Lithia & Driveway was set to hold a grand opening Wednesday for the first physical store within the Driveway side of the business, a move that gives the traditionally digital program a brick-and-mortar presence, too. Driveway Chrysler Dodge Jeep Ram of Portland, located in Oregon, is designed to give shoppers “a new way to purchase […] [Read More]

Sonic Automotive delivered record revenues and net income in its third quarter, but is tapping the brakes on adding stores to its EchoPark Automotive stand-alone used-car brand until mid-2023 while it realigns the brand with the changing economic environment. Sonic CEO David Smith said the company remains committed to expanding EchoPark’s reach to within 90% […] [Read More]

An analyst during the Q&A portion of AutoNation’s third-quarter earnings call on Thursday asked whether the retailer was comfortable with the current inventory levels for used vehicles. The company’s president and CEO Mike Manley answered yes. “But as we all know in our business, your used inventory can be one of your biggest assets,” Manley […] [Read More]

Two of the latest moves by TrueCar have dealers at the focal point. Along with piloting a new online credit application feature, TrueCar announced the election of a new member to board of directors who happens to be the general manager of a franchised dealership. In board changes effective on Oct. 27, TrueCar welcomed Capistrano […] [Read More]

Spartan Auto Group has sold its Spartan Toyota, Wolverine Toyota and Lexus of Ann Arbor to Germain Automotive Partnership and has sold its Lexus of Lansing store to Serra Automotive. The transactions were announced by Kerrigan Advisors, which represented Spartan Auto Group and the Criscuolo family. “It was our honor to work with the Criscuolo […] [Read More]

Quick action by Group 1 Automotive enabled it to show a slight annual increase in U.S. same-store used retail units sold in the third quarter despite turmoil in the used-car market, said outgoing CEO Earl Hesterberg on the third-quarter earnings call. “One of the challenges we faced in the US in the quarter was a […] [Read More]

Penske Automotive Group had a rough third quarter where used vehicles were concerned, with sales falling 7.0% to 65,523 units compared to the same quarter in 2021. Used-vehicle revenue fell 4.1% and gross profit was down 32% to $131.3 million. On the earnings call, chairman and CEO Roger Penske dissected the environment. On the premium […] [Read More]

Georgica Auto Holdings, which operates 23 auto retail franchises throughout New York, New Jersey and Pennsylvania, announced a $70 million capital investment Wednesday from Franchise Equity Partners, which will now be a minority shareholder in the dealer group. Georgica’s dealerships represent brands from Volkswagen Group, Porsche Cars North America, General Motors, BMW Group, Jaguar Land […] [Read More]

While certified pre-owned (CPO) programs appear to be more important than ever for executives of mass market and premium brands given production disruptions that have limited supply of new vehicles, two distinct narratives are playing out, according to a recent Voice of the Experts (VoE) report from the J.D. Power Valuation Services group. Most premium […] [Read More]

It’s still early in the fourth quarter of 2022, but the pace of mergers and acquisitions happening among dealerships remains on a brisk pace with nine rooftops involved in actions announced this week. Kerrigan Advisors was involved in a pair of stores changing hands in Illinois, while Haig Partners helped to facilitate a transaction connected […] [Read More]