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November 16, 2017 - Industry News

EFG Companies: 2018 to See Increased Focus on F&I, Service Drive, Customer Loyalty

John Pappanastos, president and CEO of EFG Companies

EFG Companies issued its 2018 predictions and recommendations for the retail automotive and powersports F&I markets this week. These insights reflect another year of cautiousness as well as opportunity for dealers to navigate an uncertain business climate.

Tags: CFPB, compliance, Customer Service, digital retailing, EFG Companies, general agents, new-vehicle sales, parts and service, service drive

November 1, 2017 - Industry News

KBB: Flat Prices, Higher Incentive Spending Signals Headwinds for New-Car Market

Transaction prices continue to rise at a slower pace, with the third-quarter average up just 1% after averaging 3% gains in the first half of the year. And while KBB expects solid sales in October, flat transaction prices combined with ever-growing incentive spending signal headwinds for the new-vehicle market as the year nears its close.

Tags: Average Transaction Price, Kelley Blue Book, new-vehicle sales

October 31, 2017 - Industry News

Asbury: Q3 Revenue, Gross Profit Down Due to Hurricanes

Total revenue and gross profit were down 5% and 2% from a year ago, respectively, with Hurricane Irma having a significant impact on sales in the group’s core Florida and Georgia markets. F&I was a bright spot, with total gross profit up 4% and the group’s per-copy average increasing by $142 from a year ago to $1,547.

Tags: Asbury Automotive, F&I profit, Hurricane Harvey, Hurricane Irma, new-vehicle sales, public dealer, used-vehicle sales

October 25, 2017 - Industry News

KBB: New-Vehicle Sales Expected to Fall 2% in October

Despite the expected decline, October looks to be relatively strong on strong replacement demand in hurricane-impacted states and higher incentive spending. Kelley Blue Book analysts, however, believe these are indicators that new-vehicle demand is still contracting.

Tags: Fiat Chrysler, Honda, Kelley Blue Book, new-vehicle sales, Nissan, SAAR, Toyota, Volkswagen

October 12, 2017 - Industry News

Manheim Index Reaches Record High for Fifth Consecutive Month

The Manheim Used Vehicle Value Index reached a record high in September for the fifth consecutive month, while the SAAR rose to its highest September reading in three decades. The main driver was replacement demand caused by hurricanes Harvey and Irma.

Tags: Manheim Index, new-vehicle sales, SAAR, showroom, used-vehicle sales, used-vehicle values

October 10, 2017 - Industry News

Business Leaders Cautiously Optimistic About Trump, Economy, Auto Sales

Despite a few political and economic setbacks, 2017 is expected to be one of the highest performing years on record in terms of auto sales. They key going forward is the Trump Administration’s ability to turn its pro-business campaign rhetoric into reality.

Tags: auto finance, Donald Trump, Hurricane Harvey, Hurricane Irma, new-vehicle sales, used-vehicle sales, White Clarke Group

September 27, 2017 - Industry News

KBB Puts September's SAAR at 17.5 Million

Kelley Blue Book said replacement demand driven by hurricanes Harvey and Sandy is already being felt in some areas. The firm predicts that will continue into October and potentially November as vehicle insurance payouts are received.

Tags: Hyundai-Kia, Kelley Blue Book, new-vehicle sales, SAAR, Toyota

September 22, 2017 - Industry News

Dealers More Optimistic About Used-Car Market vs. New

Photo via order_242/Wikimedia (Creative Commons)

Sentiment speaks to recent auto finance data showing prime and superprime car buyers shifting toward used, where the average monthly payment was $139 less than the record $504 average monthly payment for new in the second quarter.

Tags: auto finance, Cox Automotive, Experian Automotive, new-vehicle sales, used-vehicle sales

September 19, 2017 - Industry News

S&P/Experian: Auto Default Rate Registers Largest Increase Since December 2011

Despite the nine-basis-point increase, the auto loan default rate remains near levels recorded one year ago. However, declining auto sales and the normal end-of-year push to make room for newer models may encourage easier credit conditions and raise concerns about future defaults.

