Used-vehicle sales at AutoNation in June “were flat or accelerating” and the retailer’s business lines in general were “moving positively,” said Mike Manley, AutoNation’s CEO. Then came June 19 and a cyber-attack against dealership management software provider, CDK Global. The negative impact on virtually every business segment at AutoNation, including its used vehicle operations, was swift. The main functionality of CDK’s system was ... [Read More]

CarShop is officially gone in the United Kingdom. Its status in the U.S., on the other hand, seems much more solid. Last week in Penske Automotive Group’s earnings call for the second quarter of 2024, chief operating officer for international operations Randall Seymore confirmed that CarShop — Penske’s brand for its used-car stores — has been ... [Read More]

Driven by continued strength in commercial consignment, auction sales are up double-digit percentages so far this year, including July volumes that climbed more than 24% from a year ago. July also marked a milestone for electric vehicles: it was the first time there were more than 10,000 auction sales of EVs. All this according to […] [Read More]

Imagine owning a Bugatti Veyron, one of the most luxurious and high-performance vehicles in the world, which will cost between $1.2 million for a used one and up to $2.5 million for a new one. Would you ever consider taking it off of the lot, much less driving it, without insurance? Of course not, nobody […] [Read More]

The Canadian wholesale market for the week ending Aug. 3 broke a pattern. While Canadian Black Book’s Market Insights report found the market declined by 0.26% — slightly less than the previous week — trucks showed surprising power, with six of the 13 truck/SUV segments gaining value or breaking even. Overall, trucks were down 0.18%, […] [Read More]

Ally Financial, Chase Automotive Finance and Capital One Auto Finance finished in the top three and above the average segment score among non-captive subprime auto finance companies ranked in the J.D. Power 2024 U.S. Dealer Financing Satisfaction Study released on Thursday. Ally Financial ranked highest in overall dealer satisfaction in the subprime category for the […] [Read More]

Dealership software provider Reynolds and Reynolds announced it has acquired TSD Mobility Solutions, a provider of fleet management software and services. TSD designs and develops fleet mobility solutions for dealerships, manufacturers, public automotive groups and rental car companies. It operates in 92 countries on six continents, with more than 16,000 dealerships and 3,000 car rental […] [Read More]

Last week, the Consumer Financial Protection Bureau and eight other federal financial regulatory agencies announced a proposed rule to establish data standards for certain information collections submitted to financial regulatory agencies. Officials said the proposal would promote interoperability of financial regulatory data across the agencies through the establishment of data standards for identifiers of legal […] [Read More]

The movement in wholesale vehicle values for July varied from index to index, but in general, prices are down from a year ago, though they remain elevated from pre-pandemic levels. Starting with Black Book, its Used Vehicle Retention Index came in at 145.0 for July, which was down 1.1% month-over-month and off 15.2% from July […] [Read More]

Lithia & Driveway's second quarter results took a hit from the CDK Global software outage. While the company reported its second highest quarterly revenue in company history, net income fell 28% compared to the same quarter in 2023 to $216.6 million. Revenue increased 14% to $9.2 billion. The group faced other headwinds, as well. “Free cash flows were impacted by declining EBITDA due to ... [Read More]