David Muller Former retail reporter for Automotive News See All Staff Page Recent Stories Used-vehicle prices reach record in October, J.D. Power says Through October, used-vehicle prices were on average 37 percent higher than in 2020. Group 1 selling its operations in Brazil Group 1 Automotive Inc. has decided to divest itself of its Brazilian operations after failing to achieve what it felt was sufficient scale for its auto retail operations. Dealerships have already beat 2020's profit record The average dealership's operating profit more than quintupled through the first nine months of the year to $1.8 million. Carvana adjusts search results to handle demand The used-car giant has reduced the number of vehicles shown to customers in search results to better manage operations. Wholesale used-vehicle prices continue to rise, against the seasonal norm Cox Automotive's Manheim Used Vehicle Value Index, which tracks vehicles sold at Manheim's U.S. auctions, was up 38 percent in October compared with the same month in 2020. Average dealership profit on pace to shatter 2020 record, NADA data shows According to the NADA, the average U.S. dealership recorded net pretax profit of $3 million through September. That was more than double the $1.3 million in net pretax profit reported for the first nine months of 2020. Toby Russell to step down as Shift co-CEO in February George Arison, the other co-CEO, will become the sole chief executive. Most of Russell's day-to-day operational responsibilities are transitioning to Shift President Jeff Clementz. Carvana, struggling with robust trade-ins, pandemic, posts Q3 loss Revenue at the used retailer more than doubled to $3.48 billion in the latest period, on retail vehicle sales that increased 74 percent to 111,949. Group 1's AcceleRide proving crucial in inventory crunch — and beyond Group 1 Automotive has found that its digital retailing platform has helped to grow its footprint and add cars and trucks to its lots. For public retailers, low vehicle supply is worrying While the microchip shortage is expected to last into next year, retailers are anxiously waiting for proof from automakers that the worst of the crisis is over. Group 1 posts Q3 profit surge, updates M&A activity The solid performance came in spite of a 12 percent drop in companywide new-vehicle sales as Group 1's inventory dwindled because of the global microchip shortage Dealers' questions swirl as EV demand rises While demand for electric vehicles is growing, it still seems outpaced by some automakers' ambitious plans for such products. Group 1, Sonic Automotive acquire dealerships in single-store transactions Group 1 Automotive Inc. acquired a northern California Honda dealership, while Sonic Automotive Inc. bought a Chrysler-Dodge-Jeep-Ram store in Texas. Vroom targets more sales, customers with UACC deal The acquisition of the captive lending arm may help Vroom increase sales and profits. Bart Reagor found guilty of making false statement to bank, reports say The co-principal of the Reagor Dykes Auto Group in Texas, which went bankrupt in 2018 amid accusations of widespread floorplan fraud, was found guilty by a federal jury of one count of false statement to a bank. Load More