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]

This week, Navy Federal Credit Union announced the winners of its first Operation Joyride Sweepstakes, which allowed eligible auto finance contract holders to submit an entry for their chance to win a grand prize of $30,000 toward their Navy Federal retail installment contract. Members also had the chance to win a first-place prize of $15,000 […] [Read More]

CarMax said on Thursday that it has reached a settlement with the attorneys general of 36 states to resolve a 2014 inquiry surrounding its advertising and sales practices related to vehicle recalls. According to a news release from New York attorney general Letitia James, the multistate coalition secured $1 million from CarMax for failing to […] [Read More]

Brad Burns, associate vice president of vehicle information for Manheim at Cox Automotive, and Fyusion chief product officer and co-founder Stephen Miller joined the Auto Remarketing Podcast from Used Car Week 2022 in San Diego last month. They talk about their presentation on "Demystifying AI for the Wholesale Industry," the uses of artificial intelligence in remarketing, […] [Read More]

Digital technology is revolutionizing the auction process, making it much more efficient and accurate, said participants on two panels during Used Car Week. The move to a fully digital auction process is inexorable, said Steve Kapusta, who is senior vice president of Ally Remarketing Services at Ally SmartAuction. “You can’t slow (it) down. It is seamless […] [Read More]

In this wide-ranging conversation at Used Car Week last month in San Diego, Forrest Dougan — who is senior director of business intelligence at KAR Global — talks with senior editor Joe Overby about dealers using data in wholesale decision-making and where data science is headed next. Plus, Dougan, who worked at Zillow prior to […] [Read More]

LeasePlan USA and Wheels Donlen have completed their merger. Athene Holding Ltd. was the lead investor in the transaction and is the majority shareholder of the combined company. Leading the combined company is CEO Shlomo Crandus, while Matt Dyer — who had been CEO of LeasePlan USA — will be president and a board member. […] [Read More]

America’s Group CEO Cam Hitchcock plans to step down from his post and retire from the company on Dec. 31, the auction group said Thursday. Executive vice president and chief revenue officer Chuck Tapp will become CEO. XLerate Group acquired the America’s Auto Auction group late last year and rebranded the 16 XLerate auctions with […] [Read More]