The third-largest U.S. public new-vehicle retailer also announced plans to raise more than $1.1 billion in capital.
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The third-largest U.S. public new-vehicle retailer also announced plans to raise more than $1.1 billion in capital.
Delinquency rates ticked up slightly in August as forbearance rates fell, according to TransUnion.
The coronavirus pandemic disrupted initial acquisition plans, as well as the operations of both companies.
The upcoming electric crossover will cost between $1,000 and $3,000 less, depending on trim, than originally announced.
Carvana said last week it expects to set records in several areas when it reports its third-quarter financial results. Investors have rewarded the retailer.
50 with BMW
Joe Buzzetta, fourth from left, dealer principal of Competition BMW of Smithtown in Saint James, N.Y., receives a 50-year award from Tom Shanley, third from left, BMW of North America regional vice president. Also pictured are, from left, Michael Macchio, Competition BMW general manager; Jeff Rubin, Competition BMW director of operations; Tadhg O’Connor, BMW of North America area manager; and James Buzzetta Jr., Competition Automotive Group service adviser.
Retailers should get to decide when and whether to invest in the costly improvements Hyundai wants to resume in its stores.
The nation's 11th-largest new-vehicle retailer has sold some of its dealerships outside of New England and has entered into settlement agreements with Toyota and a Subaru distributor involving another eight dealerships in the Northeast.
The National Automobile Dealers Association's first executive director of external affairs and public policy is working to gain allies and greater support for the association's diverse membership of franchised dealers.
The fast-growing used-vehicle retailer hasn't posted a net profit since going public in 2017, and it doesn't forecast one for the third quarter.
The SUV can now be configured with both a seven-speed manual gearbox and the off-road Sasquatch package that includes 35-inch tires and a high-clearance suspension.
The CEO of Rick Case Automotive Group was known for record-breaking sales, bets on new brands and philanthropy work in South Florida.
A new marketing campaign around the used-car company's omnichannel retail strategy is expected to be rolled out later this year.
A bill in Michigan limiting direct vehicle sales outside of an exception made for Tesla has sparked pushback from startup EV makers that want to bypass dealerships and sell directly to consumers.
Dealer Jeff Aiosa has built a thriving side business keeping classic Benzes road-worthy.
For ultraluxury and exotic retailers, vehicle inventories — new and used — are tight, used models are commanding higher prices and service has taken on even greater importance.
For ultraluxury and exotic retailers, vehicle inventories — new and used — are tight, used models are commanding higher prices and service has taken on even greater importance.
Construction delays helped the store avoid a head-on collision with the onset of the pandemic, and the 11-month setback let the dealership tailor its layout for the COVID-19 era.
Mark LaNeve, Ford's vice president of U.S. marketing, sales and service, said he thinks Ford will initially be able to convert "over 75 percent" of its 165,000 Bronco reservations.
A bill in Michigan that would prevent electric vehicle manufacturers beyond Tesla from selling directly to consumers in the state sets up another fight over direct sales.
CarMax's record results reflected the larger rebound of the industry in the summer months after the outbreak of the coronavirus pandemic.
Longtime auto dealer Rick Case died Sept. 21 after a short battle with cancer. In his nearly 60 years in auto retail, Case helped launch some of the first U.S. dealerships for several car brands and set many sales records.
Longtime auto dealer Rick Case died Sept. 21 after a short battle with cancer. In his nearly 60 years in auto retail, Case helped launch some of the first U.S. dealerships for several car brands and set many sales records.
In the COVID-19 era, social distancing, mask requirements and an uptick in online sales transactions add hurdles to confirming customer identity, dealers say. Perhaps because of this, there has been an increased interest in leveraging virtual notary services in auto sales.
Rather than a positive omen, the move signals a slow economic recovery as the U.S. continues to grapple with the coronavirus pandemic.
Rather than a positive omen, the move signals a slow economic recovery as the U.S. continues to grapple with the coronavirus pandemic.
Within condition reports, images are a key component intended to give buyers confidence in the vehicles on which they're bidding.
