Retail

He's sold boxing champ Floyd Mayweather 39 cars … and counting

2:45 pm U.S. ET | April 29, 2015

Obi Okeke has sold 39 cars to welterweight champ Mayweather, including a $3.2 million Ferarri Enzo and three Bugatti Veyrons that are worth $6.2 million combined. In a career spanning nearly 30 years, Okeke has sold cars to the likes of Arnold Schwarzenegger, Jessica Simpson, Ellen DeGeneres, Chris Tucker and more.... Read More »

AutoNation says no to captive

11:45 am U.S. ET | April 29, 2015

AutoNation, after exploring whether to launch its own captive finance company, is saying no to the idea. CEO Mike Jackson says the retailer will generate a better return from other investments.... Read More »

DAVE GUILFORD

BLOG: Which approach to autonomous driving will win?

3:57 pm U.S. ET | April 29, 2015

When it comes to autonomous driving technology, the basic question boils down to whether to go all in or install it in limited doses.... Read More »

Cadillac prices CTS-V about $10K below rivals

3:35 pm U.S. ET | April 29, 2015

Cadillac said today that its track-ready 2016 CTS-V sedan will start at $83,995 when it goes on sale in late summer.... Read More »

Porsche captive adds branded F&I products

12:00 pm U.S. ET | April 29, 2015

Porsche, Bentley and Lamborghini dealers in the U.S. are getting a new menu of F&I products to sell. Porsche Financial Services North America is introducing extended service contracts and other products bearing the Porsche name, plus F&I products for the Bentley and Lamborghini brands.... Read More »

JIM HENRY

BLOG: Finally, a lender owns up

11:45 am U.S. ET | April 29, 2015

Auto lenders carefully avoid citing their rivals, especially when they want to criticize. So it was refreshing when Ally's CEO figuratively raised his hand this week.... Read More »

Most lenders cite subprime restraint

12:15 pm U.S. ET | April 29, 2015

GM Financial and Capital One are joining other auto lenders in citing tougher competition in subprime lending and voicing caution over the increase in auto loans to consumers with lower credit scores. Ally Financial, one of the nation's largest auto lenders, is taking the opposite approach, and pursuing more subprime business.... Read More »

Group 1, AutoNation set F&I revenue per vehicle records; most other publics improve

12:15 pm U.S. ET | April 29, 2015

The six largest publicly traded new-vehicle retail groups nearly all improved in F&I revenues per vehicle retailed in the first quarter, led by Group 1 and AutoNation, which both topped $1,500 for the quarter.... Read More »

Ally deal enables Mitsubishi to cut costs for capital, infrastructure

11:17 am U.S. ET | April 29, 2015

For years, Mitsubishi used an in-house finance arm to underwrite loans to dealers and customers as other small automakers relied on international banking giants to keep the capital flowing. This week, by selling its captive lending arm to Ally Financial and naming Ally as its preferred U.S. lender, Mitsubishi shed the hefty costs of banking to focus on its core business: making and selling cars.... Read More »

CHRISTIAAN HETZNER

BLOG: Daimler mimics BMW with conservative profit outlook

6:17 am U.S. ET | April 29, 2015

Daimler seems to have taken a lead from BMW in keeping its 2015 profit outlook conservative to avoid any risk whatsoever of potentially giving the financial markets an unpleasant surprise later in the year.... Read More »

Bosch says weak euro will help sales rise up to 5%

April 29, 2015 11:59 CET

Bosch forecasts that its 2015 sales will rise between 3 percent and 5 percent after a weaker euro bolstered its top line in the first three months.... Read More »

Renault taps Hollywood star to promote new Espace

April 29, 2015 06:01 CET

Renault is tapping a Hollywood star appeal to boost sales of its new Espace minivan. Actor Kevin Spacey appears in Renault's Europewide marketing campaign for the Espace. The Espace launches the renewal of the automaker's upper range where the brand trails rivals such as Volkswagen, Ford and Opel.... Read More »

