AutoCanada continued its growth last week with the acquisition of Sterling Honda in Hamilton, Ontario. The retailer said the purchase will bring in annual revenues of more than $65 million. AutoCanada will fund the transaction from a drawdown of its credit facility. “We’re excited about the addition of this high-quality dealership, expanding AutoCanada’s footprint in the […] [Read More]

The holiday spirit continues at dealership groups across the country. On Friday, the Jim Ellis Automotive Group announced the kickoff of its annual holiday giving campaign to support Children’s Healthcare of Atlanta. During December, each of the retailer’s 20 locations will donate a portion of all vehicle sales to The Aflac Cancer and Blood Disorders […] [Read More]

Perhaps some upbeat news about what could be classified as the used-car manufacturing front. Cox Automotive chief economist Jonathan Smoke reported on Monday that combined new-model sales into large rental, commercial and government fleets rose 55% in November compared to a year ago. In what might be good for used-vehicle inventory availability down the road, […] [Read More]

Copart has named a new chief financial officer and chief legal officer, the company said in a news release Saturday. Hired for the CFO role is Leah Stearns, who most recently held that same position at CBRE, which is in the commercial real estate services and investments space. Named chief legal officer and corporate secretary […] [Read More]

Pohanka Automotive Group recently invested in Orbee, a leading provider of marketing technologies. According to a news release, Pohanka’s investment into Orbee revolves around the common goal of driving innovation across the automotive software ecosystem. The dealer group’s strategy of connecting legacy systems with new capabilities such as Orbee’s Customer Data Platform (CDP) and Marketing […] [Read More]

LoanPro, a modern servicing core platform, recently announced a partnership with MX, an open finance leader, to deliver enriched financial data using MX’s Data Engine into LoanPro’s management platform. By leveraging MX to cleanse, categorize and classify financial data, LoanPro said it can enable financial institutions, fintechs and B2B/B2C lenders to unlock new data-driven insights. […] [Read More]

Two prominent technology service providers for dealerships and finance companies now are working together to smooth the titling process. Cox Automotive announced on Monday a new integration that geared to drive dealer value by connecting Dealertrack’s Registration and Title Solutions to Reynolds and Reynolds ERA Dealer Management System. The companies said this integration can give […] [Read More]

For this dealership M&A roundup, we go to Southern California. Group 1 announced Thursday that it has purchased Mercedes-Benz of Anaheim, which bumps the retailer’s Mercedes store count to 17 throughout the U.S. and U.K. Group 1’s purchases this year represent acquired annual revenues of $940 million. Last year, the retailer had acquired revenues of […] [Read More]

That consumer who has put off buying a used car until prices ease may now be more eager to make a purchase. New-car incentives are at their lowest levels in 12 years, according to TrueCar, which predicts December incentives will average just over $1,000. That’s down from $2,000 in 2021 and $4,000 just three years […] [Read More]

The Federal Trade Commission (FTC) seems to be in full assault mode when it comes to regulating auto dealers. It is doing so by proposing new rules and by entering consent decrees with allegedly offending dealers.  And 2022 has been a banner year for both. In March, the FTC entered into a consent decree with […] [Read More]