If franchised dealerships didn’t retail as many used and new vehicles in January as they anticipated, perhaps their service drives helped to keep the store finances on a positive path. While still a mixed bag, the latest Cox Automotive analysis of Xtime metrics showed service activity decreased but service revenue increased month-over-month at U.S. franchised […] [Read More]

As more dealerships changed hands, the Greater New York Automobile Dealers Association (GNYADA) wrapped up its annual charity project in collaboration with Operation Warm as member stores raised more than $100,000 for a coat drive and donated thousands of coats to more than 30 schools and charitable organizations throughout downstate New York. The campaign finished […] [Read More]

Jonathan Jordan, director of retail strategy at JM&A Group, believes we are in a “crucial time in CPO history.” And JM&A’s name has been in the headlines recently for new CPO offerings. JM&A and J.D. Power joined forces last year and released the J.D. Power Edge program, a third-party CPO program for franchised and independent dealers. JM&A developed a strategic alliance with J.D. Power in 2022 to develop co-branded F&I products, and the first product to ... [Read More]

Better Vantage Point founder Tom Kline acknowledged that sometimes dealers think the Federal Trade Commission or the Consumer Financial Protection Bureau are too busy to go poking around their showrooms looking for malfeasance. In a preview of his presentation for the Auto Intel Summit coming up in April, Kline explained why dealers should be wary […] [Read More]

Used-vehicle sales in 2022 for publicly listed Lithia Motors were challenging. The rate of increase in the average retail selling price slowed markedly in the fourth quarter and the decline in the average gross profit per used unit deepened. Used retail sales in the fourth quarter were basically flat compared to the same quarter in […] [Read More]

Let’s talk about the Fifth Square. It’s what builds value with today’s car-shopping customer. You won’t find it in a four square. Today, roughly 70% of the buying public is made up of folks from the Millennial generation. And they’ve changed the definition of information they consider important to making a decision. You see, price, […] [Read More]

Acquiring enough vehicles to meet demand is top of mind for CPO leaders at various OEMs.  “Inventory will be a challenge until 2025,” said Tom Love, certified used-vehicle program manager for Hyundai. “Our main focus for this year will be … [Read More]

Certified used vehicle sales will decline in 2023, their prices will remain elevated but come down from historical highs and leasing is poised to grow, predict industry analysts. Cox Automotive data shows that CPO sales in 2022 totaled nearly 2.47 million units, a decline of nearly 280,000 units or 10.2% lower than sales in 2021. […] [Read More]

Roger Penske shared some good news about Penske Automotive Group’s used-only chain, CarShop, during the company’s fourth quarter and full-year 2022 earnings call last week. He noted that CarShop unit sales increased 12% to 71,242 units during 2022 and that revenue increased 16% to $1.7 billion. He also shared some CarShop news that was not […] [Read More]

Performance Brokerage Services helped to facilitate more dealerships change ownership, with the latest developments coming to light on Wednesday involving two Ford stores in Pennsylvania. The dealership brokerage firm announced the sale of Barber Auto Group’s two dealerships — Barber Ford of Exeter and Barber Ford of Hazleton — from Matt DePrimo to Key Auto Group. […] [Read More]