Lithia & Driveway has bolstered its presence in the Dallas-Fort Worth area with the purchase of Rockwall Hyundai, the retailer said Tuesday. The purchase of the Rockwall, Texas dealership adds roughly $75 million in annualized revenue to the dealer group. So far this year, Lithia has added expected annualized revenues of $915 million. Lithia financed […] [Read More]

The Courtesy Automotive Group has acquired Watson Chevrolet and Infiniti of Tucson in Tucson, Ariz., according to a news release from Pinnacle Mergers & Acquisitions. Pinnacle represented the seller in the transaction, which closed on Aug. 31, and was led by Bill Scrivner, founder and CEO of Pinnacle Mergers & Acquisitions. Following the acquisition, the […] [Read More]

The Costco Auto Program has launched a new offering that may help drive more affordability-minded shoppers to certified pre-owned Volvo vehicles. The Certified by Volvo special is providing savings for Costco members on model-year 2023 through 2025 CPO vehicles from Volvo. In a deal that started Tuesday and runs through Nov. 2, eligible Costco members […] [Read More]

A Harvard business student and former advertising art director at General Motors released a research paper last month with car dealership ad spend in mind. Automotive Retail Advertising in Crisis: Overlooked Liquidity Lever, which was published by Andrew Reutsky on Aug. 12, reports the first field deployment of Banner-VIN-Profit, which is an open-source attribution model […] [Read More]

Asbury Automotive Group has named a new senior vice president and chief human resources officer. Wendy Reynolds-Dobbs, who is currently Asbury’s interim chief human resources officer and vice president of talent development and chief culture officer, will begin that new role on Sept. 14. Reynolds-Dobbs joined Asbury in May 2022. Her prior roles include serving […] [Read More]

Why does one dealership command a significantly higher blue sky multiple than another, even when both operate under the same franchise? The answer is multi-dimensional and extends far beyond profitability alone. Blue sky represents the goodwill component of a dealership’s value, the premium a buyer is willing to pay above the value of its tangible […] [Read More]

Lithia & Driveway said Tuesday it is investing $500,000 in more than 200 nonprofit youth and community organizations through its Lithia4Kids Community Giving Grants. The program partners with organizations focused on educating and strengthening communities in which Lithia operates. The latest grants will support initiatives like schools, children’s hospitals and youth enrichment. Nearly 375 grant […] [Read More]

We start this dealer group news roundup in California, where the LAPIS group has launched a new Porsche store in the Tri-Valley region. LAPIS CEO and dealer principal Todd Blue acquired the Porsche Livermore store in March. “Porsche is a brand that demands a different level of stewardship,” Blue said in a news release. “We […] [Read More]

The Chicago Automobile Trade Association teamed up with the USO to raise more than $59,000 to support servicemembers and their families through their 13th annual Drive for the Troops campaign in July. Dealerships throughout Chicagoland hosted community events and held fundraisers like cookouts, car shows, bike rides, raffles and online campaigns in support of the […] [Read More]

Fletcher Jones Automotive Group has completed its exit from Northern California with the sale of Porsche Walnut Creek to Sonic Automotive, according to a news release from The Presidio Group, its advisor on the sale. “In recent years, we’ve taken steps to hone our dealership portfolio to focus on the markets that best align with […] [Read More]