With dealership profits declining, the demand for acquiring those businesses has cooled, according to the latest research from Haig Partners. The company’s Q2 2024 Haig Report found dealership profits declined 32% in the first half of 2024 compared to the same period last year and the average pre-tax income for publicly owned dealerships of $1 […] [Read More]

Craig Amelung believes that the National Auto Auction Association has a proud past, is living and operating to the fullest in its present and all while keeping a keen eye on its future. That’s why among the NAAA incoming president’s goals over the next year is to identify and nurture a next generation of auction leaders who want to get involved with the association and to draw on the knowledge and experience of those auction veterans who make it successful every day. Amelung is scheduled to take over the reins of the association at its NAAA World Remarketing Convention, in Orlando, Fla., Sept. 30 – Oct.3. Also at the convention, current NAAA president Eric Autenrieth, CEO of Carolina Auto Auction in Williamston, S.C., will become the association’s chairman. “For many years the association has relied on ... [Read More]

CarGurus announced it has named Mike O’Hanlon as its new chief revenue officer, citing his “deep experience driving customer growth and retention strategies for online marketplace and software as a service businesses.” In a news release, CarGurus said O’Hanlon will lead its sales and service teams to support growth objectives and priorities toward the goal […] [Read More]

Black Book has promoted data scientist Yushan Liu to director of data science in its data and analytics department. The company said she’ll be responsible for leading and expanding the data science team, as well as setting the vision, strategy and road map for data science initiatives. Liu, who holds a Ph.D. in Chemometrics and […] [Read More]

Summer unofficially ended over the weekend with the passing of Labor Day. For weeks during the heat of summer, Ignite Consulting Partners said the firm’s experts have heard plenty of reasons why dealerships aren’t keeping resources in place to maintain compliance. “It’s been a slow summer,” one dealer told Ignite, while another said, “The interest […] [Read More]

Six more dealerships reached an agreement with the Rhode Island attorney general to settle allegations of deceptive sales practices in the finance office. The settlement announced in August has the dealerships paying more than $1 million in refunds and penalties. It surfaced about a year after Rhode Island AG Peter Neronha reached a similar deal […] [Read More]

Next up on our “Consignor Conversations” series of the Auto Remarketing Podcast is an interview with John Urness, head of vehicle remarketing and customer loyalty at Chase Auto. Urness sat down with Cherokee Media Group senior editor Joe Overby at the Automotive Remarketers Alliance Summer Roundtable in Frisco, Texas, to talk about the value in […] [Read More]

This week, the American Financial Services Association followed up on its letter to New Hampshire Banking Commission with a petition to state officials asking for a delay of major restructuring of documents associated with the financing and retailing of vehicles in the Granite State. AFSA senior vice president Danielle Fagre Arlowe asked for an emergency […] [Read More]

Dealerships are being bought and sold regularly nowadays, sometimes with one person acquiring or disposing of multiple rooftops in a single transaction. Well, a single individual now wants to purchase an entire automaker. Frank Rhodes, Jr. — the great-grandson of Walter Chrysler — said on Friday he has sent a proposal to Stellantis and CEO […] [Read More]

Managing inventory risk is not just about avoiding losses but also about optimizing profitability. For auto retailers, maintaining an ideal balance between supply and demand is critical. Too much inventory can lead to increased holding costs, while too little can result in missed sales opportunities. The latest Q2 inventory risk report sheds light on how […] [Read More]