April 26, 2017 - Industry News
A ‘weaker-than-expected’ March and an abbreviated April prompts Kelley Blue Book to reduce its 2017 new-vehicle sales forecast. It calls for sales in the range of 16.8 million to 17.3 million units, which would represent the first down year for the industry since 2009.
The two former Iraqi refugees who own and operate Garland, Texas-based Safeen Motors are featured in the latest entry in the award-winning series.
April retail sales are expected to reach 1.17 million thanks to record incentive spending. However, average days to turn continues to rise, with nearly 30% of vehicles sold so far in 2017 having sat on dealer lots more than 90 days.
Tags: incentive spending, JD Power, LMC Automotive, new-vehicle sales
April 25, 2017 - Industry News
California roads are crumbling, and a nonprofit, nonpartisan think tank says in a newly published white paper that a recently passed transportation funding bill won’t raise enough funds to complete the backlog of needed repairs.
Tags: California, California New Car Dealers Association, F&I products, Road Hazard Protection
An investigation by the state regulator found hundreds of vehicles were sold with serious safety recall issues, including unintended acceleration, airbag problems, vehicle fires, steering and break lost, among other issues.
Tags: compliance, Eric Schneiderman, New York, used-vehicle sales, vehicle recall
NsightLive is a content engagement company that delivers leads to dealers through its Live content platform. With Black Book’s trade appraisal engine, the company now offers independent dealers an online trade appraisal tool.
Tags: Black Book, digital retailing, lead generation, NsightLive
April 24, 2017 - Industry News
While wholesale prices were below year-ago levels for cars, they were up for trucks. The revelation prompts KAR Auction Services' chief economist to revisit a study he began during the industry's first experience with $4 gas back in 2008, when the price gap between trucks and cars closed dramatically.
Tags: ADESA Analytical Services, Kar Auction Services, Tom Kontos
Jonathan ‘Mike Ehrmantraut’ Banks of ‘Better Call Saul’ and ‘Breaking Bad’ fame stars as ‘Frampa’ in a new series of ads for FRAM oil filters.
Promising a ‘transparent and real-time’ tool, TrueCar Trade will launch as a six-month pilot program in partnership with R. Hollenshead Auto Sales and Galves Market Data.
April 19, 2017 - Industry News
KAR Auction Services will acquire the company that operates as DRIVN for $43 million. The company was founded in 2015 as CarCo Technologies by Groupon cofounders Brad Keywell and Eric Lefkofsky.
Tags: data, DRIVIN, Kar Auction Services
Compared with 2016, 11% more Gen Z consumers and 9% more Pre-Boomers say they “definitely would not” trust automated technology, according to the firm’s 2017 U.S. Tech Choice Study.
Tags: Autonomous Driving, Connected Vehicle, J.D. Power, U.S. Tech Choice Study
Employer Support of the Guard and Reserve honored two Alpha Warranty Services managers with the Patriot Award, which recognizes civilian supervisors who support service member employees, their families, and their military commitments.
Tags: Alpha Warranty Services
High demand for pre-owned vehicles resulted in increased values, with 13 out of the 22 vehicle segments registering increases in average value, the firm reported.
Tags: Black Book, used-vehicle values, vehicle depreciation
A new white paper from F&I Express proposes an automated solution to issues inherent to the F&I product cancelation process.
Voting for the 2017 Dealers’ Choice Awards ends at midnight. Dealers and dealership personnel are encouraged to recognize their favorite third-party service providers and auto finance sources by participating in an online survey.
April 18, 2017 - Industry News
The new, dual-branded, 35,000-square-foot dealership in Freeport, N.Y., is among the first in the U.S. to adopt the company’s new global ARCH retail standards.
Uber today launched a new business program dealers can use to order rides for service customers. The new offering is the ride-hailing firm’s first one-to-many ride product.
The 1.6% rebound from February’s unexpected 1.4% drop wasn’t quite as big as the firm anticipated, but the lift was in line with the period’s 2.3% average over the previous three years.
Cox Automotive has named Realtor.com’s Jonathan Smoke as chief economist and created an economic industry insights office.
The new vehicle service contract offering follows a redefinition of CNA’s vehicle classing system preceded by a thorough rate review. The new offering includes coverage for rideshare vehicles titled to private individuals.
Tags: CNA National, F&I products, vehicle service contracts, Z2 Series
Voting for the 13th annual Dealers’ Choice Awards ends tomorrow. Dealers and dealership personnel, including F&I professionals, are encouraged to recognize their favorite third-party service providers and auto finance sources by participating in an online survey.
April 17, 2017 - Industry News
A new report finds dealerships put other businesses to shame when it comes to lead follow-up, but there is room for improvement.
Since registering a score of 125.9 in May 2015, the firm’s Used Vehicle Retention Index has fallen steadily. Last year, it dropped by 6.4%. In March, the index fell from February's 113.9 to 113.
Tags: Black Book, depreciation, Used Vehicle Value Index, used-vehicle values
According to the trade group’s NADA Data 2016 report, dealership employees had one of the highest average salaries of any industry.
Tags: employment, F&I, fixed operations, NADA Data Report, National Automobile Dealers Association, new-vehicle sales, used-vehicle sales
April 12, 2017 - Industry News
David Neuenschwander was promoted from vice president to president after becoming an equity partner of both companies. He succeeds Kelly Price, who will now serve as CEO.
Tags: F&I products, Kelly Price, NAE, NWAN
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