“Living within our means” has become something of a mantra for Vroom, and that continues to impact the online used car retailer’s bottom line. But Vroom should start to grow again later this year, executives said. “While the route is uphill for (gross profit per unit) in Q1 and Q2, we expect GPPU to normalize […] [Read More]

CarMax is sharing more than just its used-vehicle retail performance, as on Monday the company released its 2023 Responsibility Report, which features expanded disclosures regarding its environmental, social and governance priorities. The report also includes details on the company’s relevant climate-related risks and opportunities in a manner aligned with the recommendations of the Task Force […] [Read More]

In addition to announcing first-quarter earnings results, Shift Technologies said Thursday it is reviewing strategic alternatives — which could include “potential sale of certain operating businesses, third party investment or partnership opportunities and/or funding alternatives for our marketplace business, ”the company said. Shift’s board plans to “proceed in a timely manner” but did not set […] [Read More]

Tasca Automotive Group has purchased Kingston, N.Y.-based L.T. Begnal Motor Company, according to a news release from Performance Brokerage Services, which advised on the sale. Tasca is based in the Northeast and includes 20 dealerships. The Begnal group includes the Chrysler, Dodge, Jeep, Ram and FIAT brands. Larry Begnal, dealer president, said in a release: […] [Read More]

I remember when I was on the sales floor around the last week of the month, there was always three sets of people. First there were the victims – these individuals would spend the final week of the month trying to figure out next month’s “rain dance” that would deliver them some success. This never […] [Read More]

EchoPark, Sonic Automotive’s stand-alone used vehicle operation, strives to acquire vehicles at prices that allow it to keep its customers’ used vehicle monthly payments under $500. “That’s going to be in the $24,000 price range,” said Sonic Automotive president Jeff Dyke, during the company’s earnings call covering its quarter that ended March 31. But that goal was challenged when wholesale vehicles prices suddenly ... [Read More]

Group 1 Automotive has expanded in its home state. The retailer said Monday it has acquired three Beck & Masten Buick-GMC dealerships in Texas, two of which are in the Houston market and one of which is in the Corpus Christi area. Group 1 anticipates the three stores will generate annual revenues of $760 million. […] [Read More]

One way your dealership could see customers beyond when they take delivery is by guiding them toward a vehicle that’s more affordable to insure and maintain. That vehicle could be one of the 2023 model-year brand and category winners of the 5-Year Cost to Own Awards recently given by Kelley Blue Book. Examining ongoing costs […] [Read More]

Michael Manley said AutoNation decided to “realign, reposition and reduce” its used-car inventory in the first quarter of 2022. That appeared to be a wise move as the year went on, said Manley, who is AutoNation’s CEO. “It did, however, set us up for a tough comp per unit volume in Q1,” Manley said during AutoNation’s first quarter 2023 earnings call on April 20. Manley said during the call that the company will “remain nimble” in its approach to used vehicles. “And expansion of our AutoNation USA footprint remains ... [Read More]

This week, PureCars announced new data and insights regarding dealers’ knowledge of third-party cookie deprecation, customer database health and using first-party data for targeted marketing, as well as familiarity with customer data platform (CDP) technology. Key survey insights from respondents representing franchised dealerships across the U.S. included: Google’s cookie deprecation: —58% of dealers were unaware […] [Read More]