Dealers

AutoNation's Q2 net rises 15%; revenue up 9%

8:00 am U.S. ET | July 22, 2015

AutoNation's net income rose 15 percent in the second quarter from the year-earlier period to $115.1 million. Revenue rose 9 percent to $5.22 billion, boosted by higher sales of premium luxury, domestic and import brands, and higher results in new vehicles, used vehicles, parts and service, and finance and insurance operations.... Read More »

A safer way to offer credit repair

11:30 am U.S. ET | July 22, 2015

New York's crackdown on dealerships and vendor Credit Forget It last month for a credit repair product the state considers illegal likely spurred some auto retailers to back away from credit repair altogether. But dealerships looking to retain customers with bad credit can still offer them credit repair services and stay on the right side of regulators.... Read More »

Chase Auto, Wells Fargo see rise in Q2 loan originations

11:30 am U.S. ET | July 22, 2015

Auto loan originations are rising at two of the nation’s biggest banks in auto lending. Chase Auto Finance and Wells Fargo generated more loans during the second quarter, although the growth in lending was bigger at Chase.... Read More »

Subprime auto-lending veteran calls longer loan maturities new normal

11:30 am U.S. ET | July 22, 2015

The man who created one of the biggest U.S. subprime lenders says there's nothing dangerous about borrowers being given longer car loans.... Read More »

Lithia's Q2 net jumps 34% on DCH purchase

9:19 am U.S. ET | July 22, 2015

Lithia Motors' second-quarter profit and revenue soared, largely because of its acquisition last year of DCH Auto Group along with improving new- and used-vehicle sales volumes.... Read More »

Jeep hacking prompts FCA software update to enhance security

4:15 pm U.S. ET | July 21, 2015

Fiat Chrysler released a security patch after friendly hackers exposed a startling vulnerability in the company’s Uconnect infotainment system. The hackers were able to shut down a Jeep SUV while it was traveling on the highway.... Read More »

Asbury Q2 net rises 14% on broad revenue gains

10:59 am U.S. ET | July 21, 2015

Asbury Automotive Group Inc.’s net income increased 14 percent in the second quarter to $41.1 million.... Read More »

Sonic Automotive's Q2 net drops 45%

11:45 am U.S. ET | July 20, 2015

Sonic Automotive's adjusted net income fell 45 percent in the second quarter, partly because of rising expenses related to the launch of the retailer's EchoPark standalone used-car stores, the company said today. New-vehicle sales and revenue also fell.... Read More »

FCA expands training network for Mopar techs

12:01 am U.S. ET | July 20, 2015

FCA plans to expand from 31 to at least 100 the number of post-secondary schools offering its Mopar warranty training for service technicians.... Read More »

VIDEO: Mass. dealer shatters stereotypes, grows group to advance careers

12:01 am U.S. ET | July 20, 2015

A strict dress code and a close-to-home expansion strategy geared toward promoting employees are hallmarks of Boston-area dealer Brian Kelly, who has spent a career “breaking the typical stereotypes associated with the automobile business.”... Read More »

BEST PRACTICES

Building a brand in the service department

12:01 am U.S. ET | July 20, 2015

A few years ago, Adam Silverleib found his family's Honda store facing a problem no dealer wants to confront: Not one but two new Honda dealerships were going to open within 15 miles of his Raynham, Mass., location. "So we had to take a new approach and create something that gives people a reason to come to Silko." That something turned out to be an offering called SilkoCare.... Read More »

Dealers will pay up for vendors' data access after CDK switch

12:01 am U.S. ET | July 20, 2015

CDK Global is copying the vendor-certification program of rival Reynolds and Reynolds, portending big monthly cost increases to dealers for data security.... Read More »

Dealers

12:01 am U.S. ET | July 20, 2015

Dealers featured this week include Walter Kienle, of Walter’s Automotive in Riverside, Calif.; and Tracy Farmer, of Oxmoor Toyota in Louisville, Ky.... Read More »

When CFPB, dealers meet, sparks fly

12:01 am U.S. ET | July 20, 2015

When a CFPB official addressed dealers directly for the first time in public, the exchanges were pointed. Here's how it went at the annual conference of the National Association of Minority Automobile Dealers.... Read More »

Mixed results for minority dealer programs

12:01 am U.S. ET | July 20, 2015

As Ford's Kevin Cour and other automaker executives updated NAMAD on the state of their minority dealer programs, it became increasingly clear that those programs vary widely in their scope and effectiveness.... Read More »

Town uses tax funds to spur car sales

12:01 am U.S. ET | July 20, 2015

The Shop Libertyville Rewards program gives consumers up to $200 in gift certificates when they buy or lease new vehicles from any dealership in Libertyville.... Read More »

Buick revives the overnight test drive

12:01 am U.S. ET | July 19, 2015

Buick is offering customers the chance to take test-drive vehicles home overnight, a move it calls a long-term brand-building effort rather than a quick-hit sales promotion.... Read More »

VW plans parts warehouse serving West Coast dealerships

10:35 am U.S. ET | July 17, 2015

Volkswagen Group of America will spend $6.8 million to open a new parts distribution center in Sacramento, Calif., to serve dealers in the Pacific northwest and northern California, the company said today.... Read More »

Ford dangles $10K discounts on aluminum F-150

6:34 pm U.S. ET | July 15, 2015

Ford has begun offering discounts that can exceed $10,000 on its new aluminum-bodied F-150 pickup, which has been losing sales and market share this year as the automaker works to build inventory on dealer lots.... Read More »

Regulators urge captives to follow Honda Finance's lead

11:30 am U.S. ET | July 15, 2015

Regulators are urging other captive finance arms to follow the lead of American Honda Finance after it entered into a settlement on Tuesday that will see it limit dealer reserve and pay $24 million to consumers harmed by alleged auto-lending discrimination nationwide.... Read More »

HANNAH LUTZ

BLOG: In dealer-reserve debate, CFPB, NADA and American Honda Finance strive to move ball

11:30 am U.S. ET | July 15, 2015

The debate over dealer-arranged auto loans has taken on new dimensions in recent weeks with various stakeholders seeking the upper hand.... Read More »

New York dealerships to pay more than $300,000 in deceptive advertising, fraud settlement

11:30 am U.S. ET | July 15, 2015

The New York Attorney General’s Office reached a settlement Tuesday requiring 23 dealerships in the New York area -- the Atlantic Auto Group’s 22 stores and Hyundai of White Plains -- to pay restitution and penalties to resolve false advertising claims, many of which involved vehicle financing.... Read More »

FTC, dealerships settle price-misrepresentation charges

11:30 am U.S. ET | July 15, 2015

In the past three months, the Federal Trade Commission has approved final consent orders involving five dealerships and one loan-acceleration provider for misrepresenting vehicle and add-on costs.... Read More »

Nationwide car-shopping site adds finance, insurance

11:30 am U.S. ET | July 15, 2015

Nationwide Insurance launched an online service that enables consumers to research, shop for, finance and insure a car online, joining an industrywide move to put more of the finance and insurance process on the web.... Read More »

CFPB, Justice talk straight to minority dealers

11:30 am U.S. ET | July 15, 2015

After a senior CFPB official and a Justice Department colleague spoke at the recent National Association of Minority Automobile Dealers conference, the Q&A session sometimes got testy. Here's how it went.... Read More »

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