Penske Automotive Group’s quarterly conference call highlighted company records and third-quarter used sales increases. The group’s chairman, Roger Penske, also revealed some forward-thinking plans regarding company expansion and inventory strategy. “Today, we’re 69 percent, our business, in the U.S., and 31 percent international,” Penske said. “I think you’ll see us, as we go forward, we’ll […] [Read More]

Penske Automotive Group hosted their third-quarter conference call this week, outlining details on multiple company records. Penske posted its highest third quarter and nine-months income from continuing operations and earnings per share in company history. The company had total retail unit sales of 104,963 (U.S. and international combined), a 10.2-percent year-over-year increase. And the used […] [Read More]

As Ford issued a recall for more than 204,000 older SUVs, Chrysler Group announced two more recalls on Wednesday — campaigns that include more than 566,000 trucks and SUVs worldwide. The larger of the Chrysler campaigns covers an estimated 381,876 trucks globally. The reason is to upgrade certain wiring-harness terminals, and if necessary, replace their fuel-heater […] [Read More]

Calling the customer reaction to the launch of the standalone used-car stores “overwhelmingly positive,” Q auto president Casey Coffey said the emails, letters and phone calls flowing in have expressed an appreciation for the experience at Q auto’s stores, with customers saying “that it was like none other that they’ve experienced in a car-buying atmosphere before.” […] [Read More]

Expanding supply means lower used prices. And with a new flow of off-lease vehicles expected to hit the market in the coming years, many in the industry are wary of the impact on used-vehicle retail sales. But AutoNation, who just experienced a 7.5-percent boost in  third-quarter used-vehicle retail sales, as well as a successful overall quarter, […] [Read More]

AutoNation reported a successful third quarter this morning, with an 8-percent spike in new and used retail vehicles sales along with a 10-percent bump in overall revenue. The dealer group reported total revenue of $4.9 billion in Q3, a jump of 10 percent compared to the same period of 2013. Company management said revenue was […] [Read More]

In a business as relatively new as the certified pre-owned market, the tides are still turning, and nothing seems to stay the same for long. Just a couple of years ago, off-lease vehicles had dried up, and it was no easy task to fill a CPO lot; now, off-lease supply is flowing in droves, and […] [Read More]

During its third-quarter conference call, Sonic Automotive highlighted several all-time records, including those set for new retail unit sales, pre-owned gross profit and third quarter total gross profit. When asked if something was happening to separate Sonic from the pack during its strong quarter and used-vehicle sales increase of about 5 percent on the same-store […] [Read More]

Like many dealerships are facing nowadays, Group 1 Automotive had to turn more used vehicles to push its overall revenue and gross profit figures higher during the third quarter because gross profit per unit softened by 3.3 percent, or $52, per vehicle. The company’s top-line third-quarter metrics in the used department settled with retail revenues […] [Read More]

On a Thursday afternoon at a hotel in the Charlotte suburbs, a crowd of auto journalists — flanked to the left by a deep blue 2015 Toyota Camry XSE reflecting overhead ballroom lights — listened to a presentation on the Camry’s redesign by Darlene Morgan of Southeast Toyota Distributors. Southeast Toyota was hosting a media event […] [Read More]