One of the reasons Cherokee Media Group added the National Auto Venture & Investors Conference (NAVIcon) was because of how much investment activity is happening in automotive nowadays. Another development surfaced on Monday, as Turo announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating […] [Read More]

Dealership mergers and acquisitions aren’t just involving large groups absorbing multiple rooftops nowadays. Performance Brokerage Services aided in the transaction of a North Carolina franchised store from a single owner to a married couple looking to relocate and run their own store. On Thursday, Performance Brokerage Services announced the sale of Baker Chevrolet in Red […] [Read More]

Quantum5 wants to transform dealership training and bridge the gap between traditional and digital customers. To help the firm accomplish that goal, the company recently welcomed a new vice president of content strategy who has a background with automakers’ operations in both the U.S. and Canada. Taking on the role is Terry Staggs, who will […] [Read More]

As it turns out, EchoPark isn’t the only piece of Sonic Automotive with expansion plans. In addition to the growth in its line of standalone used-car stores, Sonic plans to increase its presence on the franchise new-car dealer side. For the most part, the geographic footprint of Sonic’s 86 franchised dealerships includes the majority of […] [Read More]

As part of its "50-50 strategic plan" — through which the company aims to reach $50 billion in revenues and $50 in earnings per share over five years — Lithia & Driveway said Tuesday it has expanded the senior leadership in its marketing department. That includes the hiring of a chief marketing officer. Appointed to the […] [Read More]

CARY, N.C. — While Sonic Automotive leadership declined to comment further after announcing a strategic review of EchoPark Automotive, company president Jeff Dyke did share more details about Sonic’s investment in its standalone used-car program in an interview with Auto Remarketing on Thursday. The wide-ranging conversation included more details on the digital retailing platform in the works for […] [Read More]

For Toyota and Lexus dealerships in southern California with overwhelmed service drives and recon shops, help literally is on the way. On Friday, Universal Technical Institute announced the first local cohort of students have begun their accelerated 12-week training to complete eight Toyota and five Lexus class credentials preparing them to join one of the […] [Read More]

SoCal Penske Dealer Group closed July with some excitement by opening a trio of luxury showrooms on Friday. The company began retailing at Jaguar Puente Hills, Land Rover Puente Hills and Penske Volvo Cars in the Puente Hills Auto Center. These new dealerships serve the greater Los Angeles Area, including the Inland Empire, San Gabriel […] [Read More]

Like its fellow publicly traded contemporaries, the used-vehicle department at Group 1 Automotive posted superb performance metrics during the second quarter. When looking at just its U.S. data on a year-over-year comparison, Group 1 reported a whopping 63.2% jump in used-vehicle retail sales revenue and a 113.2% spike in used-vehicle retail gross profit in Q2. […] [Read More]

Sonic Automotive said Thursday its board of directors has begun a review of “potential strategic alternatives” for its EchoPark Automotive standalone used-car store program, given the success in the program’s strategy and “our confidence in our runway for continued expansion.” Sonic’s board is working with Lazard as its financial advisor in this process and Kirkland […] [Read More]