Slowing used vehicle sales, sliding profits and consumer affordability concerns are pushing Carvana to seek more ways to cut costs, said its top executive. That’s in addition to $90 million in expenses the online used-vehicle retailer slashed in the third quarter that ended Sept. 30, said CEO Ernie Garcia, during the company’s quarterly earnings call […] [Read More]

While blue sky values evidently are becoming harder to assess, most dealers who participated in the 2022 Kerrigan Dealer Survey have strong optimism about the valuation of their dealerships heading into 2023. According to the survey findings released on Monday, 80% of respondents are expecting record valuations to remain steady or increase over the next […] [Read More]

Perhaps law enforcement is making some headway since recent analysis from the National Insurance Crime Bureau (NICB) showed catalytic converter thefts in many U.S. cities are approaching levels not seen in 14 years. The Justice Department said this week that federal, state, and local law enforcement partners from across the United States executed a nationwide, […] [Read More]

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]