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]

There is an abundance of new technology available to dealerships today, all designed to dramatically improve operations. But that technology is worthless if it isn’t used, or used improperly; and, too often, it is abandoned because of implementation challenges. At my dealerships, we have learned through long experience that teams will only truly adopt a […] [Read More]

Tackling the ongoing automotive industry challenge of finding and retaining qualified repair technicians is the focus of this episode of the Auto Remarketing Podcast, featuring Joe Atkinson and Kim Payne of Automotive Apprentice Group. The firm operates a program to create qualified auto technicians and connect them with a network of dealers and service centers. […] [Read More]

Inventory is very much on the minds of independent auto dealers. When asked by Auto Remarketing at the recent NIADA Convention and Expo about the biggest challenge they face in today’s used car market, dealers said the low availability and high cost of used vehicles was driving their expenses up and potentially costing them customers. […] [Read More]

Independent car dealers are no stranger to challenges, and the good ones know a great opportunity when they see one. With that in mind, Auto Remarketing spoke with independent dealers at the recent NIADA Convention and Expo about the biggest challenges and opportunities they face in today’s used car landscape. Not surprisingly, there were plenty of responses in both categories, including some dealers who see opportunity within the challenges. Among the challenges, one of the top choices was ... [Read More]

At the NIADA Convention last month, Cherokee Media Group senior editor Joe Overby connected with Selly Automotive founder and CEO Zach Klempf for a conversation about Selly’s merger with AutoManager last year, observations on the independent dealer landscape and much more. Plus, Klempf discusses his experience throwing out the first pitch at an Oakland A’s […] [Read More]

Online used car retail giant Carvana said it is collaborating with actors Kristen Bell and Dax Shepard on a series of national commercials and social videos beginning this summer that will illustrate several scenarios that demonstrate “how Carvana drives its customers happy.” The ads are intended to show how Carvana’s online process has “improved the […] [Read More]

Capitol Subaru in San Jose, Calif., part of Del Grande Dealer Group, partnered with Make-A-Wish Greater Bay Area to throw a surprise beach-themed party at the retailer’s showroom to reveal to a local Hayward youth that his life-changing wish to travel to Hawaii with his family was coming true. Moises De Paz, a 20-year-old with […] [Read More]