Earl Hesterberg provided a blunt response to an analyst’s question on vehicle inventory during the Group 1 Automotive fourth quarter 2021 earnings conference call that took place on Feb. 10. Hesterberg is Group 1 president and chief executive officer, and the analyst asked when Hesterberg thought the inventory shortages that have plagued the industry might […] [Read More]

Contributions from acquired businesses, a growing e-commerce platform and successful navigation of the supply and demand environment. Those are factors that Lithia & Driveway ) president and chief executive officer Bryan DeBoer listed as helping the company achieve record annual 2021 revenues of $22.8 billion. “[Lithia & Driveway] has a track record of exceeding targets […] [Read More]

“Very tough to predict.” That was the response from Asbury Automotive Group president and chief executive officer David Hult to an analyst’s questions regarding when vehicle inventories would return to normal. The analyst went on to ask, would inventories return to somewhere between where they are now and where they used to be, or would […] [Read More]

Sonic Automotive’s immediate focus is to expand and enhance its EchoPark standalone, used-car operation and to integrate its recent acquisition, RFJ Auto Partners and its subsidiaries, into its business, said Sonic chief executive officer David Smith. “We’re going to be disciplined on further acquisitions, but that’s not to say if a deal comes together we […] [Read More]

Penske Automotive’s growth trajectory remains on track, though the company has had to change how it finds new employees and used vehicles, said chief executive officer Roger Penske during the company’s Feb. 9 earnings conference call detailing the company’s financial results for the quarter and year ending Dec. 31. “We had a terrific year,” Penske said. […] [Read More]

Buoyed by robust sales at its AutoNation USA used vehicle stores, its parts and service business, and its consumer finance services unit, AutoNation reported record financial results for its fourth quarter and entire year ending Dec. 31. AutoNation is also “aggressively looking” at adding a captive finance company, said chief executive officer Mike Manley during […] [Read More]

The Scotiabank Women Initiative has debuted a mentoring and networking accelerator program in Quebec designed to foster mentorship and develop automotive careers. The “Women in Auto Accelerator” is a free program that aims to connect young professionals with auto industry leaders for mentorship, direct coaching and peer-to-peer networking opportunities. “The Scotiabank Women Initiative is dedicated […] [Read More]

Dealer groups have kicked off the week of NADA Show 2022 much like they’ve spent the past year-and-a-half: with a flurry of buy-sell moves. Starting with the publicly traded variety, Group 1 Automotive announced Monday it has purchased Charles Maund Toyota in Austin, Texas, a store expected to bring in annual revenues of $435 million. […] [Read More]

On Monday, motormindz named a senior partner of supplier strategy, appointing John Moloney to the role. Moloney’s three-plus decades in the auto industry includes time with such companies as Bose, Bosch and Michelin. “John’s extensive experience cuts across so many skill sets — sales, brand management, strategy — that are key for our customers,” motormindz president Jason […] [Read More]

Dealers found a small piece of price relief in the wholesale vehicle market last month. Though still historically high and well above year-ago and pre-pandemic levels, wholesale vehicle prices have shown their first month-over-month decline since … [Read More]