Dealer Groups

Penske tests Texas store's staffing program

12:01 am U.S. ET | March 23, 2015

Penske Automotive Group has been so impressed with a program started at its Toyota store in Round Rock, Texas, aimed at converting Internet leads into appointments and, ultimately, sales, that it is taking the idea to other dealerships in Texas....
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Larry H. Miller Group CEO Greg Miller resigns

5:51 pm U.S. ET | March 16, 2015

Greg Miller, CEO of Utah's Larry H. Miller Group, is stepping down as the nation's 11th largest dealership group restructures. Miller, 48, is leaving to pursue personal interests, the company said. He has served as CEO for seven years....
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Penske launches digital sales pilot

12:01 am U.S. ET | March 16, 2015

Penske Automotive Group is launching an online sales pilot program it calls "Preferred Purchase," which enables customers to handle much of a transaction online. The pilot this week will be available on the websites of five Florida stores and six Washington-area stores....
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Asbury plans to hire 200-400 technicians

11:04 am U.S. ET | March 16, 2015

Asbury Automotive Group says it will hire between 200 and 400 technicians during the next one to two years in a bid to meet potential growth opportunities in its parts-and-service business....
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Buy-sell deals, blue sky soar

12:01 am U.S. ET | March 16, 2015

Buy-sell transactions surged last year, sending dealership values higher, especially for luxury brands....
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LETTER TO THE EDITOR

An obsession with 3rd-party schemes

12:01 am U.S. ET | March 16, 2015

TrueCar is just another example of the opportunistic scheme of a vendor (albeit a very smart one) to leave the industry in a no-win predicament through its own sense of misplaced trust....
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AutoTrader is changing name, brand identity

12:01 am U.S. ET | March 15, 2015

AutoTrader is changing its name and logo as part of operational moves aimed at rebranding itself as a broad-line digital marketing company, rather than primarily a vehicle inventory listing site....
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AutoNation drops chief accounting officer

12:40 pm U.S. ET | March 13, 2015

AutoNation is searching for a new chief accounting officer after removing Michael Stephan from the post this week. The change is connected to “an internal realignment of its finance department,” AutoNation says.....
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TrueCar blasts dealers' suit over advertising claims as 'meritless'

11:27 am U.S. ET | March 11, 2015

TrueCar blasted a lawsuit filed this week by dealers over its advertising claims as “meritless.” In a detailed statement released late Tuesday, the vehicle-shopping site says it has “high confidence that we are compliant with all laws applicable to our business, including those referenced in this litigation.”...
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Berkshire Hathaway completes Van Tuyl acquisition

10:51 am U.S. ET | March 10, 2015

Warren Buffett's Berkshire Hathaway completed its purchase of the Van Tuyl Group, the largest dealership acquisition in industry history. All aspects of the sale were finalized Monday. The new Berkshire Hathaway Automotive now is the fifth-largest dealership group in the US....
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China may be biggest market, but U.S. still richest

11:21 am U.S. ET | March 10, 2015

China may be the world's biggest auto market, but the U.S. is still the richest when it comes to the value of new sales. According to a study by TrueCar, the total value of new-vehicle sales in the U.S. still exceeded the total value in China by as much as $161 billion last year....
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TrueCar sued by dealers for 'false advertising'

5:45 pm U.S. ET | March 9, 2015

Dealers representing 117 new-car franchises are suing TrueCar for more than $250 million, claiming they are victims of false advertising and unfair competition. In the complaint, the dealers argue that TrueCar's advertisements falsely claim that consumers who use the vehicle-shopping site's services can buy a car without haggling or negotiations. The filing dealers are not current users of TrueCar, though some have used the service in the past....
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Hellcat demand is unleashed on eBay

12:01 am U.S. ET | March 9, 2015

A quick check of eBay confirms how strong demand is for the SRT Hellcat versions of the Dodge Challenger and Charger....
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Auction changes meet hurdles as coalition breaks

12:01 am U.S. ET | March 9, 2015

For two years, the hottest topic in the auto-auction world has been multiplatform selling: A vehicle listed on one company's online auction would show up on rivals' platforms as well, allowing buyers to bid across those competing platforms until the sale is done. But that dream is now in danger....
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JAMES B. TREECE

Why GAAP and the bottom line matter

12:01 am U.S. ET | March 9, 2015

Generally accepted accounting principles, or GAAP, is how accountants keep score across highly different industries. By agreeing to tally the figures in a consistent way, accountants provide scorecards that investors can review with confidence. So I take note how often publicly traded dealership groups present their earnings on an "adjusted" basis rather than on a GAAP basis....
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Lithia refocuses on customer-pay work

12:01 am U.S. ET | March 9, 2015

A surge of warranty business largely accounted for Lithia Motors Inc.'s gain in service and parts revenue last year. That's prompting the group to urge store managers to emphasize winning more customer-pay work....
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Manheim offers a la carte services

12:01 am U.S. ET | March 9, 2015

Manheim, the nation's largest auto auction company, is unbundling services that it had offered only on vehicles that dealers bought or sold through its auctions. The company will offer vehicle acquisition, inspection, reconditioning, transportation and other services a la carte....
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AutoNation's 8% sales gain beats market for Feb.

11:14 am U.S. ET | March 4, 2015

AutoNation said its new-vehicle retail sales jumped 8 percent in February compared to a year earlier, reaching 23,780 new units....
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Buffett says Berkshire's job is to perform, grow in auto retail

11:16 am U.S. ET | March 2, 2015

With Berkshire Hathaway's purchase of the Van Tuyl Automotive dealership group materially complete, Warren Buffett already is looking toward how to expand his company’s dealership holdings....
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Group 1 names banker Doyle Arnold to its board

12:51 pm U.S. ET | Feb. 27, 2015

Group 1 Automotive has named a new director to its board seven days after another director resigned. The retailer said today its board of directors appointed Doyle Arnold, 66, as a Class I Director, effective immediately....
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Lithia Q4 net income jumps 50% as it makes acquisitions top priority

9:38 am U.S. ET | Feb. 25, 2015

Strong sales across all divisions and the integration of its purchase last year of DCH Auto Group pushed Lithia Motors' net income up 50 percent during the fourth quarter....
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Group 1 director resigns citing Buffett-Van Tuyl deal

5:27 pm U.S. ET | Feb. 24, 2015

Group 1 Automotive board member Beryl Raff has resigned, citing a potential conflict of interest related to her employer, Berkshire Hathaway, and its pending purchase of the Van Tuyl dealership group. Raff gave up her seat on Feb. 20, Group 1 said in an SEC filing....
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Sonic reports progress toward 45-minute transaction goal

9:01 am U.S. ET | Feb. 24, 2015

Sonic Automotive said today its new One Sonic-One Experience program to speed up transactions is making progress toward hitting its goal of cutting closing times to 45 minutes on average....
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Dealertrack reports revenue gains for Q4, all of 2014

12:02 pm U.S. ET | Feb. 24, 2015

Dealertrack Technologies, which supplies a wide variety of auto dealership retail software and services, said it posted revenue gains across the board during the fourth quarter of 2014 -- including organic growth of more than 20 percent....
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ADESA bows out of multiple platform auction sales

7:52 pm U.S. ET | Feb. 23, 2015

After investing nearly two years and “several million dollars” to help create online auction selling across multiple platforms, ADESA is bowing out, said Peter Kelly, president of ADESA's corporate sibling in charge of digital services....
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