CDK or no CDK, EchoPark kept going full speed ahead in the second quarter of 2024. Sonic Automotive’s used-car stores had another stellar performance, posting quarterly adjusted EBITDA of $7.2 million – a second-quarter record and just short of the record $7.3 million of Q1 – which chairman and CEO David Smith said was “ahead of our previous guidance for a seasonally lighter second quarter, despite headwinds from the CDK outage at the end of June.” In Sonic’s earnings call for the quarter ending June 30, Smith ran through EchoPark’s encouraging numbers for Q2, including ... [Read More]

In its 10th year, CarGurus’ annual Top Dealer Awards have added two new categories to honor dealerships that provide shoppers with exceptional service, guidance, and support. In a news release, the company said the new awards showcase “dealer commitment to customer satisfaction in today’s digital age.” CarGurus president and chief operating officer Sam Zales said, […] [Read More]

They say what goes around, comes around. In this case, what has come back around are two car dealerships, now back in the hands of Mark Escude II after his family’s dealership group sold them a year ago. Escude’s new Escude Automotive Group, based in Greer, S.C., has acquired the local dealerships — Fred Anderson […] [Read More]

Trust Automotive Holdings partner and CEO Edgar Castellanos and Open Road Capital have acquired two dealerships in Costa Mesa, Calif., from Z Nafe, according to Dave Cantin Group, which advised both parties in the transaction. Dave Cantin, CEO of Dave Cantin Group, said the acquisition of the dealerships by Castellanos and Open Road Capital marks […] [Read More]

Used-vehicle sales at AutoNation in June “were flat or accelerating” and the retailer’s business lines in general were “moving positively,” said Mike Manley, AutoNation’s CEO. Then came June 19 and a cyber-attack against dealership management software provider, CDK Global. The negative impact on virtually every business segment at AutoNation, including its used vehicle operations, was swift. The main functionality of CDK’s system was ... [Read More]

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]