“Now, I’m very familiar with what a war zone looks like,” Corey Cox said. “So, when I say that this was a war zone, it was exactly that.” Cox, who served 13 years in the U.S. military, wasn’t describing overseas combat. He’s talking about what he saw in Western North Carolina, mere days after Hurricane […] [Read More]

EchoPark’s record-setting bandwagon continues to roll. Sonic Automotive’s used-car operation has taken off in 2024, and it soared to a third consecutive record quarter for gross profit, according to the company’s third quarter financial results, released this week. EchoPark’s gross of $55.2 million was the best ever for Q3, and that wasn’t the end of […] [Read More]

In reporting its third quarter financial results Friday, AutoNation sang the second verse of a similar song from Q2. Revenues, gross profits and net income were all down year-over-year, in part because the residual effects of the CDK Global outage in June carried over into the beginning of Q3 in July. In AutoNation’s Q2 earnings […] [Read More]

Thomas King, president of the data and analytics division at J.D. Power, explained why this month has been a tricky one for used-car managers and leasing specialists at franchised dealerships. Let’s begin with the details J.D. Power shared on Thursday associated with the used-car department. So far in October, King reported average used-vehicle retail prices […] [Read More]

Opportunity Finance Network (OFN) this week announced a strategic, five-year partnership with the MassMutual Foundation to launch the CDFI Innovation Initiative, a new effort designed to drive innovation, scale impact and build new infrastructure for the Community Development Financial Institution (CDFI) industry. Officials said the initiative will be funded by a $25 million grant from […] [Read More]

This week, KeyPoint Credit Union — an institution based in Silicon Valley — launched an auto financing program specifically designed for individual taxpayer identification number (ITIN) holders. According to the Internal Revenue Service, an ITIN is a tax processing number only available for certain nonresident and resident aliens, their spouses and dependents who cannot get […] [Read More]

The past three months have been good to Lithia & Driveway. In this week’s news release of third-quarter financial results, the global automotive retailer and finance provider reported the highest third quarter revenue in company history at $9.2 billion, up 11% from Q3 2023. For the first nine months of 2024 revenues rose to $27 […] [Read More]

When it comes to where they buy a car, consumers trust dealers far more than their peers — but they still have concerns about dealers. A new nationwide survey by AppraisalPRO, a recently launched FIXD Automotive brand, found 68% of the respondents said they trust dealerships more than private sellers, while just 4.6% felt the […] [Read More]

Penske Automotive Group is continuing its expansion in Australia. The global automotive giant announced it’s adding another location Down Under with an agreement to acquire Porsche Centre Melbourne from Porsche Retail Group Australia Pty Ltd. The new addition will be Penske’s third Porsche store in Melbourne and its 25th worldwide. In a news release, Penske […] [Read More]

Azar Allasvandi said her brother, Sia Allasvandi, started a luxury used-car dealership because of the variety involved. “He wanted to be able to get his hands on different cars, BMW, Volkswagen … he didn’t want to do just one,” Azar Allasvandi said. In 2011, Sia Allasvandi achieved his goal, starting Northline Motors in Woodbridge, Ontario. […] [Read More]