It was a record year for Sonic Automotive’s standalone used-car store program, as EchoPark pulled in all-time highs for revenue and retail sales volume. Specifically, EchoPark generated $1.42 billion in total revenue during 2020, beating 2019 figures by 22.1%. EchoPark retailed 57,161 used vehicles last year for a 15.4% hike. And the standalone stores closed […] [Read More]

In today’s crazy times, consumers can still count on their vehicles. According to the just-released J.D. Power 2021 U.S. Vehicle Dependability Study, vehicle dependability is at an all-time high. The overall level of problems cited by owners has declined 10% from a year ago. J.D. Power’s 2021 study also highlighted the most dependable model. That […] [Read More]

Just like the National Automobile Dealers Association, the American International Automobile Dealers Association hosted its annual meeting virtually, in the process handing off the chairman’s gavel and revealing its board of directors. Set to serve as its 2021 chairman, AIADA bestowed the role to Steve Gates of Richmond, Ky., who is the owner of Gates […] [Read More]

There appeared to be a bit of auto retail challenge around shutdowns in Ontario and Quebec as 2021 gets underway, and that is impacting certified pre-owned sales. Here's a roundup of January CPO sales results shared by automakers, thus far. At Hyundai, its certified sales fell 25% year-over-year, coming in at 642 for January. Of course, last […] [Read More]

TransUnion discovered that finance companies originated paper at an overall pace during the third quarter of last year resembling what analysts spotted during Q3 of 2019. When looking closer at the subprime market, however, TransUnion found originations are lagging. Analysts pegged the year-over-year decline at about 21% since subprime originations made up approximately 860,000 of […] [Read More]

Cox Automotive Canada’s Black Employee Network (BEN) recently celebrates its successes while reiterating more work remains to be completed during Black History Month and beyond. According to a company news release, BEN hosted more than 500 team members from Canada, Brazil, England, Europe and the United States for its inaugural event. Guided by BEN’s three […] [Read More]

Both Black Book and Cox Automotive reported surging wholesale prices as nearly the entire U.S. wrangles with frigid weather conditions. While Cox Automotive data is showing that dealers’ retail used inventory might be at what experts see as “normal” levels, Black Book shed light on how used-car managers are keeping their lots filled with units […] [Read More]

Among the many intriguing findings from the Swapalease Q4 Lease Report, not only are consumers becoming more interested in leasing a Tesla, they appeared to be driving more in general judging by the softening amount of mileage left on a lease contract up for a takeover. Analysts determined consumer searches for Tesla vehicles on the […] [Read More]

The TradeRev and BacklotCars online dealer-to-dealer platforms are being combined into one marketplace, parent company KAR Global said Wednesday. U.S. dealers are moving from TradeRev to BacklotCars. Meantime, the company’s Canadian dealer customers will continue to use the TradeRev platform exclusively, KAR said. That migration began on Feb. 1 with the hope of it being […] [Read More]

Annette Sykora said providing assistance is an auto industry hallmark. Sykora, who is chair of the NADA Foundation and dealer principal of Smith South Plains Ford Lincoln in Levelland, Texas, was discussing a recent $25,000 donation from global lifestyle and housing services provider Assurant to the National Automobile Dealers Association Foundation’s Emergency Relief Fund. “The Emergency […] [Read More]