Electric vehicle manufacturer Rivian Automotive has named John Krafcik to its board of directors. Krafcik is a veteran automotive executive with more than 35 years of experience in the industry, most recently as CEO of Waymo, an Alphabet company that has commercially launched autonomous driving technology in several U.S. markets. He will also serve as […] [Read More]

Tameron Gulf Coast, a dealership group based in Daphne, Ala., has acquired another store in that state with the purchase of Nissan of Mobile from Group 1 Automotive Inc., according to a news release from The Presidio Group, which facilitated the sale. The acquisition gives Tameron Gulf Coast six dealerships along the Gulf Coast, joining […] [Read More]

Owning a Porsche can be an elevated experience. Holman wants the same to be true about buying one. To that end, the global automotive services company has opened the Porsche Studio San Diego, a state-of-the-art retail site focused on delivering a premium automotive customer experience. The studio, located in San Diego’s upscale, open-air Fashion Valley […] [Read More]

For longer than anyone can remember, Maurice VanCoillie had been selling cars in the Detroit area. In fact, he was such an institution there that in 2021, the city of St. Clair Shores, Mich., placed a historical marker at his dealership. But on July 18, VanCoillie, affectionately known to most everyone as “Mr. Van,” passed […] [Read More]

The Costco Auto Program is once again working with Volvo to provide Costco members with incentives on selected Certified by Volvo models. Costco held its first CPO promotion with Volvo in 2022, when members received a $1,250 member-only incentive on the purchase of 2019-2021 Certified by Volvo XC60 and XC90 models. This year the incentive […] [Read More]

ACMGMT LLC, led by Ali Ahmed, has purchased Sutherlin Nissan of Fort Pierce, Fla., from Sutherlin Automotive Group, George Chaconas of Performance Brokerage Services announced. The dealership, which has been renamed Nissan of Fort Pierce, becomes the 38th owned by ACMGMT, according to Performance Brokerage Services. Sutherlin Automotive Group was founded by George Sutherlin more […] [Read More]

The U.S. Department of Energy has selected J.D. Power’s EV Index, an analytics tool that monitors the growing electric vehicle market in the U.S., to help establish benchmarks and monitor ongoing development of EV infrastructure nationwide. DOE said the index, which tracks detailed data on EV infrastructure development and consumer experience with public charging networks […] [Read More]

Group 1 Automotive’s second quarter used vehicle business was “challenged,” said president and CEO Daryl Kenningham in the earnings call. The publicly listed auto retailer sold 46,764 used retail units on a consolidated basis in the second quarter, down 4.4% compared to the same quarter last year. Used vehicle gross profit per retail unit dropped […] [Read More]

Carvana announced it has raised $225 million through the issuance of approximately 4.9 million shares through its at-the-market equity offering program (ATM), fully satisfying the public equity requirement of its exchange offer transaction support agreement (TSA). The TSA, which was announced last week, provides significant financial flexibility to Carvana, including reducing required cash interest expense […] [Read More]

Sonic Automotive said Thursday it will be able to “turn the lights on” quickly at its shuttered EchoPark stores if used vehicle wholesale prices continue to drop and market conditions improve, company executives said in its quarterly earnings call. In June, Sonic suspended operations indefinitely at eight of its EchoPark used car stores, 14 related […] [Read More]