Holand Real Estate Group, part of the Holand Automotive Group — one of Canada’s leading luxury automotive retailers — acquired a prominent property in the town of Mount Royal, Montreal. The Holand Real Estate Group owns the Wawanesa Insurance building located at 8585 Decarie Boulevard. The Real Estate Group is headed by businessmen Gad Bitton […] [Read More]

Group 1 Automotive’s second quarter used vehicle business was “challenged,” said president and CEO Daryl Kenningham in the earnings call. The publicly listed auto retailer sold 46,764 used retail units on a consolidated basis in the second quarter, down 4.4% compared to the same quarter last year. Used vehicle gross profit per retail unit dropped […] [Read More]

RK Logistics Group, a provider of warehousing, e-commerce fulfillment and supply chain management services, has promoted Antonio Tejeda to the new position of director of account management for EV services. Tejeda will be responsible for sales and solutions planning, strategy, sales operations and account service for RK clients and offerings in the electric vehicle market. […] [Read More]

Automotive industry veteran Chris Barile has been named new sales manager of Mid Kansas Auto Auction in Wichita, Kan. He will oversee the sales, fleet lease and internet sales departments. “We’re thrilled to add Chris to our leadership staff,” Mid Kansas Auto Auction general manager Trevor Ottley said. “He has a great resume and fantastic […] [Read More]

Carvana announced it has raised $225 million through the issuance of approximately 4.9 million shares through its at-the-market equity offering program (ATM), fully satisfying the public equity requirement of its exchange offer transaction support agreement (TSA). The TSA, which was announced last week, provides significant financial flexibility to Carvana, including reducing required cash interest expense […] [Read More]

Sonic Automotive said Thursday it will be able to “turn the lights on” quickly at its shuttered EchoPark stores if used vehicle wholesale prices continue to drop and market conditions improve, company executives said in its quarterly earnings call. In June, Sonic suspended operations indefinitely at eight of its EchoPark used car stores, 14 related […] [Read More]

Westlake Financial recently shared how much the finance company is using artificial intelligence and machine learning nowadays. According to a news release, Westlake’s proprietary AI and ML tool, Visorbot, computes 800,000 applications per day. In a single month, Westlake said that amounts to 24 million contract computes. Among these applications, Westlake indicated approximately 50,000 contracts […] [Read More]

The Federal Reserve raised interest rates another 25 basis points this week to leave the federal funds rate at 5.25-5.5%. But two leading automotive economists as well as another top industry analyst remain hopeful on two important fronts for dealerships and finance companies. They see vehicle affordability improving along with the economy avoiding a harsh […] [Read More]

Next up on our NAAA 75th series of the Auto Remarketing Podcast commemorating the diamond anniversary of the National Auto Auction Association is a conversation with Charlotte Pyle, who was the 2012 president of NAAA. Pyle, co-owner of Capital City Auto Auction and Mountain State Auto Auction in West Virginia, is also secretary on NAAA’s […] [Read More]

Automotive retailers understand the importance of a well-designed, search engine-optimized website for converting Internet users to leads to sold customers. Developing websites optimized for user experience (UX) means providing your audience with a seamless experience via the interaction on the website. Websites are often designed to optimize aesthetics that are visually appealing to any viewer […] [Read More]