Dealer Groups and Dealerships

Penske adds Spain to its overseas roster

12:01 am U.S. ET | Aug. 4, 2014
Fresh off the heels of a joint venture in Barcelona, Spain, Penske Automotive Group Inc. will continue to expand with acquisitions in the United States and elsewhere. "We want to expand globally where we have human capital and people to build these businesses," Chairman Roger Penske told Automotive News.... Read More »

 

Edmunds: Model S 'brilliant,' but 'hard to recommend'

12:01 am U.S. ET | Aug. 4, 2014
The Tesla Model S is a "fast, comfortable and technologically brilliant luxury sedan," Edmunds.com concluded in a review it posted last week following a "long-term road test." But Edmunds editors amassed a list of 28 repairs and dealership visits for service bulletins that the car required during the 17 months and 30,251 miles it was tested.... Read More »

 

Sonic exits Mich., looks elsewhere

12:01 am U.S. ET | Aug. 4, 2014
After divesting the last of its four stores in Michigan last month, Sonic Automotive Inc. plans to use the proceeds of the sales to buy more dealerships in other markets.... Read More »

 

Penske Q2 net income rises 18% on strong gains in all segments

7:30 am U.S. ET | July 30, 2014
Penske Automotive Group's second-quarter net income rose 18 percent from the year-earlier period on higher new- and used-vehicle unit sales.... Read More »

 

Group 1 leads peers in F&I revenue per vehicle; Penske trails again

12:01 am U.S. ET | July 30, 2014
Group 1 Automotive's 120 U.S. dealerships had the highest average F&I revenue per vehicle retailed in the second quarter among the six publicly traded new-car groups. It was the fourth quarter in a row that Group 1 posted higher results than its peers.... Read More »

 

GM dogged by recalls, lingering dealer disputes in Canada

12:34 am U.S. ET | July 29, 2014
A wave of recalls, lingering disputes with dealers after its 2009 bankruptcy, and weak pickup volume are undermining GM's sales in Canada, the company's seventh-biggest market.... Read More »

 

Asbury to double pace of acquisitions

12:01 am U.S. ET | July 28, 2014
Asbury Automotive Group Inc. aims to double its acquisition pace during the next 18 months.... Read More »

 

Sonic 'delighted' with rollout of new retail plan

12:01 am U.S. ET | July 28, 2014
Three weeks into Sonic Automotive Inc.'s customer experience initiative, customers at the pilot store aren't yet getting the promised iPad-enabled transaction with a single salesperson.... Read More »

 

Happy Birthday, boss! Let's open some stores

12:01 am U.S. ET | July 28, 2014
Sonic Automotive President Scott Smith will get a special birthday present when he turns 47 on Oct. 20.... Read More »

 

AutoTrader, Manheim rebrand under 1 entity

12:01 am U.S. ET | July 28, 2014
Manheim and AutoTrader Group, a collection of digital automotive marketing and software companies, are now part of Cox Automotive, according to signage and employees representing the various properties at a recent trade show in Florida. Sandy Schwartz, president of Manheim and AutoTrader Group, leads the new entity.... Read More »

 

AutoNation: Recalls crimp service

12:01 am U.S. ET | July 26, 2014
The record recalls this year are creating capacity bottlenecks in the service shops of the country's largest new-vehicle dealership group.... Read More »

 

JAMES B. TREECE

GM, Manheim kiss and make up

3:15 pm U.S. ET | July 25, 2014
About four years after a spat strained their business relations, GM and auction company Manheim are starting to kiss and make up.... Read More »

 

Strong retail demand to push U.S. sales higher in July, forecasts show

2:44 pm U.S. ET | July 25, 2014
The pace of auto sales has slowed slightly after hitting an eight-year high in June, but July's results are still shaping up to be at least 9 percent better than a year ago, according to four forecasts. The seasonally adjusted, annualized selling rate is expected to hit 16.6 million to 16.8 million, projections show.... Read More »

 

Group 1 Q2 profit tumbles 55% on Brazilian problems

9:47 am U.S. ET | July 24, 2014
Group 1 Automotive today said its second-quarter net income tumbled 55 percent from a year earlier to $16.9 million, dragged down by a struggling economy in Brazil which accounts for 8 percent of its revenue.... Read More »

 

Lithia Q2 profits hit record highs

8:39 am U.S. ET | July 23, 2014
Lithia Motors today reported the highest adjusted quarterly net income in the company's history -- a 29 percent surge to $35 million -- on higher revenues and cost controls.... Read More »

 

Suburban Collection buys BMW, Mercedes dealerships in Ann Arbor

4:08 pm U.S. ET | July 23, 2014
The Suburban Collection has acquired two more Michigan dealerships: BMW of Ann Arbor and Mercedes-Benz of Ann Arbor. The two dealerships were acquired from Sonic Automotive for an undisclosed amount.... Read More »

 

F&I revenue growth slows in Q2 for some major dealership groups

12:01 am U.S. ET | July 23, 2014
Of the four publicly traded new-car dealership groups that have reported second-quarter results, only one has posted a higher rate of growth in F&I revenue per vehicle retailed than it did a year ago. Lithia Motors today reported average F&I revenue per vehicle of $1,206, up 9.4 percent from the 2013 period. Last year at this time, its per-vehicle F&I revenue rose 4.4 percent from the year-earlier period.... Read More »

 

Some worry about F&I product regs, but not Jackson

12:01 am U.S. ET | July 23, 2014
AutoNation CEO Mike Jackson says that unlike some in the retail industry, he's not worried the Consumer Financial Protection Bureau could have plans to impose stricter monitoring of financing for F&I products.... Read More »

 

Sonic's Q2 profits triple on extraordinary items; expenses rise

12:18 pm U.S. ET | July 22, 2014
Sonic Automotive posted higher revenue and net profit during the second quarter, but expenses increased as the retailer continues to ready its launches of a new customer-experience initiative and standalone used-car stores.... Read More »

 

Asbury posts Q2 double-digit profit, revenue gains

7:07 am U.S. ET | July 22, 2014
Improving car sales and a double-digit revenue jump helped drive second-quarter profits up 33 percent at Asbury Automotive Group, as all parts of its business showed gains, the auto retailer said today.... Read More »

 

AutoNation preps for online sales

12:01 am U.S. ET | July 21, 2014
By Christmas, AutoNation Inc. customers will be able to initiate a vehicle purchase online.... Read More »

 

Group 1 acquires Munday dealerships in Houston

3:59 pm U.S. ET | July 21, 2014
Group 1 Automotive, the third-largest auto dealer group based in the United States, has acquired Houston dealerships Munday Chevrolet and Munday Mazda, the company said today.... Read More »

 

Dealers' phones ring again

12:01 am U.S. ET | July 21, 2014
Because of the ubiquitous smart phone, car shoppers are flooding dealerships with phone calls instead of e-mail inquiries. The sudden change in consumer behavior has dealers pushing employees to brush up on an ancient skill: answering the telephone.... Read More »

 

Automotive News to host dealer conference at NADA

12:01 am U.S. ET | July 21, 2014
Automotive News will host a half-day conference devoted to dealer issues on Jan. 22 in San Francisco at the Hotel InterContinental during the National Automobile Dealers Association convention.... Read More »

 

Dealership Buy/Sell

12:01 am U.S. ET | July 21, 2014
This Automotive News feature lists recent dealership acquisitions as reported by brokers, official announcements and news media.... Read More »

 

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