento metro area, and both are Elite of Lexus award winners.
The monthly membership, from $699 to $899 per month, includes unlimited vehicle swaps, as often as a vehicle a day.
Jose Munoz, the new CEO of Hyundai Motor America, said he was thrilled with the dealer response to the automaker's North American product pipeline. "I'm really, really, really, happy today," he said.
GM is focused on getting dealers -- large and small -- ready for the future, GM CEO Mary Barra told dealers.
2020 NADA Chairman Rhett Ricart used his inaugural address to reassure dealers that they'll "be just fine" as new technology and services transform the automotive industry.
Former U.K. Prime Minister David Cameron told auto dealers in Las Vegas that isolationism and tariffs were wrong, and hurt both the U.S. and the rest of the world.
Outside of a couple of present-day problems -- eroding vehicle margins and affordability challenges -- the main factor weighing on retailers' minds, according to an Automotive News survey, was direct sales.
