Before dealer principals and store managers brush aside the issue by stating something like, “I’m a car guy, not an accountant,” NADA Academy instructor Eric Dreisbach shared eight potential pitfalls of a financial practice many dealerships might use — work-in-process (WIP) accounting. In a blog post setting up his foundational concerns, Dreisbach explained that officially […] [Read More]

You could say cars really “took off” when they went over the block at a “soaring” special event Manheim recently hosted. Emphasizing that it is easy for dealers to buy and sell inventory anytime and anywhere, Manheim San Diego recently partnered with Toyota / Lexus Financial Services to conduct the “Heroes of History” Event Sale […] [Read More]

Kia Motors America boasts reaching a record number of certified pre-owned sales last month.    The brand announced Monday that it achieved its best-ever monthly sales number in March — a total of 7,698 CPO vehicles. "Kia's certified pre-owned program proves to be popular with consumers looking for world-class vehicles," Kia Motors America vice president of […] [Read More]

Group 1 Automotive announced Monday that the company has gained new Toyota sales territory in São Paulo, Brazil and will also relocate one of its top Honda dealerships in the area. Group 1 built its newly opened T-Drive Toyota Alphaville dealership after purchasing selected assets of the Toyota Alpha Trevo Automoveis store in the western São Paulo […] [Read More]

Reinforcing why the company now has 15 years of honors from the Better Business Bureau (BBB), GWC Warranty detailed another way dealers can explain the benefits of vehicle service contracts (VSC) so their customers can leverage the full value. GWC Warranty — provider of used-vehicle service contracts sold through dealers — acknowledged in a recent […] [Read More]

Ken Garff Auto Group announced Monday that it is buying out New York-based Leucadia National Corp. from its 12-year Garcadia dealership partnership. The company said the transaction is expected to close in Q3. Early this month, terms of the deal were ratified by the boards of Leucadia and Ken Garff. "We've had a strong relationship […] [Read More]

APCO Holdings recently brought a top executive over from a competitor in the F&I space to be one of its crucial leaders. APCO Holdings, home of the EasyCare, GWC Warranty, Covideo and SAVY brands, has named David Vickers as the company’s new chief financial officer. Vickers brings 35 years of experience in the insurance and […] [Read More]

Uber’s compliance challenges with federal regulators involving data security intensified last week. According to a news release, Uber has agreed to expand the proposed settlement it reached with the Federal Trade Commission last year over charges that the ride-sharing company deceived consumers about its privacy and data security practices. After the announcement of last year’s […] [Read More]

You can expect another year of 10 million wholesale vehicles at traditional, brick-and-mortar auto auctions in 2018. But that comes with a twist, according to Cox Automotive’s 2018 Used Car Market Report & Outlook. There is also some change afoot in what the off-lease supply might look like.  Starting with wholesale, the report’s section on wholesale […] [Read More]

At the expense of sedans, customer loyalty to SUVs and CUVs has reached record levels. This trend is expected to continue given the steady growth of utilities and pickups, according to a recent analysis. In fact, over the next three years, there’s expected to be up to five times as many new utility nameplates introduced […] [Read More]