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Monday, 11 December 2017 22:02

CarMax Adds Store in South

CarMax Inc. celebrated the grand opening of its fourth store in South Carolina located at 4649 Factory Store Boulevard in Myrtle Beach. The Myrtle Beach CarMax has the capacity to stock approximately 200 used vehicles. In celebration of the Myrtle Beach store opening, CarMax and The CarMax Foundation will award more than $18,000 in donations to the Boys & Girls Club of the Grand Strand over the next three years. This donation is being made at the recommendation of the Myrtle Beach CarMax associates. The location general manager of the store, Larry Williams, also joined the board of directors for the Boys & Girls Club of the Grand Strand.CarMax also donated an Imagination Playground valued at more than $15,000 to the Boys & Girls Club of the Grand Strand through its partnership with Kaboom.
Published in Dealers
Thursday, 07 December 2017 13:35

MetroGistics Acquires Title Firm

MetroGistics Holdings has acquired Metro Title Services, based in Lenexa, Kan. Along with the acquisition earlier this year of AmeriFleet, this latest development expands MetroGistics’ reach, market share, processing power and technology solutions for fleet management companies and other clients. Metro Title Services employs 60 individuals in the greater Kansas City area. Metro Title Services works with more than 2,200 government licensing jurisdictions in the U.S. and Canada, and processes an average of 1,000 transactions daily, including titles and registrations, renewals, replacement credentials, repo/bonded/salvage titles, corrections and refunds.
Published in Finance
Thursday, 07 December 2017 13:35

Carvana Expands in Arizona

Carvana Co. announced its expansion into Tucson.This is the company’s second market in Arizona. Carvana has delivered vehicles to customers in 48 states, and offers free, as-soon-as-next-day delivery to residents in 41 markets.
Published in buy here
Thursday, 07 December 2017 13:34

Ads Promote Luxury Sales in December

Jumpstart Automotive Media released new data showing how much of an impact automotive holiday advertising and promotions have had on luxury shoppers during the month of December. In analyzing luxury shopper interest trends, December ranked as the second-highest month for luxury brand shopping in both 2015 and 2016.For the past several years, luxury auto manufacturers have designed special holiday advertisements and promotions for the month of December. From Lexus’ “December To Remember” to Audi’s “Season of Audi”, consumers have plenty of choices when it comes to holiday luxury auto shopping deals. While December ranked as the second-highest month for luxury shopping in 2015 and 2016 according to Jumpstart data, November ranked slightly higher in 2016 (31.3 percent vs. 31 percent), and in 2015, September was slightly higher than December (29.5 percent vs. 29.2 percent). Jumpstart recently analyzed today’s typical luxury shopper, highlighting trends and insights that illustrate how luxury auto shoppers’ characteristics are different than they were 10 or 20 years ago. Today’s television advertising caters to a new, younger audience who is more interested in luxury features that satisfy their own needs rather than showcasing their affluence to others.
Published in Dealers
Tuesday, 05 December 2017 00:20

AAA Launches Car Buying Service

AAA Northern California, Nevada & Utah announced the launch of AAA CarConnect, a new service for used car buyers and sellers. Launching in San Jose, Calif., this service provides guidance from trusted AAA Auto Advisors, a neutral location for buyers and sellers to meet, an inspection, DMV services and secure transactions of funds.Transactions completed through AAA CarConnect come with a 30-day limited warranty for qualified vehicles and options for additional services from financing through insurance, maintenance and more. CarConnect is currently available at the AAA San Jose Brokaw Commons branch, with plans to expand to additional AAA branches in 2018. AAA Members will receive a 20 percent discount on their buying or selling package.
Published in Tech News
Tuesday, 05 December 2017 00:20

Black Book Provide Valuations to Website

Black Book has signed a partnership agreement with Carable. Black Book is providing all vehicle valuations for sellers listing their vehicles in the online marketplace.Carable launched in the Dallas- and Houston-area used car markets earlier this year as part of the U.S. launch. The company’s platform connects people who want to buy and sell used cars online.
Published in Tech News
Monday, 04 December 2017 03:34

Cox Automotive Names CFO

Cox Automotive named Mark F. Bowser, executive vice president and chief financial officer, effective Dec. 4. Bowser will assume leadership of the Finance and Strategy teams, as well as several corporate functions. In addition, Bowser will have responsibility for NextGear Capital.Over his 30-year career, Bowser has been responsible for a portfolio of diverse strategic areas including finance, operations, sales, marketing and business development for several Fortune 500 companies. He has held an extensive number of senior-level financial positions including accounting, financial analysis, and mergers and acquisitions at various companies.
Published in Finance
Monday, 04 December 2017 03:34

Private Groups Buy More Dealerships

The auto dealership buy/sell market is poised for its most active year ever, with over 200 transaction closings projected for 2017, according to The Blue Sky Report released by Kerrigan Advisors.There were 149 dealership buy/sell transactions completed in the first nine months of 2017, compared to 172 transactions in the first nine months of 2016. After hitting a plateau in 2015, buy/sell activity declined slightly in the first nine months of 2017, but is still tracking to be one of the most active years on record.Multi-dealership transactions represented one quarter of the completed sales in the first nine months of 2017. Kerrigan Advisors expects at least 51 multi-dealership transactions will close this year.Year to date, domestics’ share of the buy/sell market increased to 49 percent, up 18 percent from 2015.Non-luxury and luxury import franchises’ buy/sell market share declined.Public retailers’ U.S. acquisition spending increased 61 percent in the first nine months of 2017 compared to the first nine months of 2016.Private dealership groups represent the largest share of dealership acquirers. Of the estimated 236 franchises, which changed hands in the first nine months of the year, only 23 were acquired by public companies.Real estate, for most dealers, is their most valuable asset, far exceeding franchise value. Kerrigan Advisors estimates dealership real estate prices rose 3 percent in the first nine months of the year.
Published in Dealers
Friday, 01 December 2017 14:02

Manheim Invests in Recon

Manheim has invested $17 million for reconditioning to build new facilities, enhance existing ones and develop proprietary technology. Recent investments include $9 million in on-location operations; including building out new facilities at three locations and enhancing others with new lifts, paint booths, imaging booths and more. Manheim now has retail reconditioning locations across Florida, Illinois, Missouri, Michigan, Georgia, Texas, Colorado, California, Washington, D.C., and South Carolina, with additional sites planned based on client demand.  The balance of the $17 million investment was put into the proprietary Retail Reconditioning technology platform, developed with Xtime. This offers process transparency and empowers dealers to manage the flow of vehicles. Through the platform, dealers get real-time updates on their inventory, approve or deny work, track costs and invoicing and manage transportation.
Published in Auctions
Wednesday, 29 November 2017 22:48

Chains Buy Fewer Stores, Pay More

The number of dealerships that sold in the U.S. through the first nine months of the year has declined to 228 from 278 in the same period in 2016, according to Haig Partners.Despite the decline in rooftops purchased by the public companies during this period, they ended up spending significantly more money. For the year to date ended Sept. 30, the publicly traded retailers had spent $935 million on auto dealerships in the U.S., an increase from the $578 million spent in the same period in 2016. Lithia was the most active of the publicly traded companies and continues to target underperforming large platforms in different parts of the U.S. Continuing the trend from 2016, demand for dealerships shifted from luxury brands to domestic brands that are heavier in trucks and SUVs. Luxury dealerships accounted for 14 percent of acquisitions through the third quarter, down from 17 percent through the third quarter of 2016, and purchases of domestic stores increased to 50 percent through the third quarter from 46 percent through the third quarter of 2016.
Published in Finance