July 2020

How used-car operations fared for Group 1 in Q2

HOUSTON –  Continuing our reports on how used-car operations fared for the publicly traded dealer groups during the second quarter, next up we have Group 1 Automotive. Looking specifically at the retailer’s U.S. operations, Group 1 reported total revenues of $1.8 billion during the quarter, which was down 19.6% year-over-year. Group 1 pulled in total gross profits of $324.5 million, a 13.9% decrease. Total same-store gross profits in the U.S. for Group 1 was $317.9 million, a 15.1% drop. Moving to pre-owned in the U.S., Group 1 had a 16% decline in… Read More »How used-car operations fared for Group 1 in Q2

DAA Northwest recaps virtual Rock & Roll Sale

SPOKANE, Wash. –  While this year’s event didn’t feature Weezer, Michael McDonald or John Fogerty, DAA Northwest still successfully orchestrated its summertime promotion — the Rock & Roll Sale — albeit in an all-digital fashion. The event took place on July 22 and July 23 with the traditional series of segments, including a national accounts sale an evening concert on day with a dealer sale the next morning. The difference this year was digital as the sales took place exclusively via Edge Simulcast without vehicles or dealers in the lanes, and… Read More »DAA Northwest recaps virtual Rock & Roll Sale

C.A.R.Score added to AutoCheck Vehicle History Reports

MONROE, Ohio –  Dealerships that leverage marketing tools from Dealer Specialties and Experian now have more robust information to present potential buyers about their inventory. Dealer Specialties announced on Thursday that it has teamed with Experian to make C.A.R.Score reports available within Experian’s AutoCheck vehicle history reports. The companies highlighted this new relationship is an added benefit to mutual clients as it gives dealers the opportunity to show C.A.R.Score vehicle condition reports in the history report in an effort to give consumers more confidence to make their next vehicle-purchase decision. Dealer… Read More »C.A.R.Score added to AutoCheck Vehicle History Reports

PODCAST: IARA president Paul Seger

CARY, N.C. –  For this episode of the Auto Remarketing Podcast, we turn to the commercial consignor community. Chatting with Cherokee Media Group president Bill Zadeits this week is Paul Seger, who is executive vice president of asset remarketing at Element Fleet and president of the International Automotive Remarketers Alliance. To listen to this episode, click on the link available below, or visit the Auto Remarketing Podcast page.  Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.  Source Article

GWC Warranty broadens coverage options for older & high-line models

WILKES-BARRE, Pa. –  Have a 2001 model that still looks sharp, runs nicely and remains a great option to attach F&I products? Now dealers that use GWC Warranty have that option among a host of other potential ways to generate finance-office revenue. This week, GWC Warranty looked to modify its product lines so dealers have more options in connection with the vehicles they might already have in inventory, especially older models that budget-conscious buyers might be seeking. With this expansion, GWC said it is even better positioned to help dealers drive results… Read More »GWC Warranty broadens coverage options for older & high-line models

EchoPark used-car stores show 52% income spike

CHARLOTTE, N.C. –  Sonic Automotive’s line of standalone used-car stores proved to be a major bright spot during the second quarter, as EchoPark Automotive notched a 52% year-over-year hike in segment income, the retailer said Thursday in its Q2 earnings release. Saying such a gain underscores “the leverage and profit potential of this model,” Sonic and EchoPark president Jeff Dyke said the company plans to quicken expansion plans for the used-car stores. The retailer is eyeing more than 500,000 annual sales for EchoPark by 2025, along with a national distribution network… Read More »EchoPark used-car stores show 52% income spike

Cox Automotive cuts approximately 1,600 positions in the US & Canada

Thursday, Jul. 30, 2020, 03:02 PM ATLANTA –  Within days of announcing plans to change leadership at the top of the company, Cox Automotive also is making significant adjustments to other parts of its North American workforce. According to an update from a Cox Automotive spokesperson sent on Auto Remarketing on Thursday, the company eliminated approximately 1,600 positions across the United States and Canada. The update indicated the figure represents a mix of corporate and field positions. In the United States, Cox Automotive said approximately 1,500 positions were impacted with roughly… Read More »Cox Automotive cuts approximately 1,600 positions in the US & Canada

Another deal involving Park Place; this time with Sewell

Thursday, Jul. 30, 2020, 11:49 AM AUSTIN, Texas –  This week, the footprint of the Sewell Automotive Companies in the Lone Star State became even larger thanks to involvement by the Presidio Group. According to a news release from the investment bank specializing in retail automotive and related M&A transactions, Park Place Dealerships completed the sale of Jaguar North Austin and Land Rover North Austin in Austin, Texas to Sewell Automotive. “We admire the Park Place organization and we are proud to share many of the same core values including our… Read More »Another deal involving Park Place; this time with Sewell

Online retailer Clutch raises $7M in seed funding

TORONTO –  Canadian online auto retailer Clutch announced a $7 million seed financing round led by Real Ventures. Announced last week, the round also included BrandProject, FJ Labs, Azure Capital Partners and Global Founders Capital. The new funds are intended to help Clutch scale the business in its existing markets and add to its team. Real Ventures managing Janet Bannister, who founded Kijiji.ca, will join Clutch’s board of directors. “Increasingly, customers are demanding an easy, transparent, risk-free way to buy all goods and services online,” Bannister said in a news release. “While… Read More »Online retailer Clutch raises $7M in seed funding

ADESA hosts 22-site digital sale for Hertz via Simulcast+

CARMEL, Ind.  –  ADESA utilized its Simulcast+ digital auction platform last week to host a 22-site online sale on behalf of The Hertz Corp., selling cars digitally to buyers in 19 states during this single digital auction event. The Simulcast+ platform, which ADESA first began using in April, is a new digital auction platform designed to simulate a live auction environment through a live streaming format that’s fully digitized and highly automated, parent company KAR Global said in a news release. Through this technology, vehicles can be sold digitally from… Read More »ADESA hosts 22-site digital sale for Hertz via Simulcast+