Auto dealers in China, ubiquitous as KFCs, face shakeoutMon, 25, Apr 2016
China has set six straight annual records for the most new vehicles bought by any country in the 150-year history of the automobile. And yet, a troubling trend has emerged among the dealers moving all that metal -- most are just spinning their wheels.
Group 1 CEO says automakers need to cut productionWed, 27, Apr 2016
The head of one of the biggest U.S. dealership groups said major automakers must cut production in order for dealers to keep healthy profit margins.
Asbury Q1 net down 14%; will open used-car stores despite slow salesTue, 26, Apr 2016
Asbury Automotive's first-quarter net income dropped 14 percent to $31 million, pressured by softer new- and used-vehicle sales, even as revenue edged up 0.6 percent to $1.55 billion, the company said today.
Sonic Q1 net rises 4.7% on parts and service, F&I; revenue flatTue, 26, Apr 2016
Sonic Automotive reported net income rose 4.7 percent to $14.6 million in the first quarter from a year earlier. Despite the narrow gain, the auto retailer reported a decline in gross profits on new and used vehicles amid weaker new-vehicle sales.
Penske Q1 net rises 5.7% on higher salesTue, 26, Apr 2016
Penske Automotive Group reported a 5.7 percent rise in first-quarter net income attributed in large part to the strength of its retail sales. The nation's second-largest dealership group said net income rose to $80.2 million in the quarter as revenue jumped 7.6 percent to $4.82 billion.
ALG chief: Millennials will drive strong leasingMon, 25, Apr 2016
Millennials are paying off their student loans and moving out of their parents' basements. That cohort's emphasis on affordability will continue to drive lease growth, Jim Nguyen, the new head of ALG, predicts in this Q&A.
Used-car sales surge at top groupsMon, 25, Apr 2016
Automotive News' annual list of the top 100 dealership groups based in the U.S. ranked by used-vehicle sales shows industrywide strong unit sales increases, with 43 of the groups listed posting gains of 10 percent or more.
AutoNation's Q1 net income falls 14% on lower sales, Texas woesFri, 22, Apr 2016
AutoNation's net income dropped 14 percent to $95.9 million in the first quarter, though revenues rose 3.5 percent to $5.12 billion. The slide in net was due to weaker vehicle sales and charges related to a Texas hailstorm and a change in how the retailer accounts for stock-option compensation.
Ford plunks down $200,000 for Model XMon, 25, Apr 2016
Automakers often buy cars made by competitors for road testing and for “tear-downs,” but how often do they go to the expense that Ford did to obtain a Tesla Model X? Ford paid $199,950 - $55,000 more than the sticker price - to buy one of the first copies of the Model X.
AutoNation changes recall policy to allow some auctionsFri, 22, Apr 2016
AutoNation is changing one of the key tenets of its policy not to sell any vehicle with an open recall. The retailer now will allow some recalled vehicles to go to wholesale auction if lack of replacement parts causes lengthy repair times.
Lithia Q1 net eases 0.9%; revenue up 11%Thu, 21, Apr 2016
Lithia Motors' net income eased 0.9 percent to $40.3 million in the first quarter from a year earlier, even as revenue grew in almost all operations, the dealership group said today.
ADESA parent explores how best to deliver salesMon, 25, Apr 2016
KAR Auction Services, parent of ADESA, unveiled a new data science unit that will help commercial consigners find the most efficient marketplace for their vehicles. Separately, it completed the acquisition of an eight-site auction group, part of its refocus on physical auctions.