Lindsay VanHulle Reporter covering dealership technology and auto retailing for Automotive News [email protected] 313-446-0374 See All Staff Page Recent Stories AutoWeb exploring strategic options after disclosing doubt about 'going concern' The dealership marketing company said management has determined "that it has substantial doubt about the company's ability to continue as a going concern." Shift puts 2022 focus on improving its liquidity The online used-vehicle retailer said in a quarterly regulatory filing that "substantial doubt" exists about whether it can continue as a going concern. Online car-buying will continue Buyers want to purchase vehicles online, and that may be an advantage to a hybrid online-to-in-store model that doesn't always rely on delivery. Carvana, Vroom and Shift see stock prices, fortunes fall The online used-vehicle retailers are facing a reckoning after riding high on consumer and investor interest during the COVID-19 pandemic. Shift reduces corporate positions by 10%, pauses Las Vegas expansion Online used-vehicle retailer Shift Technologies said it will focus on balancing growth and profitability in 2022. TrueCar exploring acquisitions as it rolls out digital retailing tool TrueCar executives said the vehicle listings company could look at "tuck-in" acquisition opportunities to accelerate its product road map around TrueCar+, its new digital retailing tool. TrueCar embraces many lanes to purchase TrueCar CEO Mike Darrow said the company envisions itself as a modern auto marketplace that allows consumers to do as much or as little of a vehicle purchase online as they want. Hybrid sales approach might give publics a lift The nation's public dealership groups generally are trying to leverage their brick-and-mortar dealerships and their digital retailing platforms to create an experience for their customers that works for both at-home and in-store shopping. CDK Global posts quarterly gains from ongoing operations as $8.3 billion acquisition awaits CDK Global agreed to be acquired later in the year by investment firm Brookfield Business Partners in a deal valued at $8.3 billion. Cars.com posts lower profit, higher revenue in Q1 Dealership technology company Cars.com reported 19,500 dealership customers as of March 31, the highest count in more than three years, CEO Alex Vetter said. Public dealership groups grow digital sales, create new online tools Some of the nation's public dealership groups said they sold thousands of vehicles on their digital sales platforms in the first quarter, while others expanded new tools to more customers. Bob Brockman's health deteriorated following 14-day hospital stay, attorneys say Attorneys for the former Reynolds and Reynolds CEO wrote in a court filing this week that Brockman was hospitalized with infections and he needed a feeding tube. More dealerships choosing to accept cryptocurrency Jeff Wyler Automotive Family, with 23 dealerships in three states, completed its first vehicle transaction using cryptocurrency in April at a store in Kentucky. U.S. public auto dealers: Low inventory will linger Executives at the nation's public auto dealership groups say they don't expect a surge in vehicle inventory for a while, given ongoing supply chain bottlenecks. U.S. prosecutors ask judge in Bob Brockman tax case to disregard defense filing about cognitive decline Brockman's latest claim of deteriorating health "is a naked attempt to improperly interject unadmitted, unverified, and unsworn evidence into the record," prosecutors wrote. Load More
Lindsay VanHulle Reporter covering dealership technology and auto retailing for Automotive News [email protected] 313-446-0374 See All Staff Page