When it comes to used vehicles, Asbury Automotive Group believes sales are great — but gross profit is better. So, president and CEO David Hult wasn’t concerned when Asbury’s third-quarter financial results showed used-car unit sales down 6% on a same-store basis from the previous year. He was more focused on the quarter-over-quarter rise in […] [Read More]

Consumers may feel like they’re without a paddle when it comes to figuring out the right time to sell their vehicle. But they don’t have to be an armchair expert thanks to the Value Tracker tool from Carvana, which can help car owners determine when to let it go. The platform launched last year allows […] [Read More]

Doug Austin noticed car dealers were struggling with slowing sales and increasing expenses, and decided to do something about it. Austin, the founder and chairman of StrategicSource, came up with the Dealer Profit Alliance, a new program designed to show dealers how StrategicSource’s resources can help them increase revenue. “Interest rates have decreased but they […] [Read More]

Volkswagen’s plan to revive the Scout brand has drawn the wrath of the National Automobile Dealers Association. Last week, Reuters reported the VW-backed Scout Motors company will sell its electric SUV and pickup truck directly to consumers rather than through dealers, quoting CEO Scott Keogh as saying he expects Scout to have some three dozen […] [Read More]

EchoPark’s record-setting bandwagon continues to roll. Sonic Automotive’s used-car operation has taken off in 2024, and it soared to a third consecutive record quarter for gross profit, according to the company’s third quarter financial results, released this week. EchoPark’s gross of $55.2 million was the best ever for Q3, and that wasn’t the end of […] [Read More]

In reporting its third quarter financial results Friday, AutoNation sang the second verse of a similar song from Q2. Revenues, gross profits and net income were all down year-over-year, in part because the residual effects of the CDK Global outage in June carried over into the beginning of Q3 in July. In AutoNation’s Q2 earnings […] [Read More]

The past three months have been good to Lithia & Driveway. In this week’s news release of third-quarter financial results, the global automotive retailer and finance provider reported the highest third quarter revenue in company history at $9.2 billion, up 11% from Q3 2023. For the first nine months of 2024 revenues rose to $27 […] [Read More]

When it comes to where they buy a car, consumers trust dealers far more than their peers — but they still have concerns about dealers. A new nationwide survey by AppraisalPRO, a recently launched FIXD Automotive brand, found 68% of the respondents said they trust dealerships more than private sellers, while just 4.6% felt the […] [Read More]

Penske Automotive Group is continuing its expansion in Australia. The global automotive giant announced it’s adding another location Down Under with an agreement to acquire Porsche Centre Melbourne from Porsche Retail Group Australia Pty Ltd. The new addition will be Penske’s third Porsche store in Melbourne and its 25th worldwide. In a news release, Penske […] [Read More]

Where a Megasite arises, Carvana’s same-day vehicle delivery service is soon to follow. The online used-car retailer introduced Houston as the latest market in which select customers can take delivery of a vehicle purchase as soon as the same day they place an order on Carvana.com. Not coincidentally, it’s also the location of a Carvana […] [Read More]