After a rough first quarter, CarMax saw its net income surge in the second quarter despite a slight slowdown in sales revenue. The behemoth used-car retailer also boosted the amount of inventory it acquired, especially from dealers.    “We're pleased with our team's execution in the second quarter, as we achieve positive sales trends, strong margins, cost efficiencies, and EPS growth, while managing through industry-wide auto loan loss pressure,” CarMax president and CEO Bill Nash said during the earnings call. Net income in the second quarter ... [Read More]

Carvana has added another metro area to the list of markets that can receive same-day vehicle delivery. The online used-car retailer announced its same-day service is now available in the Kansas City, Mo., area, where select customers can take delivery of a vehicle purchase as soon as the same day they place an order on […] [Read More]

This hasn’t been the best of years for CDK Global, but it got some good news Monday. Sonic Automotive, one of the nation’s largest dealership groups with more than 100 locations in 24 states, has extended its agreement with CDK to provide its dealerships with the CDK Dealer Management System and Dealership Xperience Modern Retail […] [Read More]

SIXT USA is going big in the Big Apple. On Monday, the rental car company announced it is strengthening its presence in New York and New Jersey as part of its ongoing U.S. expansion. The moves include the company’s expansion at Newark Liberty International Airport, recent openings in Jersey City and Times Square and a […] [Read More]

Doug Campbell, then the senior vice president and head of fleet services for the Americas at Avis Budget Group, got a call at 4:30 a.m. one autumn day in 2021. It was Avis president and CEO Joe Ferraro on the line. “Hertz just did a deal on a hundred thousand Teslas. You missed the boat, and it might cost you your job. What did you not see?” Campbell recalled being asked. [Read More]

The Federal Trade Commission has made nearly a half dozen public speaking appearances to finish the month and the quarter. Commissioner Alvaro Bedoya previously asked a string of questions about data privacy and artificial intelligence. And on Friday, Samuel Levine, director of the bureau of consumer protection at the FTC, elaborated about the regulator’s efforts […] [Read More]

Last week, Line\5, a provider of financing solutions for vehicle protection plans, announced a strategic partnership with Pauldron to help dealerships offer a comprehensive suite of protection products, including vehicle service contracts, dent and ding coverage, tire and wheel protection, appearance protection and key replacement coverage. Line\5 and Pauldron said the partnership aims to deliver […] [Read More]

Mobile auto service technology platform Curbee’s latest client isn’t just any dealership. It’s an internet star. Mohawk Chevrolet, a dealership in the Upstate New York town of Ballston Spa that went viral with its YouTube video series The Dealership — a mockumentary in the style of the hit television series The Office that included an […] [Read More]

It might not be an earthquake, but the landscape of electric vehicles is beginning to shift. That shift, according to Experian’s Automotive Consumer Trends Report: Q2 2024, is slowly moving the EV market away from the dominance of luxury models. The report found the market share of non-luxury EVs rose to 26.6% in the second […] [Read More]

When is the basic law of supply and demand surprising? Kevin Roberts, director of industry insights and analytics for CarGurus, joins Cherokee Media Group associate editor Andrew Friedlander on the Auto Remarketing Podcast to explain the unexpected rise in August used-car prices, the hole in the used-vehicle market, the Fed’s recent interest-rate cut and his […] [Read More]