CHRISTIAAN HETZNER

BLOG: Daimler mimics BMW with conservative profit outlook

6:17 am U.S. ET | April 29, 2015

Daimler seems to have taken a lead from BMW in keeping its 2015 profit outlook conservative to avoid any risk whatsoever of potentially giving the financial markets an unpleasant surprise later in the year.... Read More »

Supplier price-fixing civil settlements top $260M

10:50 am U.S. ET | April 28, 2015

Civil settlements recently have exceeded $260 million in federal litigation stemming from the ongoing US criminal antitrust investigation into supplier price fixing.... Read More »

Ally pushes to make up for lost GM lease business

8:01 am U.S. ET | April 28, 2015

Ally Financial is responding to GM pulling its subsidized lease business by getting more aggressive in near-prime and subprime loans, and by courting dealers harder than ever, especially non-GM and non-Chrysler dealers.... Read More »

Toyota plans $4.2B share sale to fund fuel cell r&d

6:55 am U.S. ET | April 28, 2015

Toyota plans to replace as much as 500 billion yen ($4.2 billion) of common equity with unlisted shares that have transfer restrictions, locking in longer-term funding as the carmaker develops new technology.... Read More »

Penske Q1 net up 12% as sales rise

8:48 am U.S. ET | April 28, 2015

Penske Automotive Group reported first-quarter net income rose 12 percent driven largely by strong vehicle sales.... Read More »

Group 1's net income rises 14% in Q1

7:50 am U.S. ET | April 28, 2015

Group 1 Automotive reported net income rose 14 percent to $36 million in the first quarter, driven by solid gains in sales of both new and used vehicles in its core operations in the robust US market.... Read More »

McLaren vows to stay independent as it pushes to boost sales

April 28, 2015 12:11 CET

McLaren plans to stay independent to take advantage of its nimbleness as it competes with rivals including Lamborghini and Ferrari. The UK automaker is one of the few global luxury auto brands that is not part of a larger group.... Read More »

CHRIS KUKLA

Troubling practices need attention now

12:01 am U.S. ET | April 27, 2015

Recognizing the proliferation of troubling practices that mirror the precrash mortgage market is important because these practices deserve attention now.... Read More »

RAJ SUNDARAM

Loans are at a healthy, rational level

12:01 am U.S. ET | April 27, 2015

While it's worthwhile to remember key lessons from the 2008 financial crisis, today's conditions in automotive subprime bear virtually no resemblance to the mortgage issues that precipitated that fateful bubble, says Raj Sundaram, co-president of Dealertrack Inc.... Read More »

Ally to take over Mitsubishi's U.S. lending arm

1:26 pm U.S. ET | April 27, 2015

Mitsubishi, one of the smallest car companies with a captive finance arm in the United States, is selling its book of business to Ally Financial, the former lending division of General Motors.... Read More »

AutoNation Ford store in Bellevue, Wash., burns down

10:45 am U.S. ET | April 27, 2015

AutoNation Ford Bellevue in Washington state was still burning today after a fire tore through the dealership Saturday morning. The local fire department is calling it a total loss.... Read More »

Best April sales in decade expected, driven by light trucks

1:09 pm U.S. ET | April 27, 2015

New-vehicle sales in the United States are projected to reach the highest April level in a decade, capping the best four-month start to a year since 2001. Four forecasts -- calling for a year-over-year increase of about 5 percent to 6 percent this month -- show the industry remains on track to finish 2015 right around 17 million units, a threshold last crossed in 2001. TrueCar.com recently increased its full-year forecast to 17.... Read More »

Public dealerships plan for growth

12:01 am U.S. ET | April 27, 2015

AutoNation, Sonic, Asbury and Lithia gave updates on their new projects as they reported generally robust first-quarter earnings. Here's what they said.... Read More »

 
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