Retail

U.S. House committee approves limit on CFPB's oversight of auto lending

5:15 pm U.S. ET | July 29, 2015

The U.S. House Financial Services Committee approved a bill Wednesday that would significantly limit the Consumer Financial Protection Bureau's guidance over auto lending.... Read More »

Tesla offers $1,000 referral incentive on Model S

4:09 pm U.S. ET | July 29, 2015

Tesla, testing the power of viral marketing to sell its EVs, will offer a word-of-mouth discount on the Model S through the end of October, with both referrer and buyer receiving $1,000.... Read More »

CDK sees 25 percent profit growth in 2016

3:37 pm U.S. ET | July 29, 2015

CDK Global CEO Steve Anenen predicted that earnings at the dealership software giant would jump in its 2016 fiscal year. On the strength of cost-cutting and better bundling of software products, CDK Global expects adjusted earnings to rise at least 25 percent in 2016 on revenue growth of 4 to 5 percent, Anenen told analysts during a year-end earnings call today.... Read More »

TrueCar, Sonic settle trademark lawsuit

3:00 pm U.S. ET | July 29, 2015

TrueCar and Sonic Automotive reached a settlement in TrueCar's lawsuit against the dealership group over trademark infringement. As part of the deal, Sonic agreed to transfer to TrueCar all rights to and use of its True Price, True View and all other True-related marks. Sonic also will lift a ban on using TrueCar at its dealerships.... Read More »

Dealer satisfaction grows when auto lenders embrace e-contracting

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

Dealers like e-contracting. That's one of the key findings from the 2015 U.S. Dealer Financing Satisfaction Study by J.D. Power released this week. Another takeaway: Dealers are willing to pay lenders a premium for good service.... Read More »

Public retailers boost F&I profits in Q2

12:30 pm U.S. ET | July 29, 2015

F&I profits increased at all six of the largest public new-car retailers in the second quarter. The nation's largest retailer, AutoNation, led the way with F&I revenue per new vehicle retailed of $1,528 on a same-store basis.... Read More »

HANNAH LUTZ

BLOG: AutoNation, Group 1 are neck and neck in F&I race

12:30 pm U.S. ET | July 29, 2015

AutoNation overtook former frontrunner Group 1 Automotive for the top spot among the public retailers in F&I profit per vehicle in the second quarter. Or did it? It depends on how you measure.... Read More »

Ally's second-quarter auto lending flat despite GM pullback

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

Ally Financial's second-quarter auto lending originations declined just 1 percent from a year earlier to $10.8 billion, despite a sharp drop in lease originations for GM vehicles. For the first time, GM accounted for less than half of Ally's auto originations.... Read More »

VW says China sales may decline this year

July 29, 2015 17:19 CET

Volkswagen said its vehicle sales may decline in China this year after years of double-digit volume gains in its largest market.... Read More »

Penske Automotive Q2 earnings rise 29.5%

9:06 am U.S. ET | July 29, 2015

Penske Automotive Group Inc. reported second-quarter net income rose 29.5 percent driven largely by a higher volume of vehicle sales and a solid performance in all business segments.... Read More »

Average age of U.S. fleet hits record 11.5 years, IHS says

7:00 am U.S. ET | July 29, 2015

The average age of light vehicles on the road in the U.S. reached a new all-time high of 11.5 years at the end of 2014, while the total light vehicles in operation hit a record 257.9 million, up 2.1 percent from 2013, IHS Automotive said today.... Read More »

Nissan Q1 earnings jump 58% on strong U.S. sales, weak yen

4:36 am U.S. ET | July 29, 2015

Nissan said first-quarter operating profit soared 58 percent, lifted by strong vehicle sales in the U.S. and China as well as a weak yen which boosted the value of earnings overseas.... Read More »

Nissan backs away from dealer ad attacking Trump for denouncing Mexican immigrants

9:00 pm U.S. ET | July 28, 2015

Nissan distanced itself from a controversial ad created by a California dealership that shows store managers whacking away at a Mexican piņata resembling Republican Party presidential candidate Donald Trump.... Read More »

Honda readies more sporty, luxurious Civic

11:00 am U.S. ET | July 28, 2015

With the official debut of Honda's redesigned Civic just a few months away, the latest spy shots show the 10th-generation model will come with luxury features normally reserved for fancy German sedans, not practical Japanese family cars.... Read More »

Ally's Q2 auto lending flat despite GM pullback

1:12 pm U.S. ET | July 28, 2015

Ally Financial's second-quarter auto lending originations declined just 1 percent from a year earlier to $10.8 billion, despite a sharp drop in lease originations for General Motors vehicles, the company said today.... Read More »

VW passes Toyota for global sales lead in first half

July 28, 2015 08:26 CET

Volkswagen surpassed Toyota to become the biggest automaker by deliveries in the first half. VW benefited as car demand in Europe accelerated, softening the blow from a slowdown in China, its biggest market.... Read More »

Daimler in talks on truck partnership, Iran Khodro says

July 28, 2015 12:01 CET

Daimler is exploring a partnership with Iran Khodro as it weighs a return to Iran's market for trucks, vans and buses, the Iranian automaker's CEO said. European carmakers are planning their return to Iran after the country agreed to curb its nuclear program in return for the lifting of international sanctions that have crippled its economy.... Read More »

VW's MAN truck unit expects profit drop on restructuring costs

July 28, 2015 11:27 CET

Volkswagen Group's MAN truck unit expects costs to reorganize its European truck and bus unit will significantly lower operating profit this year, as a recession in Brazil also hits sales.... Read More »

As dealership sales climb, margins slide

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

On the surface, second-quarter results from five publicly traded dealership groups last week were solid. But behind the gains lurked a disturbing trend: At all five, profit margins on new-vehicle sales fell.... Read More »

Mercedes-Benz Financial leads in dealer satisfaction, J.D. Power finds

8:00 am U.S. ET | July 27, 2015

Mercedes-Benz Financial Services ranks No. 1 among auto lenders in terms of dealerships' satisfaction with lenders' services, according to a study released today by J.D. Power.... Read More »

Audi aims to raise China sales with revamped A4

July 27, 2015 13:43 CET

Audi hopes that a redesigned A4 sedan will help shore up its fortunes in China where the premium brand is grappling with a second consecutive month of falling sales in its No. 1 market.... Read More »

TrueCar works on relationships

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

TrueCar's dealer relations ranks are getting a tune-up this summer, with a longtime industry insider leaving and two new execs joining the company. Separately, the company said problems converting enough shoppers into buyers hurt its second-quarter results.... Read More »

Sonic President Scott Smith named CEO

12:10 pm U.S. ET | July 27, 2015

Sonic Automotive is shuffling some executive positions, naming its co-founder Scott Smith to the post of CEO, effective immediately, the company said in a statement today.... Read More »

Valeo raises profit forecast, shrugs off China slowdown

July 27, 2015 10:54 CET

Valeo raised its profit outlook today, playing down the impact of a Chinese market slowdown after a record first-half order intake boosted by demand for driving-assistance and fuel-saving technologies.... Read More »

Pickups are picking up premium price tags

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

Last week, Ford introduced a Limited version of the F-150 that will start at about $60,000 and will likely top $70,000 when loaded with options. So what do you get when you max out other half-ton pickups sold in the U.S. with the most expensive set of options? We found prices identified more with upper-end German performance sedans than vehicles that can haul a load of hay.... Read More »

 
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