As the public dealer groups began reporting their second-quarter performances in full force, Sonic Automotive revealed it reached an all-time high for used sales. The company sold a record 28,514 pre-owned units in Q2. Pre-owned units sales per store per month were up, as well, reaching 100 units in May and 93 units for the […] [Read More]

Dealers Auto Auction of Oklahoma City has a new general manager. Named to that role is Jon Reininger, who has been assistant general manager since March 2007. He began working at the auction in 2000. “We know our customers and employees alike applaud Jon’s promotion to general manager,” said auction owner Gary Smith.  “We have […] [Read More]

Many auctions have been ramping up their reconditioning facilities lately to better meet customer’s needs, and Manheim is no exception. In fact, Mike McKinney, regional vice president operations for Manheim, told Auto Remarketing the company has invested more than $8 million in capital investments in reconditioning facilities for the company’s operating locations since 2012. Rock […] [Read More]

Group 1 Automotive announced this week the acquisition of two dealerships located in Houston: Munday Chevrolet and Munday Mazda. The two dealerships, which will continue to do business with their current names, are estimated to yield $225 million annually. Earl Hesterberg, the president and chief executive officer of Group 1, believes the acquisition of two […] [Read More]

Experian Automotive announced this week that it will be working with American Honda Motor Co. to provide vehicle history reports for both Honda’s and Acura’s certified pre-owned programs. In order to be certified, pre-owned Hondas and Acuras will be further evaluated using Experian Automotive’s AutoCheck vehicle history reports, as part of the agreement between the […] [Read More]

Gas prices are on the way down again, and so are auction prices. Black Book’s Ricky Beggs pointed this trend out during his latest “Beggs on the Used Car Market” video report, which explained that the market is seeing traditional seasonal movement with price declines picking up during the first three weeks of July. And […] [Read More]

RouteOne plans to discuss the forthcoming scrutiny of F&I products by the Consumer Financial Protection Bureau and the Federal Trade Commission during a complimentary webinar later this week. During the webinar titled “CFPB and FTC Update: All About Add-Ons,” RouteOne staff attorney Joseph Karam and national business development manager Jesse Pappas intend to break down […] [Read More]

Ally Financial and Credit Acceptance Corp. recently announced a couple of updates pertaining to their financial statements. First from Ally, the company declared quarterly dividend payments for certain outstanding preferred stock. Each of these dividends were declared by the board of directors last Thursday and are payable on Aug. 15. A quarterly dividend payment was […] [Read More]

The June dealer survey by KeyBanc Capital Markets showed stores utilized growth in F&I gross profit per unit during the second quarter to overcome mixed results in gross profit per used vehicle sold. KeyBanc reported that 57 percent of respondents indicated an increase in F&I gross profit of more than $50 per unit year-over-year throughout […] [Read More]

The Greater Rockford Auto Auction is celebrating its 40-year business anniversary this month with prizes and promotions. The auction’s rewards include different giveaways such as gas grills, Yamaha scooters and Polaris all-terrain vehicles. Chad Anderson, the auction manager, is looking forward to the GRAA’s 40th anniversary party sale, which will be held on July 23. […] [Read More]