Saying it has “radically revamped its operations to reduce stress” during the COVID-19 outbreak, Serpa Automotive Group has introduced a “one price” online store while continuing its dealer operations. The company’s founder and dealer principal Frank Serpa, noting his company is grateful that transportation has been declared an essential business, said that with any sale […] [Read More]

Online car marketplace Shift has created two temporary programs to help essential workers and the community at large obtain reliable transportation during the ongoing COVID-19 outbreak. The Essential Workers Program is one of those, and it will provide special discounts on vehicles for essential workers such as medical professionals, utilities operators and grocery store staff […] [Read More]

The Federal Trade Commission reported that just like cases of individuals being diagnosed as positive for the coronavirus is rising significantly, the regulator is noticing steady climbs in COVID-19-connected consumer complaints, too. As of Sunday, the FTC reported 11,762 complaints, resulting in $8.39 million worth of fraud being committed since the beginning of the year. […] [Read More]

Over the weekend, MBSi Corp. shared another offering to help its recovery industry customers navigate through coronavirus pandemic. Agero, the parent company of the Automotive Intelligence Council member, is orchestrating a webinar to help small businesses understand the CARES Act and how the resources of the Payroll Protection Program (PPP) can be beneficial. The featured […] [Read More]

Scot Hall, executive vice president of Swapalease.com and Wantalease.com, acknowledged he’s always been a “glass half-full” person. And the coronavirus pandemic hasn’t changed his mindset. Hall joined senior editor Nick Zulovich for another episode of the podcast to discuss how digital paths of retailing and financing will be the way for how the automotive industry […] [Read More]

Used-vehicle sales declined 50% year-over-year in the last full week of March, according to the latest video report from Cox Automotive chief economist Jonathan Smoke that was released Tuesday. They fell 50.4% during the week, then “stabilized” on that Sunday (March 29). “However, when we look at the leading indicators of what these sales are likely […] [Read More]

Stephane Ferri has joined the Presidio Group as principal. For The Presidio Group, a merchant bank and investment banking adviser in the retail automotive sector, Ferri will focus on technology, M&A and principal investing activities and will be located in Presidio’s Atlanta office. Ferri previously served as senior vice president for Flexdrive LLC, which recently sold […] [Read More]

In normal times, wholesale transaction prices tend to change gradually over weeks and months, and Manhieim Market Report tracks these changes extremely well. But with COVID-19 and the sweeping effects it’s having on the economy and automotive industry, we aren’t in normal times. It’s not surprising, then, that I’ve received numerous inquiries about MMR over […] [Read More]

Saying it is continuing to support U.S. and Canadian dealers as the COVID-19 situation impacts automotive retail, CarGurus will extend its existing 50% discount on all marketplace subscriptions for U.S. and Canadian dealers through May. CarGurus said the move was a continuation of the rate reduction that it announced on March 18, adding that it made […] [Read More]

Along with announcing its annual meeting of stockholders will be held in a virtual format only, Carvana this week welcomed the influx of funding it gathered from investors. Through its previously announced initiative, Carvana said it has raised $600 million from investors in support of continued innovation and growth of what the company deems to […] [Read More]