Lithia signals profit surge ahead of third-quarter earnings

The third-largest U.S. public new-vehicle retailer also announced plans to raise more than $1.1 billion in capital.

source https://www.autonews.com/dealers/lithia-signals-profit-surge-ahead-third-quarter-earnings

Auto delinquencies tick up as consumers roll out of forbearance

Delinquency rates ticked up slightly in August as forbearance rates fell, according to TransUnion.

source https://www.autonews.com/finance-insurance/auto-delinquencies-tick-consumers-roll-out-forbearance

Protective Asset Protection to acquire rival Revolos

The coronavirus pandemic disrupted initial acquisition plans, as well as the operations of both companies.

source https://www.autonews.com/finance-insurance/protective-asset-protection-acquire-rival-revolos

Ford cuts Mustang Mach-E prices ahead of launch

The upcoming electric crossover will cost between $1,000 and $3,000 less, depending on trim, than originally announced.

source https://www.autonews.com/retail/ford-cuts-mustang-mach-e-prices-ahead-launch

Carvana wins over investors with forecast for Q3 records

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.

source https://www.autonews.com/retail-technology/carvana-wins-over-investors-forecast-q3-records

Dealer anniversaries

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.

source https://www.autonews.com/dealers/dealer-anniversaries-53

Hyundai dealers must have say in store upgrades

Retailers should get to decide when and whether to invest in the costly improvements Hyundai wants to resume in its stores.

source https://www.autonews.com/editorial/hyundai-dealers-must-have-say-store-upgrades

Prime Automotive Group sells 10 stores, settles disputes

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.

source https://www.autonews.com/dealers/prime-automotive-group-sells-10-stores-settles-disputes

NADA's Dandridge builds bridge between dealers, public policy

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.

source https://www.autonews.com/nada/nadas-dandridge-builds-bridge-between-dealers-public-policy

Carvana expects an adjusted breakeven Q3

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.

source https://www.autonews.com/used-cars/carvana-expects-adjusted-breakeven-q3

Ford does about-face with Sasquatch stick shift

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.

source https://www.autonews.com/retail/ford-does-about-face-sasquatch-stick-shift

Determination, positivity drove Rick Case in sales, life

The CEO of Rick Case Automotive Group was known for record-breaking sales, bets on new brands and philanthropy work in South Florida.

source https://www.autonews.com/dealers/determination-positivity-drove-rick-case-sales-life

Omnichannel press is on for CarMax after rebound

A new marketing campaign around the used-car company's omnichannel retail strategy is expected to be rolled out later this year.

source https://www.autonews.com/used-cars/omnichannel-press-carmax-after-rebound

Michigan enters fray over direct EV sales

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.

source https://www.autonews.com/dealers/michigan-enters-fray-over-direct-ev-sales

Old cars keep Mercedes store thriving

Dealer Jeff Aiosa has built a thriving side business keeping classic Benzes road-worthy.

source https://www.autonews.com/best-practices/old-cars-keep-mercedes-store-thriving

Big-ticket car dealers adjust to tight inventories

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.

source https://www.autonews.com/dealers/big-ticket-car-dealers-adjust-tight-inventories

Big-ticket car dealers adjust to tight new, used inventories

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.

source https://www.autonews.com/dealers/big-ticket-car-dealers-adjust-tight-new-used-inventories

Big Jeep store opens after pandemic changes sales scene

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.

source https://www.autonews.com/dealers/big-jeep-store-opens-after-pandemic-changes-sales-scene

Ford details Bronco allocation process to dealers; top performers could get 'hundreds'

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.

source https://www.autonews.com/dealers/ford-details-bronco-allocation-process-dealers-top-performers-could-get-hundreds

Michigan House committee OKs bill limiting direct EV sales

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.

source https://www.autonews.com/dealers/michigan-house-committee-oks-bill-limiting-direct-ev-sales

CarMax rebounds to record revenue, profits in Q2

CarMax's record results reflected the larger rebound of the industry in the summer months after the outbreak of the coronavirus pandemic.

source https://www.autonews.com/dealers/carmax-rebounds-record-revenue-profits-q2

Florida dealer Rick Case dies of cancer

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.

source https://www.autonews.com/dealers/florida-dealer-rick-case-dies-cancer

Florida dealer Rick Case dies of cancer

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.

source https://www.autonews.com/executives/florida-dealer-rick-case-dies-cancer

Industry eyes virtual notary services to identify digital car buyers

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.

source https://www.autonews.com/finance-insurance/industry-eyes-virtual-notary-services-identify-digital-car-buyers

Fed move to keep benchmark interest rate may not help auto customers

Rather than a positive omen, the move signals a slow economic recovery as the U.S. continues to grapple with the coronavirus pandemic.

source https://www.autonews.com/fi-blog/fed-move-keep-benchmark-interest-rate-may-not-help-auto-customers

Fed move to stay benchmark interest rate may not help auto customers

Rather than a positive omen, the move signals a slow economic recovery as the U.S. continues to grapple with the coronavirus pandemic.

