Sparked by what top management described as a reinvigorated focus on increasing used-vehicle sales, Penske Automotive Group posted significant gains in third-quarter income. Sharing their financial report late last week, Penske executives said third-quarter income from continuing operations attributable to common shareholders came in at $31 million or 34 cents per share. During the same […] [Read More]

Late last week, CarMax elevated one of its veteran executives to senior vice president and chief financial officer. Moving up into the role is Tom Reedy. Management explained Reedy will be responsible for CarMax’s finance organization, including accounting, treasury, financial planning and analysis, tax and risk management. The company plans to begin recruiting for the […] [Read More]

Dealers could soon be receiving additional online exposure through a new directory set to be launched by AOL Autos. Site officials are aiming to create a comprehensive digital catalog of U.S. dealerships beginning with the nation’s 25 largest cities. They noted this directory is geared to include original video, reviews, consumer ratings and local maps. […] [Read More]

Potential buyers who also watch plenty of pro basketball on television likely will be seeing plenty of content that highlights the Kia brand. Kia Motors America and the National Basketball Association recently announced an extension and expansion of their marketing partnership through a new multiyear agreement.  Returning as the Official Automotive Partner of the NBA, […] [Read More]

Although auto-related mobile websites are accessed by less than a fifth of in-market vehicle shoppers, the popularity of smartphones keeps on growing. So, these sites are likely to gain more traction, according to J.D Power and Associates director of automotive research Arianne Walker. [Read More]

Charleston Auto Auction recently helped lend a hand to local children in need by hosting the second annual Crash For Cash Dealer Demolition Derby, which raised money for a pair of charitable organizations. The event — which took place Oct. 14 — generated $6,000 for the Ronald McDonald House of Charleston and the Carolina Youth Development […] [Read More]

Early next month, Mecum Auctions will host a special sale featuring the personal classic car collection of Bob McDorman, a Chevrolet dealer in Ohio. Up for sale will be a Chevrolet Corvette representing each model year going back to 1953. There will also be 12 serial No. 1 Corvettes offered, as well. Bunkie Knudsen’s 1963 […] [Read More]

Automotive Resources International announced that the ARI Canada president Fred Booth plans to retire at the end of the year and named his replacement. The new president will be Ron Gaysek, whose latest post is as ARI Canada’s executive vice president and chief operating officer. Booth’s retirement will go into effect Dec. 31. Gaysek has been with the company […] [Read More]

Jaguar Land Rover Canada will officially have a new president Monday. Hired to serve in the position is Lindsay Duffield, whose most recent post was as BMW Group Canada’s president and chief executive officer. Duffield’s tenure in that position was five years. His background also includes financial services leadership. He worked for BMW Group Financial […] [Read More]

Wholesale prices in Canada continued to move ahead in September, and the segment showing the greatest month-over-month improvement is the full-size pickup category, according to the latest ADESA Canada Used Vehicle Price Index. More specifically, ADESA’s data — powered by ALG Canada — noted that there was a 0.5-point upswing in the index on a month-over-month […] [Read More]