Lithia & Driveway has expanded into Canada. The U.S. retailer, which is publicly traded on the NYSE, announced Tuesday it has purchased Toronto-based Pfaff Automotive Partners, representing Lithia’s first-ever acquisition outside of the U.S. Lithia, which is based in Oregon and has 263 stores in 24 U.S. states, is buying Pfaff’s leasing business, as well. The […] [Read More]

The National Independent Automobile Dealers Association named Cavender Auto chief executive Lee Cavender as its 2021 National Quality Dealer of the Year at last week’s NIADA Convention in San Antonio. Cavender, whose store is in Gainesville, Ga., is the first dealer from Georgia to win the award. There were 15 State Quality Dealers nominated this […] [Read More]

Signs of autumn are abound, what with college football kicking off and pumpkin-flavored beverages now appearing in coffee shops and grocery stores.  But it's still August, still summer and still ridiculously hot. You might say the same about the wholesale vehicle market.  Used-vehicle prices have now declined sequentially for two straight months, but they’re … [Read More]

During last week's NIADA Convention in San Antonio, NextGear Capital president Scott Maybee joined the  Auto Remarketing Podcast in one of the first in-person episodes of the show in over a year. In this episode, Maybee and Auto Remarketing senior editor Joe Overby discuss "The Way Forward for Independent Dealers," how an increasingly digital environment […] [Read More]

Vehicle trading platform TRADE X said Monday it has completed a financing round announced in late July, bringing in additional equity funding of $10 million (USD). Leading the additional equity funding are new investors that include EchoVC, Frontier Ventures and Upgrowth. TRADE X had announced a $35 million equity raise from lead investor Aimia Inc., in […] [Read More]

Akron Auto Auction has an award-winning auctioneer team — literally. As highlighted in the latest ServNet newsletter, Laura Mantle-Grunden, an auctioneer from Columbus Ohio, took first place and was declared the 2021 champion during the International Auctioneers Championship (IAC). The competition took place in July during the 72nd National Auctioneers Association Conference held in Minneapolis. […] [Read More]

Haig Partners highlighted how lucrative it has been to be a franchised dealer, especially since the midpoint of 2019. According to Q2 2021 Haig Report, the firm discovered through its project that tracks trends in auto retail and how they impact dealership values that for the 12-month period that ended June, average adjusted dealership profits […] [Read More]

The new president of the National Independent Automobile Dealers Association is celebrating a significant anniversary, too. During the 75th annual NIADA Convention and Expo, Joe McCloskey began his term as for 2021-22 by receiving the President’s Ring; an accomplishment that has arrived during his 50th year in the car business. The owner of McCloskey Motors […] [Read More]

It’s Brake Safety Week, an annual event organized by the Commercial Vehicle Safety Alliance (CVSA) to raise awareness among fleets of the importance of diligent brake maintenance. This year, the event comes at a particularly fitting time — as the economy reopens, schools go back in session and freeways flood with workers returning to the […] [Read More]

Work Truck Solutions recently expanded its partnership with Ryder System, a leader in supply chain, dedicated transportation and fleet management solutions. The partnership means Work Truck Solutions is offering Ryder used truck inventory on the commercial vehicle channel, Vehicle Acquisition Search Tool (VAST). The companies said these trucks will provide users with much needed inventory […] [Read More]