CarShop is officially gone in the United Kingdom. Its status in the U.S., on the other hand, seems much more solid. Last week in Penske Automotive Group’s earnings call for the second quarter of 2024, chief operating officer for international operations Randall Seymore confirmed that CarShop — Penske’s brand for its used-car stores — has been ... [Read More]

Lithia & Driveway's second quarter results took a hit from the CDK Global software outage. While the company reported its second highest quarterly revenue in company history, net income fell 28% compared to the same quarter in 2023 to $216.6 million. Revenue increased 14% to $9.2 billion. The group faced other headwinds, as well. “Free cash flows were impacted by declining EBITDA due to ... [Read More]

Three dealerships in Texas changed hands recently, according to Pinnacle Mergers & Acquisitions, which brokered the deals. IDEA Auto Group, headed by Julie Herrera, has acquired South Austin Nissan from Central Automotive Group. Herrera founded IDEA Auto in 2022, spinning off from the Cavender Auto Family and naming her company after her vision of inclusion, […] [Read More]

Carvana is adding physical capacity to increase its current volume by approximately three times, CEO Ernie Garcia said on the recent second quarter earnings call. Carvana has cited inventory constraints as a barrier to faster growth. Combined with the ADESA U.S. acquisition, Carvana has the real estate to handle vehicle reconditioning at approximately eight times the current run rate, he said. “We also have very clear plans and high confidence in ... [Read More]

Alin Navidi has acquired Covina Volkswagen in Covina, Calif., from SRO Group and Greg Bozzani, according to Performance Brokerage Services, which advised on the transaction. Navidi started his automotive career as a used-car dealer in Portland, Ore., before becoming a partner in Coachella Valley Volkswagen in Palm Springs, Calif. When that business was sold, he […] [Read More]

Fullpath announced it has reached “a significant milestone.” The automotive customer data platform and marketing automation engine has been approved as an official vendor for Jaguar Land Rover’s Digital Certified Program for dealerships. In a news release from one of this year’s Emerging 8 honorees, Fullpath said its integration with JLR’s Digital Certified Program “aims […] [Read More]

AutoComplete has completed a financing round to further its expansion and development of an artificial intelligence-based technology platform for auto insurance, according to The Presidio Group, which advised the company in the deal. Presidio said the SAFE-structured capital raise, led by Bain Ventures and FM Capital, included seven new strategic dealership group investors — AutoNation, […] [Read More]

Before the cyberattack that hit dealership software provider CDK Global, Group 1 Automotive’s used vehicle and aftersales businesses were performing well in the second quarter, said Group 1 president and CEO Daryl Kenningham. But the CDK outage “significantly affected” Group 1’s U.S operations from June 19-26, Kenningham said during Group 1’s second quarter 2024 earnings call on July 24. “We do believe that we could have [Read More]

Group 1 Automotive’s presence in the United Kingdom just got a whole lot larger. The auto retail giant closed on its acquisition of Inchcape Retail’s automotive operations, which include 54 dealership locations in England and Wales. The $439 million cash deal, which was agreed to in April, raises Group 1’s U.K. holdings to 113 dealerships. […] [Read More]

Adam Chamberlain has taken another step up the ladder at Lithia & Driveway, which announced his promotion to executive vice president and chief operating officer as part of the automotive retail and services company’s leadership realignment. Chamberlain joined LAD in 2022 as East regional president and added the role of chief customer officer in January. […] [Read More]