source https://www.autonews.com/fi-blog/fed-move-stay-benchmark-interest-rate-may-not-help-auto-customers

Black Widow investment shows pictures are worth millions of dollars

Within condition reports, images are a key component intended to give buyers confidence in the vehicles on which they're bidding.

source https://www.autonews.com/retail-technology/black-widow-investment-shows-pictures-are-worth-millions-dollars

Carvana expects record Q3 revenue, retail vehicle sales

Like many used-vehicle retailers, the company has benefited from a seller's market after emerging from a trough in early April.

source https://www.autonews.com/used-cars/carvana-expects-record-q3-revenue-retail-vehicle-sales

Polestar plans to double global showrooms this year, hit new markets

CEO Thomas Ingenlath said the electric vehicle maker is looking to expand in the Asia Pacific region and the Middle East.

source https://www.autonews.com/automakers-suppliers/polestar-plans-double-global-showrooms-year-hit-new-markets

Musk says Tesla has 'shot at record quarter'

“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.”

source https://www.autonews.com/retail/musk-says-tesla-has-shot-record-quarter

OBITUARY: John Weinberger

John Weinberger, co-founder of Chicago retailer Continental Motors Group, died Sept. 12 at age 88.

source https://www.autonews.com/dealers/obituary-john-weinberger

It's still Day 1 for vehicle subscriptions

In a July editorial, Automotive News called time on vehicle subscriptions. At Clutch and Cox Automotive, we couldn’t disagree more. 

source https://www.autonews.com/commentary/its-still-day-1-vehicle-subscriptions

Dealership lets city use its pickups

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.

source https://www.autonews.com/dealers/dealership-lets-city-use-its-pickups

Hyundai wants to restart facility upgrades; dealers wary

Hyundai and Genesis say it's time to get back to their pandemic-delayed dealership upgrade programs. Some retailers think it's too soon.

source https://www.autonews.com/dealers/hyundai-wants-restart-facility-upgrades-dealers-wary

Dealer anniversary

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.

source https://www.autonews.com/dealers/dealer-anniversary-6

Buy-sells are unleashed after COVID slowdown

Activity picked up sharply in June after the onset of the coronavirus pandemic in March triggered delays in closing transactions.

source https://www.autonews.com/dealers/buy-sells-are-unleashed-after-covid-slowdown

Gift cards build up restaurants and goodwill

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.

source https://www.autonews.com/best-practices/gift-cards-build-restaurants-and-goodwill

EV upgrades may be final straw for some Cadillac dealers

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.

source https://www.autonews.com/dealers/ev-upgrades-may-be-final-straw-some-cadillac-dealers

La. dealership shelters employees, community after hurricane

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.

source https://www.autonews.com/dealers/la-dealership-shelters-employees-community-after-hurricane

Former NADA Chairman Dale Willey dies at 79

Willey led the dealer organization in 2007, mitigating industry issues leading up to the U.S. financial crisis.

source https://www.autonews.com/dealers/former-nada-chairman-dale-willey-dies-79

Audi rolls out rental program to dealerships

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.

source https://www.autonews.com/dealers/audi-rolls-out-rental-program-dealerships

Cars.com looks to shed part of Chicago headquarters

The move comes four months after the company announced a round of layoffs triggered by the COVID-19 crisis.

source https://www.autonews.com/used-cars/carscom-looks-shed-part-chicago-headquarters

Fair expands into longer-term used-vehicle leases

The used-vehicle subscription service is adding two- and three-year lease options to grow the company and reduce monthly costs for customers.

source https://www.autonews.com/used-cars/fair-expands-longer-term-used-vehicle-leases

Gulf Coast dealers face high winds, power outages from Hurricane Sally

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.

source https://www.autonews.com/dealers/gulf-coast-dealers-face-high-winds-power-outages-hurricane-sally

Cadillac requiring dealers to make $200,000 in upgrades for EVs

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.

source https://www.autonews.com/dealers/cadillac-requiring-dealers-make-200000-upgrades-evs

Leveraging digital advertising during pandemic for quicker recovery

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.

source https://www.autonews.com/commentary/leveraging-digital-advertising-during-pandemic-quicker-recovery

CarEdge launches consumer-focused website offering vehicle research, listings

CarEdge, which launched this year, will combine its vehicle research on resale values with active listings and send customer leads to dealerships for free.

source https://www.autonews.com/retail/caredge-launches-consumer-focused-website-offering-vehicle-research-listings

Subprime shrinks amid COVID-19 sales conditions

Tighter credit and limited showroom access likely caused the notable decline of consumers in lower credit tiers, exacerbating a trend in motion since 2013.

source https://www.autonews.com/finance-insurance/subprime-shrinks-amid-covid-19-sales-conditions

More changes to come for F&I process online

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.

source https://www.autonews.com/fi-blog/more-changes-come-fi-process-online

TrueCar adds executive leadership roles

Vehicle listings site TrueCar created new executive roles, including COO and chief consumer officer positions, amid an ongoing restructuring.

source https://www.autonews.com/executives/truecar-adds-executive-leadership-roles