Serpa’s stress-reducing measures include ‘one price’ online store

TORONTO –  Saying it has “radically revamped its operations to reduce stress” during the COVID-19 outbreak, Serpa Automotive Group has introduced a “one price” online store while continuing its dealer operations. The company’s founder and dealer principal Frank Serpa, noting his company is grateful that transportation has been declared an essential business, said that with any sale through the duration of the crisis, Serpa Automotive Group will offer a program of no payments for 90 days OAC. The company has also implemented a strict “no-stress one-price”’ policy at its Serpa Chrysler… Read More »Serpa’s stress-reducing measures include ‘one price’ online store

Shift pricing programs geared toward essential workers, community at large

Monday, Apr. 06, 2020, 11:49 AM SAN FRANCISCO –  Online car marketplace Shift has created two temporary programs to help essential workers and the community at large obtain reliable transportation during the ongoing COVID-19 outbreak. The Essential Workers Program is one of those, and it will provide special discounts on vehicles for essential workers such as medical professionals, utilities operators and grocery store staff members who need personal transportation. Shift’s Community Pricing Initiative is the second program, and it temporarily lowers prices on some inventory to help members of “the larger… Read More »Shift pricing programs geared toward essential workers, community at large

MBSi customers can join free CARES Act webinar offered by Agero

PHOENIX –  Over the weekend, MBSi Corp. shared another offering to help its recovery industry customers navigate through coronavirus pandemic. Agero, the parent company of the Automotive Intelligence Council member, is orchestrating a webinar to help small businesses understand the CARES Act and how the resources of the Payroll Protection Program (PPP) can be beneficial. The featured speaker will be Agero chief legal officer Peter Necheles, who is scheduled to begin his presentation at 3:30 p.m. ET on Wednesday. MBSi customers can register for the free webinar here. Source Article

PODCAST: Swapalease.com exec retains ‘glass half-full’ view during COVID-19

Monday, Apr. 06, 2020, 09:40 AM CARY, N.C. –  Scot Hall, executive vice president of Swapalease.com and Wantalease.com, acknowledged he’s always been a “glass half-full” person. And the coronavirus pandemic hasn’t changed his mindset. Hall joined senior editor Nick Zulovich for another episode of the podcast to discuss how digital paths of retailing and financing will be the way for how the automotive industry rebounds from this crisis. 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… Read More »PODCAST: Swapalease.com exec retains ‘glass half-full’ view during COVID-19

Latest target in quest for service technicians: seventh-graders

Most everyone agrees that a shortage of technicians ranks among the biggest challenges facing dealership service departments. Over the decades, recruiting strategies have largely been aimed at high school and college-age students. Now, the latest in a long line of industry efforts is trying to lure them at an even younger age. “We decided we would target as young as middle school,” said Harry Hollenberg, a managing director at Carlisle & Co., a Concord, Mass., consulting firm that has been working for the better part of a year with nine… Read More »Latest target in quest for service technicians: seventh-graders

Asbury furloughs 2,300 employees, cuts salaries

Asbury Automotive Group is furloughing 2,300 employees and slashing executive pay as a result of the coronavirus pandemic, according to a regulatory filing. The retailer cited a “sudden and significant decline” in U.S. vehicle sales and service operations for the cutbacks, the company said Friday. Asbury, the nation’s seventh-largest dealership group, said it also implemented temporary pay cuts for all employees. CEO David Hult will see his salary reduced by 50 percent, while base salaries for senior vice presidents, regional and field vice presidents and national directors will be reduced… Read More »Asbury furloughs 2,300 employees, cuts salaries

How full-year used-vehicle sales could pan out

Friday, Apr. 03, 2020, 02:52 PM CARY, N.C. –  Used-vehicle sales declined 50% year-over-year in the last full week of March, according to the latest video report from Cox Automotive chief economist Jonathan Smoke that was released Tuesday. They fell 50.4% during the week, then “stabilized” on that Sunday (March 29). “However, when we look at the leading indicators of what these sales are likely to be, the underlying unique credit application submissions, they suggest that sales will continue to fall this week, especially as stay-at-home orders continue to grow all across… Read More »How full-year used-vehicle sales could pan out

Ferri joins The Presidio Group as principal

SAN FRANCISCO –  Stephane Ferri has joined the Presidio Group as principal. For The Presidio Group, a merchant bank and investment banking adviser in the retail automotive sector, Ferri will focus on technology, M&A and principal investing activities and will be located in Presidio’s Atlanta office. Ferri previously served as senior vice president for Flexdrive LLC, which recently sold to Lyft. He also spent eight years with Cox Automotive, overseeing some of the largest sales divisions for AutoTrader and Kelley Blue Book. Before his time at Cox Automotive, he was with Asbury… Read More »Ferri joins The Presidio Group as principal

COMMENTARY: How to make sense of Manheim Market Report in a volatile market

ATLANTA –  In normal times, wholesale transaction prices tend to change gradually over weeks and months, and Manhieim Market Report tracks these changes extremely well. But with COVID-19 and the sweeping effects it’s having on the economy and automotive industry, we aren’t in normal times. It’s not surprising, then, that I’ve received numerous inquiries about MMR over the past few tumultuous weeks. In this unprecedented time, I know consignors and dealers are looking for guidance in making the right business decisions, from setting competitive floor prices and deciding on maximum bid… Read More »COMMENTARY: How to make sense of Manheim Market Report in a volatile market

CarGurus continues dealer support, extends billing discount

Friday, Apr. 03, 2020, 12:14 PM CAMBRIDGE, Mass. –  Saying it is continuing to support U.S. and Canadian dealers as the COVID-19 situation impacts automotive retail, CarGurus will extend its existing 50% discount on all marketplace subscriptions for U.S. and Canadian dealers through May. CarGurus said the move was a continuation of the rate reduction that it announced on March 18, adding that it made the reduction “to help ease the burden for dealers at this difficult time.” “Not only is CarGurus committed to supporting our dealers through these challenging times, we’re… Read More »CarGurus continues dealer support, extends billing discount