PARSIPPANY, N.J. — In an effort to beat out Hertz for the acquisition of Dollar Thrifty Automotive Group, Avis Budget Group submitted a bid to the company this week, in addition to passing along a letter to its chief executive officer and chairman. In his letter to Thomas Capo, Dollar Thrifty chairman, and Scott Thompson, president and […] [Read More]

McLEAN, Va. — The average price that new-car dealers fetched for a used-vehicle on the retail market in 2009 dipped about 1.5 percent from the prior year, according to the NADA DATA 2010 report compiled by the National Automobile Dealers Association. Specifically, NADA noted that average used retail price was $14,976, compared to $15,201 in 2008. […] [Read More]

CHARLOTTE, N.C. — In a quarter that saw the company record its best-ever period for used-vehicle volume and used gross profit, Sonic Automotive's adjusted earnings from continuing operations climbed 41 percent. Specifically, these earnings were at $15.6 million for the second quarter, compared to $11.1 million in the year-ago period. Net income was $14.8 million, up […] [Read More]

CARY, N.C. — The story generating the most buzz on AutoRemarketing.com this week delved into a topic becoming more and more pressing in the industry: the increasing influence that women have in the auto market. The No. 1 story on our site shared analysis from Women-Drivers.com on which automakers' dealers stand out for their treatment of female shoppers. The […] [Read More]

BLOOMFIELD HILLS, Mich. — Penske Automotive Group reported double-digit improvement in several areas of its second-quarter performance, including a substantial gain in income from continuing operations attributable to common shareholders. Specifically, Penske said that particular item totaled $29.2 million, up from $19.8 million in during the year-ago period. The group enjoyed a 16.6-percent upswing in total […] [Read More]

TORRANCE, Calif. — Amid rumors that it was putting an end to its Sequoia model, Toyota issued a statement Thursday to clear the air.  "Toyota denies any reports of the discontinuation of the Sequoia. For obvious competitive reasons, Toyota does not discuss future product plans," the Toyota statement read. "Sequoia continues to be a profitable, high-quality vehicle for […] [Read More]

SPOKANE, Wash. — Grand Rapids Auto Auction announced it has joined AuctionPipeline.com and will hold its first sale as a member on Tuesday, Aug. 3. The sale will feature AmeriCredit, Santander Consumer, Wheels, Regional Acceptance, ARI, Auto Trakk, Harris Bank and Fifth-Third Bank. "AuctionPipeline has clearly established itself as the national's leading online marketplace for independent […] [Read More]

HOUSTON, Texas — Thanks to a an upswing of gross profit on sales of almost 25 percent, Group 1 Automotive announced this week that adjusted second-quarter net income was up 73 percent. More specifically, adjusted net income came in at $17.8 million, or $0.75 per diluted share, compared with $10.3 million, or $0.44 per diluted share for […] [Read More]

WASHINGTON, D.C. — There appears to be a summer slowdown for auto sales throughout much of the nation, according to the Federal Reserve, which released its latest Beige Book report on Wednesday. The Fed indicated that "most" of its 12 Districts have seen vehicle sales dip lately. New York, Philadelphia, Cleveland, Richmond, Chicago and San Francisco […] [Read More]

ATLANTA — Manheim announced a new partnership with Nissan Motor Acceptance Corp. and Infiniti Financial Services to remarket off-lease vehicles, which are better known to dealers as "grounded" units. The new program unveiled this week is designed to harness Manheim's vehicle remarketing technology and expertise to reduce the time an off-lease vehicle idles "on the ground," and […] [Read More]