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

Carvana celebrates $600M from investors, schedules online shareholder meeting

PHOENIX –  Along with announcing its annual meeting of stockholders will be held in a virtual format only, Carvana this week welcomed the influx of funding it gathered from investors. Through its previously announced initiative, Carvana said it has raised $600 million from investors in support of continued innovation and growth of what the company deems to be the “safer way to buy a car.” As consumers increasingly demand an online retail environment so they can get important resources like groceries or medication, Carvana also insisted potential vehicle buyers are reshaping… Read More »Carvana celebrates $600M from investors, schedules online shareholder meeting

Autonomous shuttles assist in transporting COVID-19 tests

JACKSONVILLE, Fla. –  With healthcare resources and personnel stretched thin, Mayo Clinic in Florida is using autonomous vehicles to transport medical supplies and COVID-19 tests. The Jacksonville Transportation Authority has partnered with autonomous shuttle fleet service provider Beep and autonomous driving systems company NAVYA to use autonomous vehicles to safely transport COVID-19 tests collected at a drive-through testing location at Mayo Clinic in Florida. JTA chief executive officer Nathaniel P. Ford Sr. called the deployment “a historic moment for the Jacksonville Transportation Authority.” “Along with our partners Beep, NAVYA and Mayo… Read More »Autonomous shuttles assist in transporting COVID-19 tests

PODCAST: NAF Association president shares current crisis observations

Friday, Apr. 03, 2020, 09:12 AM CARY, N.C. –  National Automotive Finance Association president Joel Kennedy joined senior editor Nick Zulovich for another episode of the podcast this week to share an update on how finance companies are navigating through the coronavirus pandemic. Kennedy, who also is the chief operating officer of Emerging 8 honoree TruDecision, reinforced the positive outlook he and the NAF Association have for the long-term prospects of the auto-finance industry once the crisis subsides. To listen to this episode, click on the link available below, or visit… Read More »PODCAST: NAF Association president shares current crisis observations

PODCAST: Steve Kapusta of SmartAuction

Thursday, Apr. 02, 2020, 04:11 PM CARY, N.C. –  Steve Kapusta of Ally’s SmartAuction joins the Auto Remarketing Podcast to talk about the platform’s 20th anniversary, its early days and the evolution of the platform and online wholesale at-large. We delve into what perhaps changed the momentum for online wholesale and the importance of customer service and building trust. Plus, Kapusta shares the market need that SmartAuction identified to launch the platform in the first place. Additionally, he offers a glimpse into the future of SmartAuction and online wholesale. To listen to… Read More »PODCAST: Steve Kapusta of SmartAuction

During downturn, retaining lease customers a top issue for dealers, lenders

TROY, Mich. –  As dealers and lenders navigate a constricting market and economic downturn, retaining lease customers is extremely important for those dealers’ and lenders’ profitability, says J.D. Power director of automotive finance intelligence Patrick Roosenberg. “Communication through customer-preferred channels is paramount as dealerships temporarily close and lease customers navigate an unprecedented event, uncertain of their available options to defer payments, extend or terminate their leases,” Roosenberg said in a news release. Retaining lease customers as the market heads into a downturn is a main theme of the J.D. Power 2020… Read More »During downturn, retaining lease customers a top issue for dealers, lenders