CarMax saw a 7-percent bump in total used unit sales during the second quarter, and a 5.4 percent increase year to date. Gross profit per used unit at $2,160 remained consistent with $2,166 in the second quarter of last year. Meanwhile, wholesale unit sales declined by 1.3 percent in the second quarter, which president and […] [Read More]

Capital Automotive Financial has launched a new company to provide long-term equity capital solutions to dealers, chief operating officers and general managers in the retail automotive industry. CAF is led by Richard Kotzen and Capital Automotive Real Estate Services (CARS), anchored by an investment from Two Sigma Private Investments (TSPI). Kotzen will be president and […] [Read More]

Enterprise Car Sales recently opened two new locations to better serve customers in the Phoenix area. To celebrate the openings, officials highlighted all Enterprise Car Sales locations in Arizona will appraise trade-in vehicles using Kelley Blue Book trade-in value plus an additional $1,000 in a move to be extended to vehicle buyers through Sept. 30. […] [Read More]

Just last week, I received phone calls from two separate dealers I’d purchased vehicles from over the past five years. Each of them offered to buy back my vehicle and sell me a new one. There was just one problem: I wasn’t ready to trade in my current vehicle. Actually, I wasn’t even considering it. […] [Read More]

Lithia Motors has expanded its East Coast operations, announcing Tuesday that it acquired the nine-store Carbone Auto Group that operates in New York and Vermont. Carbone generates an estimated $600 million in annual revenues through an exclusive market strategy, Lithia said, noting in the news release that Carbone gives the group a foundation to expand […] [Read More]

CarMax celebrated the grand opening of its first used-car store in Idaho.  The store, located at 4043 E. Elden Gray St. in Meridian, will stock more than 200 used vehicles of nearly every make and model. “The Meridian community has been very welcoming to CarMax,” said Louis Cominiello, location general manager. “We are very excited […] [Read More]

If you’re a dealer looking to move your CPO inventory, take note: Autotrader has come out with its top picks for certified pre-owned deals in September.  “Certified pre-owned vehicles used to be kind of a secret, something only your uncle Ned and car guy neighbor knew about. Today, many people are catching on that it's […] [Read More]

Lithia Motors Inc. announces the grand opening of a Volkswagen franchise in Freehold, N.J. Operating as DCH Volkswagen of Freehold, the store is expected to add $35 million in annual revenues. “We are pleased to expand our partnership with Volkswagen and to increase our presence in New Jersey, as DCH Volkswagen of Freehold is our […] [Read More]

Certified pre-owned vehicle sales have now reached 1.79 million for the year, outpacing year-ago figures by 4.3 percent, according to Autodata Corp. In August, there were 233,238 certified sales, which was 5.8 percent stronger than the same month a year earlier. The daily selling rate for the month was 8,971, versus 8,478 in August 2015. […] [Read More]

The latest Kerrigan Auto Retail Index report raises a question: Did U.S. auto sales peak in 2015? According to the report, new-vehicle retail sales in August are expected to be down 6.5 percent from a year ago, which marks the fourth month in the last six with declining retail auto sales. In contrast to predictions […] [Read More]