CDK or no CDK, EchoPark kept going full speed ahead in the second quarter of 2024. Sonic Automotive’s used-car stores had another stellar performance, posting quarterly adjusted EBITDA of $7.2 million – a second-quarter record and just short of the record $7.3 million of Q1 – which chairman and CEO David Smith said was “ahead of our previous guidance for a seasonally lighter second quarter, despite headwinds from the CDK outage at the end of June.” In Sonic’s earnings call for the quarter ending June 30, Smith ran through EchoPark’s encouraging numbers for Q2, including ... [Read More]

OPENLANE wants to give condition reports a boost. The online wholesale used-vehicle marketplace has launched Code Boost IQ, a vehicle inspection enhancement designed to enable faster, better-informed decision-making for dealers. The company said its system uses industry-standard On-Board Diagnostics II (OBD2) scans to detect thousands of alphanumeric diagnostic codes that indicate potential mechanical or electrical […] [Read More]

As if the CDK Global outage wasn’t enough, AutoCanada is again dealing with a cybersecurity issue. The dealership group said it has identified a “cybersecurity incident” that took place Aug. 11, affecting its internal IT systems. In a news release, AutoCanada said it “took action to safeguard its network and data” immediately after detecting the […] [Read More]

For a month, at least, the Canadian wholesale used-vehicle market stabilized. Canadian Black Book said its Used Vehicle Retention Index for July was 135.4 points, almost identical to the 135.3 recorded in June That hasn’t been the case in the past year. Since July 2023, the index, calculated using CBB’s published wholesale average value on […] [Read More]

Dealers could benefit from adjusting their strategies when it comes to pricing and turning used cars, and they may need to turn to additional services to maintain profits. These were some of suggested strategies in the latest Used Market Report from J.D. Power, which found that  “correction” is ongoing in the wholesale vehicle market, where […] [Read More]

TPC Management’s latest personnel move is a look toward the future. Ray Wanna, son of longtime TPC executives Penny and Jiles Wanna and nephew of company founders Pierre and Pauline Pons, has joined the firm as commercial sales/business development coordinator. “We have long noted the strength of family-owned businesses in the remarketing industry,” Pierre Pons […] [Read More]

In its 10th year, CarGurus’ annual Top Dealer Awards have added two new categories to honor dealerships that provide shoppers with exceptional service, guidance, and support. In a news release, the company said the new awards showcase “dealer commitment to customer satisfaction in today’s digital age.” CarGurus president and chief operating officer Sam Zales said, […] [Read More]

America’s public electric vehicle charging infrastructure, often cited as an issue holding back EV adoption, is showing signs of improvement, according to the latest research by J.D. Power. The company’s 2024 U.S. Electric Vehicle Experience Public Charging Study found overall satisfaction with public charging increased for a second consecutive quarter. Satisfaction with direct current fast […] [Read More]

A couple of days after the Federal Trade Commission handed out penalties associated with credit repair, the Consumer Financial Protection Bureau (CFPB) took similar actions involving the same topic last week, too. The CFPB filed a proposed order to resolve its lawsuit against Credit Repair Cloud and CEO Daniel Rosen for providing substantial assistance or […] [Read More]

There’s a lot of anxiety right now, but you already knew that. It’s been said — and I, for one, agree — that you’re not as good as you think you are when things are going well and you’re not as bad as you think you are when things are going bad. That being said, […] [Read More]