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]

The next chairman of the National Automobile Dealers Association does business only a long test drive away from the organization’s headquarters. On Tuesday, the 65-member board of directors of elected Geoffrey Pohanka as its 2023 chairman. Pohanka, who currently serves as NADA vice chairman, will succeed Mike Alford, who is dealer principal of Marine Chevrolet […] [Read More]

Dennis Pennington, used-car director at Andy Mohr Ford, has been in the auto industry for 30 years, the last nine of which he has spent at the Plainfield, Ind., dealership. He recalls a conversation several years ago with the late Rick Case, the founder of the eponymous dealer group with locations throughout Florida and Georgia. […] [Read More]

Bill Seidle’s Mitsubishi opened on Sept. 9, 1982; an autumn that included a labor strike in the NFL and the debut of the TV sitcom “Cheers,” featuring Ted Danson and Shelley Long. Following 40 years of continuous business operations since that point, Mitsubishi Motors North America (MMNA) recently recognized the franchised store based in Doral, Fla., […] [Read More]

Along with the seventh annual Diversity Volume Leadership Awards (DVL), last week’s annual NAMAD Conference in Miami also included Cox Automotive, in partnership with the National Association of Minority Automobile Dealers (NAMAD), awarding two Rising Star Awards. The 2022 award recipients were Jarryd Carver, chief executive officer of Winners Circle Automotive Group, headquartered in Hampton, […] [Read More]

In this episode of the Auto Remarketing Podcast, we are joined by Jeremy Beck, who is the vice president of dealer development at the National Independent Automobile Dealers Association. Beck talks with Auto Remarketing senior editor Joe Overby about the association's recent NIADA Policy Conference in Washington, D.C., and looks ahead to NIADA's BHPH Super Forum […] [Read More]

Nissan is broadening the age and mileage eligibility in its certified pre-owned program through a new offering called “Certified Select,” which will also include certain non-Nissan vehicles. Vehicles up to 10 years old with up to 100,000 miles will be included in Certified Select, which provides an 84-point inspection and six-month/6,000-mile limited warranty and roadside […] [Read More]