If you want to keep up with these Joneses, it’s going to cost you a lot. Danny and Gail Jones, owners of Maryland-based Jones Junction Automotive Group, have pledged to donate $20 million to the University of Maryland Upper Chesapeake Health. The donation will be the largest single contribution in the hospital system’s history and […] [Read More]

ServNet Auction Group has a new president. The network of independent auto auctions said it has chosen Cody Boswell of Missouri Auto Auction to lead the group. As ServNet president, Boswell succeeds Ryan Clark, who has completed his term and will continue to serve as the group’s chairman of the board. “Congratulations to Cody on […] [Read More]

Retail My Ride has added three free tools to its dealer resource platform. The auto retail consignment sourcing platform announced the launch of the new interactive tools, which it said are designed to help dealers “model, measure and master” a dual-path private party acquisition model, offering both purchase and consignment options to private-party sellers. The […] [Read More]

Two major dealership groups continued on familiar paths in the M&A market with a major acquisition and a major divestiture. Lithia & Driveway, which has been actively adding locations all year, has brought three more into its collection with the purchase of Anaheim Hyundai, Huntington Beach Hyundai and Garden Grove Hyundai in Orange County, Calif., […] [Read More]

Another side effect of PrimaLend filing for Chapter 11 bankruptcy last week surfaced soon afterward. Along with being a floorplan provider, PrimaLend was a founding member of BHPH United, which is comprised of seven service providers that organize an annual conference and other training opportunities for buy-here, pay-here dealerships. But PrimaLend will be stepping away […] [Read More]

Both Ignite Consulting Partners and the National Independent Automobile Dealers Association warned dealerships about what they believe to be a phishing scam with fraudsters pretending to be from the Consumer Financial Protection Bureau. In an industry message, Ignite Consulting Partners shared the contents of a message many of its dealer clients have received recently, which […] [Read More]

Tax Max wants buy-here, pay-here and independent dealers to have clear strategy in place now through the close of federal and state filing seasons. So, the company announced new tax season consulting groups, which will gather each Tuesday via Zoom until the IRS releases refunds in March. The opening group session for BHPH dealers will […] [Read More]

October is many things to many people. To some, October means Halloween with its ghosts and goblins.  If you’re into sports, maybe it’s the World Series or the NASCAR championships. It’s also the start of the NHL and NBA seasons. To many, fall is their favorite season and the official kickoff of the holiday season. […] [Read More]

The auto auction industry has seen a spike in M&A moves over the last three years, similar to the consolidation in auto retail that has been going on much longer. “As I’m watching the consolidation happen, I think this has been imminent,” Mach10 Automotive president and CEO George Pero said of the recent runup in […] [Read More]

Comerica Bank predicted on Monday that the Federal Reserve will lower the federal funds target rate by a quarter percent to a range of 3.75% to 4.00% when policymakers have their next meeting on Wednesday. How the Fed potentially arrives at that decision is being complicated by the ongoing federal government shutdown that’s preventing official […] [Read More]