In October, the Federal Trade Commission announced an action against Passport Automotive Group for what the regulator called in a news release as “deceiving consumers by tacking hundreds to thousands of dollars in illegal junk fees onto car prices and for discriminating against Black and Latino consumers with higher financing costs and fees.” The FTC […] [Read More]

AutoNation will be taking on the heat of summer with a new executive vice president and chief financial officer. The dealer group announced on Tuesday that Thomas Szlosek will fill these positions effective the start of his employment with AutoNation, which is expected to be on or about Aug. 7. AutoNation said Szlosek will report […] [Read More]

It seems like dealerships are being bought and sold as often as their vehicle inventories nowadays since three more rooftops gained new ownership on Monday and Tuesday. Beginning near Boston, McGovern Automotive Group announced its acquisition of Acton Chrysler Dodge Jeep Ram in Acton, Mass., representing group’s 25th dealership acquisition in six years. According to […] [Read More]

In less than two weeks, it will be Memorial Day weekend and the unofficial start of summer. That timeframe coupled with last week’s trends showing wholesale prices softening another 0.15% and the estimated average weekly sales rate remaining at 49% prompted Black Book to ask questions. “Auction conversion rates remained stable last week,” analysts said […] [Read More]

With so much M&A activity happening involving dealerships, auctions and other shops connected to automotive, Epiq is rolling out two new dashboards for its Metrics That Matter legal business intelligence solution that can deliver robust contracts intelligence. Metrics That Matter now includes two new commercial contracts dashboards — M&A due diligence/integration planning and data privacy […] [Read More]

“Living within our means” has become something of a mantra for Vroom, and that continues to impact the online used car retailer’s bottom line. But Vroom should start to grow again later this year, executives said. “While the route is uphill for (gross profit per unit) in Q1 and Q2, we expect GPPU to normalize […] [Read More]

One View, a leading provider of document management solutions for automotive dealerships, announced the appointment of Jeff Lippold as the company’s new vice president of sales. With more than 25 years of experience in the automotive industry, the company whose software solutions can streamline document management processes and improve efficiency, accuracy and compliance highlighted Lippold […] [Read More]

It’s been about a decade since TransUnion saw auto finance origination volume at this low of a level. The automotive portion of the Q1 2023 Quarterly Credit Industry Insights Report (CIIR) from TransUnion showed that Q4 2022 originations — viewed one quarter in arrears to account for reporting lag — softened by 9.7% year-over-year to […] [Read More]

CarMax is sharing more than just its used-vehicle retail performance, as on Monday the company released its 2023 Responsibility Report, which features expanded disclosures regarding its environmental, social and governance priorities. The report also includes details on the company’s relevant climate-related risks and opportunities in a manner aligned with the recommendations of the Task Force […] [Read More]

Stephens announced managing director Joe Mowery now will head the investment banking dealership practice, following 20 years as head of the department’s power and industrial technology group. The independent financial services firm said Mowery assumes the role from Matthew Marks, who was recently named Stephens’ head of investment banking. Stephens’ investment banking dealership practice provides […] [Read More]