AE eMagazine

AutoNation Posts Record Fourth Quarter

FORT LAUDERDALE, Fla. — Stepping down after 15 years as president and COO, Mike Maroone said during the company’s quarterly investor call this week that he was “very optimistic” about AutoNation’s future. The dealer group realized record earnings per share from continuing operations in the fourth quarter 2014 and its strongest year in company history. ... Read More »

Utah Bill Would Send Sales Tax to Car Buyer’s Hometown

SALT LAKE CITY — Rep. Ken Ivory (R-Utah) has introduced legislation that would send the sales-tax revenue from car sales to the hometown of the car buyer, instead of the city where the dealership is located, The Salt Lake Tribune reports. Ivory represents West Jordan, a city that has no car dealerships. Critics of HB181 ... Read More »

GM Financial Triples Share of GM Leases

SAN FRANCISCO AND FORTWORTH, Texas — Ally’s reaction to General Motors internalizing its leasing program came up at the end of GM Financial’s fourth quarter 2014 earnings call. Daniel Berce, the captive’s president and CEO, said the decision shouldn’t have surprised executives with GM’s former captive finance arm. “That’s about increasing customer loyalty,” Berce said ... Read More »

Agent Summit Adds Second Room Block

An Interview with Scott Karchunas

GM Sales Jump 18.3%, Ford Up 15.3%, FCA Up 14% in January

Detroit’s automakers on Tuesday all posted strong sales increases in January compared to a year ago, led by General Motors Co.’s 18.3 percent gain — its best January in seven years, reported The Detroit News. Buyers took advantage of low gas prices, easy access to credit and stable feelings about the economy to buy vehicles, ... Read More »

Ally Financial Names New CEO

NEW YORK — Ally Financial Inc. announced today that Jeffrey Brown was named CEO. The former president and CEO of Ally’s dealer-financial services business succeeds Michael A. Carpenter, who is retiring from his post and from the company’s board after five years. Brown also joins the finance source’s board of directors. He will work closely ... Read More »

Black Book: Vehicle Depreciation to Rise in 2015

LAWRENCEVILLE, Ga. — Vehicle depreciation is expected to increase in 2015 as a larger used-car supply and off-lease volumes place pressure on retention rates, according to a report from Black Book and Fitch Ratings. The annual depreciation rate in 2014 was 12.1%, and Black Book believes depreciation levels will continue to trend upward to as ... Read More »

Chrysler to Recall More Than 228,000 Jeep Cherokees

Chrysler will recall more than 228,000 vehicles because their airbags could unexpectedly inflate without a crash, reported the NYTimes. The company will upgrade software governing side-curtain and seat-mounted side airbags in Jeep Cherokees from the 2014-15 model years, including more than 168,000 vehicles in the United States. Chrysler engineers initiated an investigation after getting reports ... Read More »

FCA US Profits Drop in 2014 on One-Time Expenses

DETROIT – FCA US, formerly Chrysler Group, reported Wednesday a drop in net income to $1.2 billion for 2014, compared to a net profit of $2.8 billion in 2013, reported MLive. That came despite a rise of 15 percent in revenue to $83.1 billion. The Auburn Hills-based subsidiary of Fiat Chrysler Automobiles NV said the ... Read More »