Publicly Traded Auto Groups Report Increased Supply
Incentive spending and discounts needed for some vehicles, they say.
Incentive spending and discounts needed for some vehicles, they say.
Major retailer sees big used-vehicle sales boost, but overall revenue, profit down.
All six of America’s big publicly traded dealership groups enjoyed year-over-year gains in F&I profit per vehicle retailed in Q3, led by record highs at AutoNation and Sonic Automotive.
The four-acre, 93,000-square-foot Beverly Hills BMW has been sold for $70 million, an amount billed as the highest ever paid to acquire a Los Angeles auto dealership.
Carvana broke into the top 10 in its first appearance on Automotive News’ list of the nation's Top 100 Used Retailers, more than doubling its output to more than 94,000 units and outpacing the Asbury, Larry H. Miller, and Ken Garff groups.
JEFFERSON COUNTY, Texas — Sonic Automotive and Philpott Motors, which the dealer group owns, filed a lawsuit on Sept. 16 against multiple dealerships and a former employee for luring away employees. Kevin McCabe, who attended Sonic’s Leadership Academy Program in 2011 while working for Philpott Motors, left the dealership shortly thereafter and hired at least ... Read More »
CHARLOTTE, North Carolina— Sonic Automotive Inc., one of the country’s largest car-dealer companies, will open a chain of preowned-vehicle stores hoping to move on the turf of used-car retailer CarMax Inc, reported The Wall Street Journal. Sonic on Monday will announce the creation of EchoPark stores, with the first dealership opening in Denver this autumn, ... Read More »
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