Paced by a 25.1 percent jump in used-vehicle retail sales, Penske Automotive Group reported on Thursday that the company posted the highest quarterly income from continuing operations and earnings per share in company history during the second quarter. Penske highlighted Q2 income from continuing operations attributable to common shareholders increased 11.9 percent to $106.0 million, […] [Read More]

Group 1 Automotive established a new record gross profit per unit through its F&I department during the second quarter. But softened used- and new-vehicle sales in areas where the bulk of its dealerships are located — Texas and Oklahoma — left a significant impact on the dealer group’s top-line performance. According to its latest financial […] [Read More]

Arriving within two weeks of reporting its auto financing originations dropped 45 percent year-over-year, Wells Fargo late on Thursday announced a plan to remediate auto finance customers of Wells Fargo Dealers Services who may have been financially harmed due to issues related to auto collateral protection insurance (CPI) policies. Wells Fargo explained that it reviewed […] [Read More]

One of the consumer-facing websites known for offering discounted furniture, rugs, bedding, electronics, clothing and jewelry is getting into the car business. On Friday, Overstock.com announced the launch of the beta version of a new online vehicle-buying platform, Cars by Overstock. Site officials highlighted the full-service platform can help customers navigate every aspect of the […] [Read More]

Ready Logistics highlighted that the company is trying to bring a new level of automation and transparency to the manual process-oriented vehicle transportation sector with the launch of the HUB, a centralized communication platform that is geared to increase efficiency for clients. By automating procedures that typically delay vehicle movement, Ready Logistics explained that the HUB […] [Read More]

Dominion Dealer Solutions’ inventory management and lot services division, Dealer Specialties, has recently been certified in General Motors’ new Dealer Vehicle Inventory Management program (DVIM) and is now eligible for iMR Turnkey reimbursement. The GM DVIM program offers GM dealers both enhanced vehicle merchandising, improved sales leads and eliminates the need to acquire GM inventory data separately, according to […] [Read More]

While it appears new-car sales are continuing to lose steam, Edmunds is projecting that used-vehicle sales in July should climb when compared to the previous month. Edmunds is estimating that 3.4 million used vehicles will be sold this month, which would compute into an estimated seasonally adjusted annual rate (SAAR) of 39.2 million. For June, […] [Read More]

The Consumer Financial Protection Bureau’s new arbitration rule has gotten a lot of coverage lately and deservedly so.  If and when it goes into effect, it will ban class action waivers and bring about some other notable changes. The big impact of this will be that just about every arbitration clause or agreement in use […] [Read More]

Voting unanimously, all nine members of the Federal Reserve’s Federal Open Market Committee agreed to maintain the target range for the federal funds rate at 1 to 1.25 percent during their meeting this week. First Franklin Financial Services projected when the Fed might make its next move as the FOMC has two more opportunities this […] [Read More]

It has been a busy summer for Cars.com. A month after ringing the Opening Bell at the New York Stock Exchange as a fully spun, publicly traded company, Cars.com announced July 5 that its Lot Insights technology had recently earned a patent. Earlier this month, Auto Remarketing caught up with Cars.com insights and analytics manager […] [Read More]