Like many used-vehicle retailers, the company has benefited from a seller's market after emerging from a trough in early April.
CEO Thomas Ingenlath said the electric vehicle maker is looking to expand in the Asia Pacific region and the Middle East.
“We have a shot at a record quarter for vehicle deliveries, but will have to rally hard to achieve it,” Musk wrote in an internal email Sunday. “This is the most number of vehicles per day that we’ve ever had to deliver.”
John Weinberger, co-founder of Chicago retailer Continental Motors Group, died Sept. 12 at age 88.
In a July editorial, Automotive News called time on vehicle subscriptions. At Clutch and Cox Automotive, we couldn’t disagree more.
City employees borrowed pickups from Toth Buick-GMC's new-vehicle inventory so they didn't have to ride with colleagues while traveling to job sites during the coronavirus pandemic.
Hyundai and Genesis say it's time to get back to their pandemic-delayed dealership upgrade programs. Some retailers think it's too soon.
25 with Chevy, Buick, GMC, Cadillac
Britt Bacon, left, dealer principal, and Bryson Bacon, Internet manager of Bacon Auto Country in Jacksonville, Texas, received 25-year awards from General Motors for Chevrolet, Buick, GMC and Cadillac.
Activity picked up sharply in June after the onset of the coronavirus pandemic in March triggered delays in closing transactions.
One upstate New York dealership group has been able to utilize livestreamed videos along with gift card giveaways to create goodwill in its community and reach new customers.
The luxury brand is requiring U.S. dealers who want to keep their franchises after 2022 to spend at least $200,000 installing chargers, buying special tooling and training their employees to handle a lineup that's planned to be fully electric within a decade.
Lake Charles Toyota sheltered 31 people and nine animals Aug. 27 as the hurricane blew through southwest Louisiana, damaging homes and businesses. In the weeks after the storm, the dealership continued to be home base for store employees and others.
Willey led the dealer organization in 2007, mitigating industry issues leading up to the U.S. financial crisis.
Silvercar — the wholly owned Audi subsidiary that has been the German premium brand's platform to experiment with mobility solutions — is expanding a partnership with Audi dealerships in several U.S. metros that will make on-site Audi rentals available.
The move comes four months after the company announced a round of layoffs triggered by the COVID-19 crisis.
The used-vehicle subscription service is adding two- and three-year lease options to grow the company and reduce monthly costs for customers.
Dealerships in the Mobile Bay area were spared the worst when the storm hit further east than expected, said the president of the Automobile Dealers Association of Alabama.
The luxury brand told its 880 U.S. dealers that they will need to invest in chargers, tooling and training before the Lyriq EV arrives in late 2022.
Shifting digital ad spending to fixed ops campaigns is a big reason fixed ops have been a driver of revenue for auto dealers this summer, and most likely for the remainder of the year.
CarEdge, which launched this year, will combine its vehicle research on resale values with active listings and send customer leads to dealerships for free.
Tighter credit and limited showroom access likely caused the notable decline of consumers in lower credit tiers, exacerbating a trend in motion since 2013.
Automobile dealerships changed digital processes radically through the coronavirus pandemic, especially the finance-and-insurance portion.
A new survey from F&I product provider Protective Asset Protection indicates more change is on the horizon — especially when it comes to allowing customers to research F&I products ahead of time.
Sixty-five percent of the survey's 400 dealership respondents said adding F&I product information to their websites was their next priority. More than half of respondents also said customers should be able to select and purchase F&I products and finalize all paperwork online.
The changes themselves are not new — but the levels of dealership adoption may be shifting toward a majority.
"Creating a digital retailing environment with access to F&I product options is paramount to the success of any online retailing strategy," Rick Kurtz, senior vice president of distribution at Protective, said in a statement.
Dealerships have been incredibly flexible and fast-moving when it comes to transacting online in the COVID-19 era. But many believe there are more changes on the F&I horizon.
Vehicle listings site TrueCar created new executive roles, including COO and chief consumer officer positions, amid an ongoing restructuring.