August 2022

Dealership group M&A roundup

Wednesday, Aug. 31, 2022, 03:31 PM Foundation Automotive Corp., which has stores in both the U.S. and Canada, said Tuesday it has purchased its first Mercedes-Benz dealership, acquiring Mercedes-Benz of Wichita Falls in Texas. This is the group’s ninth store in Wichita Falls, Texas, and 36th overall. Kendrick Jones will be the dealership’s general manager. “Mercedes-Benz is synonymous with excellence and this acquisition is a pinnacle for Foundation. I’ve always aspired to be a Mercedes-Benz dealer, it is every car dealer’s dream,” Foundation Automotive chief executive officer and president Kevin… Read More »Dealership group M&A roundup

Kontos: Used retail sales through July off by 12%

Wednesday, Aug. 31, 2022, 03:20 PM Experts likely are just beginning to tally up how many used vehicles dealerships retailed in August. But ADESA chief economist Tom Kontos highlighted how many used vehicles were retailed through July as a part of his latest Kontos Kommentary. Kontos reported that franchised and independent stores combined to retail … Source Article

PODCAST: Edmunds marketing VP talks connected TV strategy, new ads spoofing car commercials

Wednesday, Aug. 31, 2022, 02:43 PM In two new commercials that are part of its “We Drive It Like It Is” campaign, Edmunds spoofs some of the “tropes” you might find in a car commercial (i.e. rugged dude hauling lumber in a pickup, couple off-roading in an SUV to a campsite) as a means to underscore some of the services it offers. For instance, helping consumers find a car that meets their lifestyle, or appraise their current ride. “The need for trusted consumer automotive guidance has never been greater as car… Read More »PODCAST: Edmunds marketing VP talks connected TV strategy, new ads spoofing car commercials

Sonic enters Oklahoma with EchoPark

Wednesday, Aug. 31, 2022, 01:44 PM Sonic Automotive continued expansion of the EchoPark Automotive brand on Wednesday on its drive toward a nationwide distribution network that is expected to reach 90 percent of the U.S. population by 2025. The newest delivery center is in Tulsa, the second largest city in Oklahoma. According to a news release, the Tulsa delivery center is EchoPark’s first location in the state of Oklahoma and 40th location to date. It follows the recent openings of its new retail hub in St. Louis and delivery center… Read More »Sonic enters Oklahoma with EchoPark

EBlock acquires physical auctions to give dealers the option of transacting digitally or in-lane

Wednesday, Aug. 31, 2022, 12:18 PM Though digital technology puts buying and selling of vehicles at dealers fingertips virtually anytime and anywhere, the demise of physical auctions and its hands-on approach is greatly exaggerated. That’s according to Jason McClenahan, a trained auctioneer and chief executive officer of E Inc., the Canadian retail tech firm that operates the EBlock digital wholesale marketplace. E Inc. gives its customers the option of doing business online or in-person at physical auctions or a combination of those venues. “I’m a big believer there’s always going… Read More »EBlock acquires physical auctions to give dealers the option of transacting digitally or in-lane

MBSi & RISC introduce compliance management solution for repossessions

Repossessions are complicated, so MBSi Corp. and RISC are working together to help finance companies find the compliant resources they need. This week, the SaaS provider of repossession assignment software and third-party compliance management company for the auto finance industry announced the launch of VendorConnect, what they called a “revolutionary” compliance management solution that can allow access to a comprehensive list of compliant, vetted third-party vendors in the repossession industry. MBSi and RISC highlighted that VendorConnect can provide immediate access to compliant agents that are fully vetted and available to… Read More »MBSi & RISC introduce compliance management solution for repossessions

Carvana adds 4 states covering 16 markets to co-signer program

Wednesday, Aug. 31, 2022, 12:10 PM At the beginning of August, Carvana launched the option to add a co-signer during the financing application process for potential buyers in South Carolina with the intention of rolling out the process in more locations before a full nationwide push. In the past two weeks, the online used-vehicle retailer has added more states and markets to its co-signer program. It’s now available in these states and markets, including: FloridaJacksonvilleMiamiOrlandoTampa GeorgiaAtlantaAugustaColumbusSavannah North CarolinaCharlotteDurhamGreensboroRaleigh TexasAustinDallasHoustonSan Antonio Carvana’s co-signer option allows customers to apply for vehicle financing… Read More »Carvana adds 4 states covering 16 markets to co-signer program

Polly acquires NY-based independent insurance agency

Wednesday, Aug. 31, 2022, 11:06 AM Polly, an insurance marketplace for the auto retail market, said Wednesday it has acquired Brinckerhoff & Neuville Insurance Group, a New York-based independent agency. The agency is now operating under the Polly name, and all of its employees have transitioned to the Polly team. The purchase continues Polly’s strategy of building a network of local independent agencies across the country. With the addition of the Brinckerhoff & Neuville location in Fishkill, N.Y., Polly now has two retail storefronts. The company plans to have as… Read More »Polly acquires NY-based independent insurance agency

Used-car retail prices turn a corner

Tuesday, Aug. 30, 2022, 04:23 PM Those of us who work in or adjacent to the used-car business have likely been asked some form of this question numerous times by our friends and family outside the industry: “When are used-car prices going to come down?” Well, finally, it seems there might be … Source Article

ACV files antitrust suit against several auto auction industry entities

ACV Auctions filed an antitrust complaint Friday in the U.S. District Court for the Western District of New York against the National Auto Auction Association, Auto Auction Services Corp., Manheim, ADESA, ServNet Auction Group and the Independent Auction Group. This news was first reported by Automotive News on Tuesday. In the filing, ACV alleges a “group of entrenched horizontal competitors—who traditionally have provided only antiquated, in-person Auction Services (“Physical Auctions”)—have conspired to prevent competition from newer, more innovative online wholesale used vehicle auction platforms like ACV. ACV brings this antitrust… Read More »ACV files antitrust suit against several auto auction industry entities