Quick action by Group 1 Automotive enabled it to show a slight annual increase in U.S. same-store used retail units sold in the third quarter despite turmoil in the used-car market, said outgoing CEO Earl Hesterberg on the third-quarter earnings call. “One of the challenges we faced in the US in the quarter was a […] [Read More]

Penske Automotive Group had a rough third quarter where used vehicles were concerned, with sales falling 7.0% to 65,523 units compared to the same quarter in 2021. Used-vehicle revenue fell 4.1% and gross profit was down 32% to $131.3 million. On the earnings call, chairman and CEO Roger Penske dissected the environment. On the premium […] [Read More]

Another warranty and service contract provider now is in the market to serve franchised and independent dealerships. This week, Titan Warranty Administration publicly launched its all-digital platform, specializing in manufacturing and administering customized service contracts and limited warranty programs. Titan Warranty’s products include vehicle service contracts, certified pre-owned wraps, certified pre-owned limited warranties, guaranteed auto […] [Read More]

This week, insurance marketplace Polly announced a collaboration with Cox Automotive’s VinSolutions to create what the companies called a “powerful” set of solutions that can help marketing, sales, service and operations workflows stay in sync. This new collaboration will provide benefits for dealer customers of both Polly and VinSolutions, according to a news release. The […] [Read More]

Service departments have always been a crucial part of franchised dealers' businesses and used-car inventory pipelines. And this year, this reality has been pushed to the forefront with a boom in the service industry’s market value in Canada. According to J.D. Power Canada’s recent 2022 Canada Customer Service Index, 2022 will end the year with […] [Read More]

The Consumer Financial Protection Bureau started the year by launching an initiative in connection with what the federal regulator called “exploitative junk fees.” Last week, the CFPB turned its attention to what it’s calling “junk data.” The bureau issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk […] [Read More]

Most dealers who participated in a new survey from eLEND Solutions acknowledged they have a serious problem in connection with digital retailing and many do not have a proven strategy to solve it. According to the fintech company’s new report titled, “Is Identity Fraud Jeopardizing Digital Retailing Profitability,” 60% of participating dealerships reported the loss […] [Read More]

Three-quarters of consumers in a July seller survey said having a trade-in they could apply towards their next purchase was “very or extremely important,” CarGurus said in its 2022 Consumer Insights Report. And these days, those customers are fetching a pretty penny for their old rides. In the company’s latest auto sales forecast, Thomas King, […] [Read More]

Georgica Auto Holdings, which operates 23 auto retail franchises throughout New York, New Jersey and Pennsylvania, announced a $70 million capital investment Wednesday from Franchise Equity Partners, which will now be a minority shareholder in the dealer group. Georgica’s dealerships represent brands from Volkswagen Group, Porsche Cars North America, General Motors, BMW Group, Jaguar Land […] [Read More]

While Dealers Auto Auction of Memphis announced the addition of one of the 2021 Women in Remarketing honorees, IAA finalized the facility expansion in a sixth state so far this year. On Wednesday, IAA said through a news release that construction has been completed on a significant expansion to the IAA Phoenix branch. The company […] [Read More]