Penske acquires used-only dealership group
Penske Automotive Group is adding used-only vehicle dealerships. The nation’s second-largest auto retailer has signed a deal to acquire CarSense, a stand-alone retailer of used vehicles with stores in Philadelphia, Pittsburgh and southern New Jersey.
CarMax expands used-car store footprint
CarMax, extending its lead over other publicly held auto retailers entering the stand-alone used-car store market, continues its expansion, opening its first store in Michigan this month. Store No. 167, near Grand Rapids, puts the retailer closer to its goal of becoming a national brand.
AutoNation to leap into auction business
AutoNation is getting into the auction business in a much bigger way with plans to open four AutoNation-branded auto auctions over the next two years, going to five sites from one now. AutoNation expects to sell more than 20,000 vehicles annually at each of its auction locations.
What happens to Porsche's parked diesels?
When a V-6 diesel fix is approved, Porsche will sell nearly 1,500 diesel Cayennes sitting in dealer inventory for the past year as used vehicles. Porsche Cars North America managed to get other Cayenne diesels initially allocated to the U.S. reassigned to Germany for redistribution elsewhere.
CPO has room to grow, but awareness lags
Off-lease vehicle volume is growing faster than CPO sales, leaving room for those sales to grow, remarketing analysts say. But they add that greater consumer awareness of certified programs is needed for those sales to reach their potential.
Dealers undercharge for CPO vehicles, study finds
Dealers underestimate how much extra consumers are willing to pay for a used vehicle that is certified, a new study found.
FTC adds seven revisions to Used Car Rule
The Federal Trade Commission has updated its Used Car Rule, implementing seven revisions that cover a variety of necessary disclosures, the commission said on Thursday.
Sonic's EchoPark to assist private sales
Sonic Automotive is procuring used cars by putting private sellers together with private buyers at its used-only EchoPark stores.
More auctions, revenue lift profits at ADESA’s parent
Rising vehicle volume and revenue per vehicle sold at ADESA helped boost income at its parent, KAR Auction Services, 4 percent to $54.4 million in the third quarter.
Auction association keeps safety first
Safety is serious business at auctions. So serious that Jerry Hinton, general manager of ADESA Portland in Portland, Ore., will be the third president of the National Auto Auction Association in a row to embrace safety awareness as a part of his platform when he takes the reins of the auction group next month.
AutoNation revives its used-only stores
AutoNation CEO Mike Jackson, who pulled the plug on the company's last used-car chain, says the opportunity is ripe and the company has the right strategy this time. AutoNation USA used-car stores are the centerpiece of a wide-ranging $500 million-plus AutoNation brand extension strategy.