Sonic Automotive’s scaled-back, standalone EchoPark used-vehicle operation is narrowing its losses and gaining positive momentum, said its executives during the dealership group’s most recent quarterly earnings call. EchoPark’s income loss of $16.9 million in its third quarter that ended Sept. 30 represents a 46% improvement over the year-ago quarter loss of $31.1 million according to Sonic’s financial results. In the third quarter, EchoPark grew its ... [Read More]

Like most dealership groups, Penske Automotive Group faced headwinds in its used-car business in the third quarter. “The new-vehicle market remains solid while used-vehicle supply and affordability remains challenging,” said CEO Roger Penske. But PAG is counting on an improving supply of loaner cars from the manufacturers to boost its used-vehicle supply going forward, he […] [Read More]

AutoNation’s used-car business remained challenging in the third quarter, so the publicly listed auto retailer chose to focus on sequential improvement in used- vehicle sales during its earnings call. Used-vehicle unit sales increased by 5% in the third quarter compared to the previous quarter to 72,517 units, “which would not be possible without a daily focus on vehicle sourcing,” said CEO Mike Manley He acknowledged continuing difficulty obtaining enough used inventory and highlighted AutoNation’s ... [Read More]

Group 1 Automotive had a record-breaking third quarter, and according to company officials, technology is playing a big role in that success. The dealer group, which operates 201 dealerships and 41 collision centers in the U.S, and U.K., reported $4.7 billion in revenues and total gross profit of $786.2 million – both company records – during its quarterly earnings call this week, as well as $169.8 million in adjusted net income. Group 1 also set all-time highs for ... [Read More]

Asbury Automotive Group struggled against “challenges” in its used-car operations during the third quarter of 2023, company officials said. In its quarterly earnings call this week, Asbury – one of the nation’s largest dealer groups with 138 dealerships, a service contract provider and 32 collision repair centers – announced a 17% year-over-year drop in net income to $169 million and a 5% decrease in revenues, to $3.7 billion. That said, there is help on the way, thanks to ... [Read More]

For several years now, the U.S. auto industry has been working toward accelerating what it sees as the nation’s inevitable transition to electric vehicles. But is the nation along for the ride? As EV production continues to increase, consumer demand, at least for now, is ... [Read More]

Though used-vehicle sales last month softened from August, they beat year-ago figures. However, there remains some headwinds that should be watched, says Cox Automotive in a Data Point report Monday. The biggest bright spot in the used-car market remains ... [Read More]

The car shopper who wants a used vehicle, an electric vehicle or a used EV is likely to find a much better deal than they would have just a year ago. Used EV prices are at their lowest levels in more than two years, according to a Recurrent report, while a separate analysis from iSeeCars.com indicates that affordability for used vehicles and EVs in general has improved substantially since last fall. This news comes as the used EV population — and sales of these pre-owned electrics ... [Read More]

Year-to-date certified pre-owned sales crossed the 2 million-unit threshold in September and are up nearly 9% through three quarters of 2023, according to preliminary estimates from Motor Intelligence provided to Auto Remarketing. Based on data gathered from automakers and projected sales, the firm estimated Thursday there were ... [Read More]

Conrad Galambos, president of Solutions into Motion LTD, says vehicle theft should be everyone’s concern. And there is new technology out there to address it. It’s just not being used, says Galambos. Especially as organized crime is wreaking havoc on ... [Read More]