Dealer Groups and Dealerships

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 »

 

AutoNation's Q2 net rises 12% on 8% revenue gain

7:30 am U.S. ET | July 17, 2014
AutoNation posted a double-digit gain in second-quarter net income but fell shy of analysts’ profit expectations as digital investment drove expenses higher. The nation’s largest dealership group said its net profit rose 12 percent, helped by gains in all of its business units.... Read More »

 

Sonic bets new plan will transform automotive retailing

12:01 am U.S. ET | July 14, 2014
After more than five years of internal work and external carping, Sonic Automotive Inc. will roll out a bet-the-farm change in how it sells cars late this month at a Toyota store in Charlotte, N.C.... Read More »

 

Sales staff gets more responsibility, higher pay

12:01 am U.S. ET | July 14, 2014
Sonic Automotive began preparing its staff for the transition to its One Sonic-One Experience initiative years ago when it launched its playbooks, or guides for how to sell used cars, new cars, finance and insurance products and so on.... Read More »

 

Used-vehicle prices soften, demand strong

12:01 am U.S. ET | July 14, 2014
Used-vehicle prices are beginning to soften as more units come off lease, but they remain above last year's levels and aren't depreciating as fast as in pre-recession days.... Read More »

 

Shopping sites ratchet up battle against bots

12:01 am U.S. ET | July 13, 2014
Internet bots, nefarious software code masquerading as human Web users, are invading online car shopping sites and skewing traffic and other user data. Distorted data often confounds dealerships that are seeing heavy activity on third-party sites but not receiving a proportionate number of leads.... Read More »

 

Retail demand, favorable credit keep wholesale used-vehicle prices high

4:29 pm U.S. ET | July 8, 2014
Wholesale prices of used vehicles in June fell 1 percent from the previous month’s level but were 4 percent higher than in June 2013, according to the Manheim Used Vehicle Value Index released today.... Read More »

 

Execs find big fish to fry in small pond

12:01 am U.S. ET | July 7, 2014
Executives moving out of top managerial posts at carmakers are finding a nice place to land these days in the industry's high-potential digital marketing world.... Read More »

 

Top black dealer groups' sales up

12:01 am U.S. ET | July 7, 2014
The nation's 60 largest black-owned dealership groups increased revenue 11 percent last year from 2012 to $7.99 billion, Black Enterprise magazine reported.... Read More »

 

BODY SHOP COMEBACK?

Trade group chief sees growth in dealer-owned operations

12:01 am U.S. ET | July 6, 2014
The share of dealerships operating expensive body shops has shrunk since 2006. But that hasn't stopped some dealers, such as Otto Belovich, who want to be one-stop sources for all their customers' automotive needs.... Read More »

 

Galpin Motors names Beau Boeckmann president, COO

2:15 pm U.S. ET | July 3, 2014
Beau Boeckmann has been appointed president and COO of Galpin Motors Inc., succeeding his father Bert Boeckmann, who will stay on with Galpin as chairman and CEO.... Read More »

 

AutoNation says new-car sales up 1% in June

1:36 pm U.S. ET | July 2, 2014
AutoNation said today its new-vehicle retail sales inched up 1 percent in the United States through June to 25,450 units -- the company’s best-selling June since 2007. AutoNation’s results in June matched the overall industry’s 1 percent rate.... Read More »

 

At Miami store, no more 'beat up' customers

12:01 am U.S. ET | July 2, 2014
F&I managers at Dadeland Dodge-Chrysler-Jeep in Miami are responsible for the gross profits from both vehicle sales and F&I and handle vehicle purchase negotiations with customers as well as financing. They also get a cut of both to motivate them.... Read More »

 

Chrysler, TrueCar offer discounts after crashes

12:01 am U.S. ET | June 30, 2014
Chrysler Group has agreed with TrueCar Inc. to offer discounts to car shoppers whose vehicles are totaled in crashes. TrueCar's marketing program with Chrysler includes auto insurer Geico, said Larry Dominique, executive vice president of TrueCar.... Read More »

 

Special Report
Fewer bosses, Disney savvy, $2 idea lift stores

Fewer bosses, Disney savvy, $2 idea lift stores

A Chrysler Group dealership chain is stripping away layers of management to sell cars faster. A Chevrolet-Cadillac store is enchanting customers through Disney training. Mon., July 21
» Watch the Video
     
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