June 2022

Despite how much your dealership might highlight the quality of vehicles in your used inventory, some potential buyers still might want to have a mechanic conduct an inspection. That’s a service Curbee, a mobile car-repair company, now is looking to provide. Created two years ago by the builders of Tesla and Lyft’s mobile car care services, Curbee on Thursday launched its mobile used-vehicle inspection service, which includes a 50+ point inspection performed by mechanics at the location of the vehicle that’s meant to spot potential issues before purchase. According to… Read More »Mobile pre-retail sale inspection service rolls out in San Francisco

Thursday, Jun. 30, 2022, 12:57 PM It was a celebration in the wholesale world for multiple reasons recently in Connecticut. The National Auto Auction Association (NAAA) has named Garrison Hudkins as a Warren Young Fellow for 2022 and presented the award during Southern Auto Auction’s 75th anniversary celebration. According to a news release, the honor recognizes Hudkins for his service and contributions to the wholesale auto auction industry and his leadership as part of NAAA’s executive committee. Hudkins is NAAA president-elect and is president of Southern Auto Auction, Eastern Powersports… Read More »NAAA chooses Hudkins as a Warren Young Fellow

The American Recovery Association (ARA) closed the first half of 2022 with significant changes in leadership, naming a new president and executive director. Stepping down from those respective roles, Dave Kennedy and Les McCook have handed the ARA leadership responsibilities to Vaughn Clemmons and Joel Kennedy. Clemmons, president at Automobile Recovery Bureau, was elected president of the American Recovery Association, and Joel Kennedy was chosen as executive director of ARA, according to a news release from the association distributed this week. “I would be remiss not to mention my gratitude… Read More »ARA changes leadership with new president & executive director

Wednesday, Jun. 29, 2022, 03:56 PM It could be a challenging close to the first half of the year at dealerships on the retail sales front based on the expectations from the experts at Cox Automotive, Edmunds, J.D. Power and TrueCar. Beginning first with the used-vehicle sales forecast from TrueCar, analysts are predicting June used sales to reach … Source Article

Nearly new models poised to become part of your used or certified pre-owned inventory are arriving with soft consumer perceptions. In the wake of the COVID-19 pandemic, initial vehicle quality notably declined, according to the J.D. Power 2022 U.S. Initial Quality Study (IQS). Experts explained disruptions caused by the pandemic — supply chain issues, record-high vehicle prices and personnel dislocations — contributed to vehicle problems reaching a record high in the 36-year history of this benchmark study. Compared with 2021 results, J.D. Power indicated the industry experienced an 11% increase… Read More »Vehicle problems soar to all-time high in J.D. Power Initial Quality Study

As hot as those fireworks that will explode during the upcoming Fourth of July weekend is dealership M&A activity since two more transactions became public knowledge on Wednesday. Beginning with the McGovern Automotive Group, the New England franchised store operator announced its 20th dealership acquisition during the past five years. Now part of the group is Lundgren CDJR: Chrysler Dodge Jeep RAM in Greenfield, Mass. McGovern has experienced significant growth to achieve revenues near $2 billion, employing more than 1,100 people and selling more than 27,000 vehicles per year across… Read More »Dealer notes: McGovern’s latest acquisition; New owners of Tri Ford

Perhaps your service drive has been busy this week with oil changes, tire rotations and other routine maintenance ROs. However, if your service bays have been open for stretches of the day, a new survey by Cars.com might show part of the reason why. The Cars.com survey highlighted that while 88% of American travelers plan to drive to their holiday destinations over Independence Day weekend, more than three-fourths say record-high gas prices have impacted plans, with many opting to stay closer to home or bring friends along to help chip… Read More »Gas prices pinch Fourth of July driving expectations

Tuesday, Jun. 28, 2022, 05:15 PM Senior editor Nick Zulovich spent part of his time in Denver for the North American Repossessors Summit sharing another conversation for the Auto Remarketing Podcast with Jeremiah Wheeler, who is president of DRN and MVTRAC. In light of inflation pushing up the costs of gas and other life necessities, Wheeler offered insight stemming from company data about how much consumers are looking to relocate. To listen to the conversation, click on the link available below, or visit the Auto Remarketing Podcast page.  Download and subscribe to… Read More »PODCAST: Reviewing consumer migration trends with Jeremiah Wheeler of DRN & MVTRAC

Tuesday, Jun. 28, 2022, 03:54 PM Black Book said in its newest installment of Market Insights that overall wholesale prices softened slightly for the first time since the week of April 18. However, with fuel costs still at unprecedented levels, values for compact cars now have climbed for Source Article

The investment community continues to push funds into the fleet sector. On Tuesday, Castlelake, a global alternative investment manager with approximately 17 years of experience investing in asset-rich opportunities, announced that as part of its income investing strategy, it has reached an agreement to provide up to $155 million in fleet financing to Voyager Global Mobility (VGM), a leading provider to the smart mobility marketplace. The financing is earmarked for the acquisition of more than 3,200 vehicles to rideshare, car-share and micro-mobility driver-subscribers in the United States and Latin America.… Read More »Castlelake provides up to $155M in financing to Voyager Global Mobility