This philanthropic activity roundup includes activities involving EchoPark Automotive, a subsidiary of Sonic Automotive, as well as JM Family Enterprises. EchoPark already collaborated with business mogul, TV personality and motivational speaker Marcus Lemonis to give away one used vehicle in November. This month, the retailer and Lemonis intend to give away three more vehicles this month. The used-car gifts are part of Lemonis giving away almost $2 million in gifts with his social posts that include the hashtag #HolidaysWithMarcus. He often gives away unique gifts that include known and big… Read More »Philanthropy roundup: Efforts by EchoPark & JM Family

Wednesday, Dec. 07, 2022, 04:19 PM Dealers are not feeling optimistic as the year finishes. Dealer sentiment in the fourth quarter dropped to the lowest level since the start of the COVID-19 pandemic, according to the Cox Automotive Dealer Sentiment Index (CADSI) released Wednesday. Cox Automotive reported the current market index is below the threshold of 50, coming in at 43 and indicating that … Source Article

Wednesday, Dec. 07, 2022, 04:17 PM Say you have a used-car shopper who is both price-conscious and cautiously approaching fuel efficiency. For an auto retailer, a plug-in hybrid may be the route to entice that consumer and help ease them into the alternative-fuel market, if data from CarMax is any indication. Amid high gas prices earlier this year, CarMax found that searches for “plug-in hybrid” on the used-car retailer’s site in June were … Source Article

Wednesday, Dec. 07, 2022, 02:31 PM Some good news for dealers amid the holiday season: prices on wholesale vehicles continue to fall, and it’s becoming slightly easier to get these cars on their lots than it was a year ago.  A least two industry indices measuring wholesale vehicle prices have reached their lowest levels in 15 months, respectively. Black Book’s Used Vehicle Retention Index came in at … Source Article

Tuesday, Dec. 06, 2022, 06:00 PM GWC Warranty wanted to give dealers recommendations to develop new processes designed to increase customer satisfaction and build loyalty. So this week, the provider and administrator of automotive F&I products released a free eBook titled, “A Dealer’s Guide to Transparency in the Sales and F&I Process.” “Auto dealers have made great strides towards being more transparent, but there is still a significant gap to fill between dealers’ perceptions and consumer expectations,” said James Virgoe, senior vice president and managing director of GWC Warranty, an… Read More »GWC Warranty unveils new resource to build transparency & loyalty

James Waldron recently recovered more than just a high-line Mercedes-Benz. The CEO of Texas-based 1st Adjusters helped to lead federal officials to quite a fraud scheme that included several other luxury vehicles. Advantage Automotive Analytics recapped the incident for SubPrime Auto Finance News after the risk mitigation company and GPS provider included Waldron in a panel discussion during last month’s BHPH Summit hosted by the National Independent Automobile Dealers Association. First, a little background about Waldron, who has been in the collateral recovery industry for more than 25 years, having… Read More »Texas repo assignment leads to discovery of elaborate fraud scheme

Shifting consumer trends are changing the way car dealerships do business in the 21st century. As more consumers buy cars online, many dealerships are forced to compensate for thin profit margins, sometimes even by selling company land to make ends meet. These unique challenges underscore the growing need for industry-wide adaptation. The analog tools that once drove car transportation no longer accommodate the industry’s increasing demands. Paper, pens, and telephones were once a businessperson’s supplies of choice. Car dealerships used paper to manage business processes, assign and dispatch haulers, generate… Read More »COMMENTARY: Why digitization leads to a competitive advantage in auto transport

Tuesday, Dec. 06, 2022, 03:57 PM Findings from the End of Year Car Shopping 2022 study from Cars.com indicate that buyers in the market for a vehicle are more likely to opt for new than used, but there was some good news for the pre-owned operations at dealerships. Namely, a good chunk of buyers plan to bring … Source Article

Tuesday, Dec. 06, 2022, 02:21 PM Black Book didn’t spot any post-Thanksgiving surprises in the wholesale market. According to its newest installment of Market Insights, wholesale values decreased 0.72% last week; an amount just 10 basis points below the average decline Black Book recorded during the same week in Source Article

Tuesday, Dec. 06, 2022, 02:09 PM Lithia & Driveway has acquired its first Ferrari dealership and spread its footprint into Colorado. The retailer said Tuesday it has purchased Ferrari of Denver, which is the only Ferrari store in the greater Rocky Mountains region. The dealership also sells vehicles from Bentley and other luxury brands. Lithia anticipates Ferrari of Denver will generate annualized revenues of $75 million, which would bump the retailer’s expected annualized revenue this year to more than $3.3 billion. “We’re thrilled to welcome this Denver team into the… Read More »Lithia buys first Ferrari store; Alpha Auto Group expands to Calif.