Sonic Automotive had record first-quarter used-car sales and March, in particular, was the retailer’s strongest month ever for pre-owned volumes. The company’s standalone EchoPark pre-owned stores had 1,673 sales during the quarter (up 77.8 percent year-over-year) and could be poised to expand by as many as 20 locations next year.   “If you look at […] [Read More]

Just like when trying to turn used vehicles, Penske Automotive Group chairman Roger Penske also sees an inventory mismatch when dealer group stores look to put their customers into a lease for a new model. Penske addressed the new-vehicle leasing situation and the potential impact on residual values when the dealer group hosted its quarterly […] [Read More]

On Friday, CarGurus named the recipients of its inaugural Best Used Car Awards, which recognize the best recent-year used-car models across seven body style categories. CarGurus’ new award considers each vehicle’s long-term value retention projections along with driver satisfaction based on both consumer and expert reviews. “Vehicle generations which include the 2013 model year were considered in […] [Read More]

Kia Motors America's certified pre-owned vehicle sales program achieved a record-high first quarter, having sold a total of 19,453 units. Along with several other automakers, last year was also a best-ever CPO year for Kia, selling a total of 76,224 units in 2016. "Kia's sales boost is reflective of the confidence that comes with buying a vehicle that has passed […] [Read More]

While also addressing current industry developments such as Carvana’s financial moves and new-vehicle inventory levels, AutoNation chairman and chief executive officer Mike Jackson touched on what used models are “worth a premium in the marketplace.” And what Jackson described within that “premium” category likely aren’t necessarily the models that currently might be in your certified […] [Read More]

Following an apparently strong first quarter in the used-vehicle retail market, Edmunds is forecasting that there will be 3.6 million pre-owned car sales this month. That’s up from 3.4 million in March. The used-car SAAR for both months is 38.4 million, Edmunds said. According to analysis from Cox Automotive that cited NADA, used-car sales climbed […] [Read More]

Penske Automotive Group posted a used-vehicle performance lift during the first quarter thanks in part to the addition of U.S.-based CarSense and U.K.-based CarShop, both of which are stand-alone specialty retailers of used vehicles. During Q1, Penske reported these used-vehicle dealerships retailed 8,200 units, generating $143.1 million in revenue and $24.6 million in gross profit. […] [Read More]

AutoNation chairman and chief executive officer Mike Jackson is confident two of the most important used-vehicle performance metrics — volumes and gross profit per unit — will both improve during the second quarter. According to AutoNation’s first-quarter figures shared on Tuesday, the dealer group reported gains in retail volume but softening in gross. As a […] [Read More]

New York attorney general Eric Schneiderman reached settlements with 104 franchised and independent dealerships, according to an announcement released on Friday. Empire State officials said vehicles were sold to New Yorkers without disclosing that the units were under recall for “dangerous unrepaired safety issues” such as unintended acceleration, airbag problems, vehicle fires, steering and brake […] [Read More]

After articulating various points about what he’s so upbeat about the dealer group’s used-vehicle department current and future performance, Lithia Motor president and chief executive officer Bryan DeBoer staunchly defended how the company is fending off what the investment community is seeing as would-be challengers that operate solely online. During Lithia's latest conference call, when […] [Read More]