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TrueCar posts smaller Q2 loss; outbreak dents revenue

Reflecting discounted subscription rates paid by dealerships, as well as fewer dealers on its platform, the vehicle-listing service said revenue fell 29 percent to $62.7 million in the second quarter. It posted a net loss of $11.2 million.
TrueCar to sell ALG to J.D. Power for $135 million

The sale comes as the vehicle-listings provider looks to strengthen its balance sheet in part because of the coronavirus pandemic.
Carvana
Carvana grows revenue but reports another loss for Q2; shares surge

Carvana said its sales began a swift rebound in late April. "Suddenly, buying cars online is becoming normalized," CEO Ernie Garcia said. Carvana shares surged 28 percent.
U.S. sales outlook improving — but still low

Things are looking up from the uncertain days of April, but 17 million-vehicle industry sales won't be achievable again for at least a few years.
KAR auction services
KAR posts $32M net loss in Q2, but CEO expected worse

The company, which includes the ADESA wholesale auction unit, looks very different now from when it began the second quarter.
Dealers association in New York goes distance to get gear to virus's epicenter

As the virus raged and personal protective equipment seemed scarce in New York City, the Greater New York Automobile Dealers Association managed to collect 650,000 face masks and 20,000 face shields for local community groups.
Requiring customers to wear masks ‘easier said than done'

With upset consumers on either side of the mask debate, dealers are grappling with whether to put their own mandates in place and how to handle any resulting customer protest.
Early cuts, U.S. rebound lead Group 1 to profit in pandemic-hit Q2

The company has returned to 70 percent of pre-pandemic employment levels. U.S. operations steadily improved in May and June, led by used-vehicle sales and the service business.
A seller's market for those with cars to sell

Dealers are seeing average grosses dramatically higher than year-earlier levels, and they are trending up since the height of coronavirus-related shutdown period. But it's temporary.
Disruption, then help, in the vein of Amazon

So far, Amazon has not upended auto retail the way it has countless other consumer goods sectors. But its model provides inspiration for at least one potential disrupter.
Off the track, Bryan Herta Autosport race team converts to production crew

With car racing sidelined by the pandemic, team members used its shop to assemble face shields from kits.
Shift sees more room to disrupt used cars

E-commerce firms such as Carvana, Vroom and Shift represent less than 1 percent of the used-vehicle market.
88% of dealerships took PPP loans; now they wait for forgiveness

Paycheck Protection Program records show a massive cash infusion into U.S. dealerships retained at least 761,000 jobs.
Tough time for dealers seeking inventory as wholesale values soar

After a steep decline at the onset of the coronavirus pandemic, wholesale values have snapped back, driving Cox Automotive's Manheim Used Vehicle Value Index to an all-time high.
Young retail leaders gain wisdom amid COVID crisis

The coronavirus pandemic forced auto retailers to abruptly adapt to a new normal, and in the process it's taught valuable lessons.