Carvana, which hit a roadblock last year when its unit sales slowed and its losses did not, said it has made significant progress toward profitability by implementing operating efficiencies and reducing expenses. “We still have a long way to go to achieve our broader goals,” admitted Carvana CEO,Ernie Garcia, during the used-car retailer’s first quarter earnings call on May 4. “But we are on the right path, and we are moving quickly.” The company reported retail unit sales of ... [Read More]

The Q1 2023 Used Vehicle Report and the data collected by Edmunds’ analysts likely can be summarized in just a couple of words. Older and more expensive. Edmunds acknowledged used-vehicle retail prices remain historically high. Analysts found that the average used vehicle transaction price in the first quarter actually dipped by 6.4% year-over-year to $28,381, […] [Read More]

S&P Global Mobility highlighted this week that the average age of vehicles currently in operation currently stands at a record 12.5 years. Meanwhile, eBay Motors sees older vehicles as having plenty of life remaining, so on Wednesday site officials announced what they think is a first-of-its-kind program that can help drivers keep their vehicle on […] [Read More]

CARFAX said on Wednesday that its data shows more than 2.5 million vehicles that have been tagged with “Do Not Drive” or “Park Outside” safety recalls remain unrepaired as of May 1. In fact, CARFAX pointed out 10 states have more than 70,000 of these vehicles driving on their roads, with California leading the way. […] [Read More]

Being able to react to change is a good skill to have, but it’s not a plan and it’s not sustainable. Mike Tyson was once quoted saying, “Everyone has a plan until they get punched in the face.” I think it’s fair to say we all got punched in the face with the COVID-19 pandemic. […] [Read More]

AutoNation will be taking on the heat of summer with a new executive vice president and chief financial officer. The dealer group announced on Tuesday that Thomas Szlosek will fill these positions effective the start of his employment with AutoNation, which is expected to be on or about Aug. 7. AutoNation said Szlosek will report […] [Read More]

It seems like dealerships are being bought and sold as often as their vehicle inventories nowadays since three more rooftops gained new ownership on Monday and Tuesday. Beginning near Boston, McGovern Automotive Group announced its acquisition of Acton Chrysler Dodge Jeep Ram in Acton, Mass., representing group’s 25th dealership acquisition in six years. According to […] [Read More]

“Living within our means” has become something of a mantra for Vroom, and that continues to impact the online used car retailer’s bottom line. But Vroom should start to grow again later this year, executives said. “While the route is uphill for (gross profit per unit) in Q1 and Q2, we expect GPPU to normalize […] [Read More]

CarMax is sharing more than just its used-vehicle retail performance, as on Monday the company released its 2023 Responsibility Report, which features expanded disclosures regarding its environmental, social and governance priorities. The report also includes details on the company’s relevant climate-related risks and opportunities in a manner aligned with the recommendations of the Task Force […] [Read More]

In addition to announcing first-quarter earnings results, Shift Technologies said Thursday it is reviewing strategic alternatives — which could include “potential sale of certain operating businesses, third party investment or partnership opportunities and/or funding alternatives for our marketplace business, ”the company said. Shift’s board plans to “proceed in a timely manner” but did not set […] [Read More]