Penske Automotive Group More Than Doubles Q1 Net Income
Penske Automotive Group first quarter net income sored from $183.1 million year over year to $369.5 million.
Penske Automotive Group first quarter net income sored from $183.1 million year over year to $369.5 million.
The consistency of new vehicle inventory levels over the last six months suggests that the industry is readjusting to a ‘new normal’ level of inventory while increasing vehicle prices indicate low inventory levels continue to generate strong gross for dealers and profit for OEMs.
The team at Kelley Blue Book has assembled two broad reports from the first quarter: One is a look across industry-wide U.S. sales in Q1, the other a narrow review of electrified vehicle sales in the U.S., the combined sales of hybrids, plug-in hybrids and EVs.
To help car shoppers discern the best among all available new EVs, Autotrader has named the 10 Best Electric Vehicles for 2022.
The industry saw 14.3% month over month growth, but CPO sales still fell 23.3% short of 2021 sales for the same month.
Higher gas prices are affecting the demand for trucks and SUVs – almost all the non-luxury crossover / SUV and pickup segments of all ages are depreciating at an accelerating rate, while non-luxury car segments are appreciating.
Consumers seeking lower prices on dealership lots must wait until 2023, reported auto-industry leaders at the New York International Auto Show.
The luxury automaker credits strong factory-dealer communications as the reason dealers could sell into the pipeline.
The first quarter of 2022 came to a close with new-light vehicle sales in March totaling a SAAR of 13.4 million units, a decline of 4.6% compared to February 2022 and a decline of 24.4% compared to March 2021’s SAAR.
Manheim Market Report values saw weekly price increases that accelerated in each full week of March after the first week saw the smallest decline thus far this year.
The seasonally adjusted Retention Index went down to 187.7 points in March 2022 as modified Spring arrives late.
The month’s SAAR totaled 13.3 million units, down from 14 million in February and off 24.4% from March 2021’s SAAR of 17.6 million units.
The U.S. auto industry has no shortage of buyers currently, but it lacks the inventory to satisfy them.
Unprecedented 383 transactions completed in 2021, representing 830 franchises, nearly three times the pre-pandemic average, according to The Blue Sky Report by Kerrigan Advisors.
The report explains how dealership profits have tripled along with demand from dealership groups that want to acquire more stores.
More than 160 dealers, agents, and industry executives took part in the inaugural West Coast Compliance Summit, one of three concurrent events featured at Industry Summit 2016. And more than 80 of them successfully completed the event’s compliance certification component.
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