LMP Automotive Holdings announced Monday it has entered a definitive agreement to buy dealerships in Texas representing General Motors and Nissan brands, along with the associated real estate of those dealerships, for a grand total of about $141 million. The deal is expected to add approximately $250 million in annualized revenues and $27 million in […] [Read More]

AutoNation increased its used-vehicle sales by more than 32% in the first half of the year and pulled in nearly 22% higher gross profits on those cars, according to quarterly earnings from the dealer group released Monday. [Read More]

Though the buying “frenzy” slowed last month, certified pre-owned sales in the first half of 2021 beat year-ago figures by 18% and bested first half-half figures from 2019 — a record year — by 4.3%. That’s according to a Cox Automotive analysis of Motor Intelligence data included in a Data Point report this week. Specifically, […] [Read More]

Asbury Automotive Group has made another enhancement to its Clicklane online car-buying and -selling platform, this time on the parts-and-accessories side. Four days after announcing a partnership with insurtech company Salty to add an insurance tool to the digital platform, Asbury said Monday it has teamed up with the Insignia Group to bring vehicle customization […] [Read More]

The National Automobile Dealers Association said Monday it has been chosen as the exclusive provider of 20 Group services for the Minority Dealer Development 20 Groups at General Motors. The GM MDD program strives to attract and retain minority dealers to the automaker’s dealer network, while also supporting GM’s existing minority dealers. The MDD 20 […] [Read More]

Thanks to a partnership with insurtech company Salty, shoppers using Asbury Automotive Group’s Clicklane online car-buying can generate a bindable insurance quote and still remain on the platform. Salty’s Software-as-a-Service platform gives insurance carriers and distribution partners a way to provide customized policies on a product or service in real-time while the purchase is happening. […] [Read More]

LMP Automotive Holdings has named a new chief financial officer, promoting senior corporate controller Robert Bellaflores to the role. Bellaflores has held that position since April, and was a senior-level executive in the projects division at Steven Douglas & Associates before joining LMP. He had been there since 2006. Bellaflores’ background also includes time as […] [Read More]

CarLotz is opening its second hub in California, with this one serving the Los Angeles area. The company said Tuesday it plans to open the Pomona, Calif., hub location later this year. Its other Golden State hub is in Bakersfield, which opened last week. “We were confident that CarLotz’s consignment model would fill a void in […] [Read More]

Asbury Automotive Group has hired a Group 1 Automotive executive as its new chief financial officer. The retailer said Tuesday that Michael Welch, who was most recently vice president and corporate controller at Group 1, will be the new Asbury senior VP and CFO effective Aug. 9. Welch had been with Group 1 since 2000 […] [Read More]

The flurry of dealer group moves continued with activities in California and Texas involving Qvale Automotive Group and Principle Auto. According to a news release from the Presidio Group on Thursday, the investment bank specializing in mergers and acquisitions, capital raising and investments in the auto retail and consumer mobility sectors exclusively advised Bruce Qvale […] [Read More]