The automotive industry is in the midst of a pressing challenge. Auto dealers are grappling with the issue of their inventory languishing on the lot for extended periods. This situation is not just a minor inconvenience; it’s a significant threat to the dealership’s cash flow and overall profitability. The need to expedite the movement of […] [Read More]

Morgan Auto Group has added another high-performing Florida dealership to its portfolio in a record-setting purchase. The dealership group acquired Hollywood Kia in Hollywood, Fla., from Joe Levy and Steve Gutstein, according to Haig Partners, which represented the seller in the transaction. In a news release, Haig, citing Kia executives, said the sale represented the […] [Read More]

A new outdoor music venue under construction in Colorado Springs, Colo., will carry the Ford name, thanks to Colorado Ford dealers. The Ford Amphitheater, previously known as known as The Sunset, is set to hold its grand opening Aug. 9-11. It is owned by live entertainment and hospitality company Venu Holding Corporation and will be […] [Read More]

Attorney Mike Howk got into the repossession business by accident. More than three decades later, he not only is still there, he is a nationally recognized expert in repossession law as risk manager and director of education for the Recovery Specialist Insurance Group. As such, he was a speaker at the 2024 BHPH United Summit, […] [Read More]

After a challenging April, certified pre-owned vehicle sales appear to have turned a corner in May. According to the latest “State of the Dealer” report from ZeroSum, dealers moved 182,000 certified vehicles in May, which marks the first time CPO sales have crossed this threshold in more than three years. Dealers also have more access […] [Read More]

Black Book spotted the largest single-week value decline since the middle of January during the stretch that included Memorial Day and the end of May. As depreciation accelerated, analysts also noticed the average auction sales rate last week dropped 2% from the previous week to land at 53%. “These market dynamics are intriguing, particularly when […] [Read More]

A Canadian dealership group is moving into the tropics. Steve Marshall Group, based in British Columbia, has purchased its first U.S. dealerships with the acquisition of Orchid Isle Auto Center in Hawaii, according to Performance Brokerage Services, which brokered the sale. Orchid Isle Auto Center, which had been family-owned and operated for more than 40 […] [Read More]

Online wholesale used-vehicle marketplace OPENLANE has launched a new sale format that enables sellers to signal they are committed to selling a vehicle to the highest offer that day. The Absolute Sale feature is designed to increase buyer confidence and visibility, boosting engagement and optimizing seller returns, the company said. “With just the click of […] [Read More]

Two new reports are challenging consumer perceptions — and doubts — about electric vehicles. J.D. Power’s latest E-Vision Intelligence Report and a new survey by CarGurus addressed consumer concerns about EV charging and range issues and found the perceptions don’t always match reality. The CarGurus survey asked 1,050 car shoppers about three common perceptions — […] [Read More]

The largest portion of Open Lending’s client base consists of credit unions. The company’s newest advisor knows that segment of financial institutions quite well. This week, the auto financing facilitator and provider of risk analytics solutions announced Dan Berger, former president and CEO of the National Association of Federally-Insured Credit Unions (NAFCU) will be a […] [Read More]