The decision and plan for Shift and CarLotz to merge came together rather quickly — it was only about four weeks ago that CarLotz chief executive Lev Peker said he got a call from Shift CEO George Arison floating a potential combination. Determining what that combined company will ultimately look like, however, will take some […] [Read More]

Shift and CarLotz have agreed to merge. The companies said in a release late Tuesday afternoon they have entered a definitive agreement to combine in a stock-for-stock merger, with the combined company set to trade under the SFT ticker on Nasdaq. Shift is an end-to-end used-car ecommerce platform, and CarLotz is a consignment-to-retail used-car marketplace […] [Read More]

Electric vehicle subscription company Autonomy has placed a $1.2 billion fleet order for 23,000 EVs from 17 automakers across the world to broaden its subscription fleet. When Autonomy launched its EV subscription platform less than a year ago, it began by offering the Tesla Model 3, later adding the Model Y, with additional models from the […] [Read More]

As a bipartisan proposal sits on Capitol Hill to combat rising catalytic convertor theft in the U.S., Church Mutual Insurance Co. offered more data and dollar figures on Tuesday to illustrate how much of a problem it is. The insurer of non-profits, schools and houses of worship said it has covered nearly $3 million in […] [Read More]

Semersky Enterprises has acquired Audi Kirkwood from LeadCar, according to a news release Tuesday from Haig Partners, which advised Semersky on the deal. Semersky has three Audi stores in the greater Chicago and St. Louis areas. “We are excited to add Audi Kirkwood to the Semersky family of Audi dealerships and bring our passion for […] [Read More]

Penske Automotive Group chair and chief executive officer Roger Penske summed up his company’s second quarter 2022 earnings report by noting good news along with challenges. “Despite the supply constraints that continue to impact new vehicle inventory and availability, demand remains strong, and our pipeline of vehicles remains forward sold,” Penske said during the company’s […] [Read More]

CarMax is trying to do more than just retail used vehicles nowadays. The company recently released its 2022 corporate responsibility report, which features expanded disclosures and updates on progress across several key initiatives including diversity and inclusion, community impact and its goal of achieving net zero greenhouse gas emissions by 2050. A few of the […] [Read More]

AutoNation is buying a captive finance company for its AutoNation USA standalone, used-car operation, said chief executive officer Michael Manley during the company’s second quarter earnings call on July 21. Once the acquisition is complete, CIG Financial of Irvine, Calif., will aid with the expansion of AutoNation USA and improve the used-car operation’s financial performance, all with modest […] [Read More]

This week’s update involving mergers and acquisitions of dealerships covers two unique parts of retailing — luxury sedans and SUVs as well as big rigs to move goods. The Presidio Group said it advised Scott Biehl on the sale of the Jaguar Land Rover Los Angeles dealership franchises to US Auto Trust. And Performance Brokerage […] [Read More]

Within Sonic Automotive’s EchoPark used-car store program, second-quarter revenues hit $665.6 million, an all-time high and a 12% year-over-year increase. On the other hand, EchoPark retail used-vehicle unit sales volume of 16,608 was down 22% year-over-year. During the Q&A portion of the retailer’s earnings call, participants asked … [Read More]