Overall used-vehicle transaction prices have never been higher than they were last quarter, according to Edmunds’ latest Used Vehicle Report released Thursday. But interestingly enough, the gap between the average prices of 3-year-old vehicles and new vehicles reached a third-quarter high. At play is an influx of off-lease vehicles returning to market, more than half […] [Read More]

In light of potential costs and urgency to get vehicles front-line ready as quickly as possible, reconditioning can be one of the most stressful, ongoing challenges facing independent dealers and buy-here, pay-here operators. To help stores of all sizes, Rapid Recon, the provider of a time-to-line, speed-to-sale reconditioning workflow software for dealership operations, has joined […] [Read More]

This week, Consumer Financial Protection Bureau director Kathleen Kraninger celebrated her one-year anniversary leading the regulator. Kraninger highlighted through a news release that during her first year she met with more than 800 consumers, consumer groups, state and local government officials, military personnel, financial institutions, academics, non-profits and former and current bureau advisers and traveled to […] [Read More]

Asbury Automotive Group has agreed to buy Park Place Dealerships for $1 billion cash, excluding inventory, the public retailer announced Thursday. The deal gives Asbury a boost both in Texas and within the luxury market. Park Place’s operating assets include17 franchises, including 15 in the Dallas-Fort Worth market. One of those 17 franchises is an […] [Read More]

Auto industry software provider DealerSocket is launching what it describes as “major innovations in the company’s Inventory+ software.” DealerSocket said it made the upgrades to “maximize the highest possible profit-per-day on each vehicle for its dealers.” The company said Single Page Appraisal, which it says puts all of the data a dealer needs on one […] [Read More]

During Used Car Week last month in Las Vegas, senior editor Joe Overby talks with Doug Hadden of ACV Auctions about his presentation on "The Digital Lane: More Opportunity in Less Time," his relatively new role with the company, the changing nature of wholesale automotive and more. To listen to this episode, click on the […] [Read More]

Hagerty describes itself as a membership, insurance and media organization for enthusiast vehicles and owners. In 2017, the company launched DriveShare, which it says is a peer-to-peer car-sharing service that allows people “the chance to drive cool and classic cars for any occasion.” The company, which says DriveShare is considered “the Airbnb of classic cars,” […] [Read More]

Group 1 Automotive has acquired what it says are the only Lexus franchises in the state of New Mexico. The company said it expects the two Lexus dealerships, located in Albuquerque and Santa Fe, to generate approximately $90 million in annualized revenues. Group 1, which owns and operates 186 automotive dealerships, 242 franchises, and 49 […] [Read More]

Many Canadian auto dealers are concerned about consumers becoming armed with more information, according to a report from Kijiji Autos. For dealers, are better-informed consumers good or bad for business? The answer could be both. The knowledgeable-consumer trend could have a negative impact on dealership profitability, but in the short term, more knowledgeable consumers can […] [Read More]

In promoting Chrissy Taylor to chief executive officer, Enterprise Holdings said that she will oversee its global strategy and operations. Taylor, who was previously president and chief operating officer, becomes the fourth chief executive officer in the company’s more-than-60-year history. She also represents the third generation of Taylor family chief executive officer leadership. Her father, […] [Read More]