Tags: auto defaults, auto finance, new-vehicle sales, S&P/Experian

September 7, 2017 - Industry News

KBB: New-Vehicle Sales Down 2.8% Through August

Out of the 22 vehicle segments tracked monthly by Kelley Blue Book, only 10 posted higher sales numbers compared to the first eight months of 2016. Of those 10, large vehicles commanded eight of those spots.

Tags: Kelley Blue Book, new-vehicle sales, SAAR

August 7, 2017 - Industry News

Manheim Used Vehicle Value Index Posts Third Consecutive Record

The index’s July reading shows that demand is absorbing the high supply of newer used vehicles. The good news on the new side is that inventories fell below four million and are at their lowest level of the year.

Tags: CPO, Manheim, Manheim Index, new-vehicle sales, used-vehicle values

July 10, 2017 - Industry News

Manheim Index Reaches Record High in June

It was the second consecutive month that Manheim Used Vehicle Value Index reached a record high. Officials said strong retail demand for recent model-year used vehicles is encouraging dealers to buy more vehicles at auction, and the increased demand is more than offsetting the high supply.

Tags: Cox Automotive, Manheim, Manheim Index, new-vehicle sales, used-vehicle values, wholesale values

July 5, 2017 - Industry News

International Nameplate Dealers Record Fourth Straight Sales Dip

The nation’s 9,600 international nameplate franchises registered their fourth straight sales decline in June, but the association representing them said dealers are feeling confident about the second half of 2017.

Tags: American International Automobile Dealers Associat, new-vehicle sales, transaction prices

June 27, 2017 - Industry News

J.D. Power/LCM: June SAAR Expected to Fall to Five-Year Low

Despite record incentive spending, the auto industry is on pace to record its weakest first-half sales performance since 2014, according to the two firms. Days to turn remained at 70 through June 18, the highest level since July 2009.

Tags: days to turn, fleet sales, Forecast, incentive spending, new-vehicle sales, SAAR

June 20, 2017 - Industry News

Swapalease: Lease Approval Rate Falls to Three-Year Low

Lease applicants registered a 48.1% approval rate, the lowest level since the car lease marketplace began tracking the stat in 2014. The firm explained that the rise in consumer interest for luxury SUVs is what’s driving the uptick in declines.

Tags: F&I process, lease, new-vehicle sales, Swapalease.com

June 12, 2017 - Industry News

New Study Reveals Shift Toward Used

A survey of more than 9,000 vehicle owners found that 38% of them plan to buy used on their next purchase. That percentage grew to 53% among individuals under 40 years ago age.

Tags: Autolist.com, new-vehicle sales, used-vehicle values

June 7, 2017 - Industry News

Manheim Index Hits Record High

With wholesale used-vehicle prices rising in May, the Manheim Used Vehicle Value Index rose to a record 127.9. The firm noted that dealers purchased the most vehicles at Manheim auctions for the month of May since 2008.

Tags: Manheim Index, new-vehicle sales, showroom, used-vehicle values, Wholesale Pricing

June 1, 2017 - Industry News

KBB: New-Vehicle Transaction Prices Rise Nearly 3% in May

Transaction prices continued to climb at a steady rate in May, driven by the weakening sales mix of cars, according to the vehicle information side.

Tags: Average Transaction Price, Kelley Blue Book, new-vehicle sales

May 31, 2017 - Industry News

J.D. Power/LMC Expect Lowest May Retail SAAR Since 2013

(in millions of units)Source: Power Information Network® (PIN) from J.D. Power

Not even record incentive spending for the month is expected to keep May retail sales on pace with a year ago, according to the two firms.

Tags: incentive spending, J.D. Power and Associates, LMC Automotive, new-vehicle sales, SAAR

May 30, 2017 - Industry News

KBB Puts May New-Vehicle Sales at 1.53 Million Units

If the firm's forecast is realized, May's new-vehicle sales total would best April by 7% but would be flat with a year ago. The vehicle information site also believes retail sales will account for 80.5% of volume.

Tags: incentives, Kelley Blue Book, leasing, new-vehicle sales, SAAR

May 9, 2017 - Industry News

Manheim Used Vehicle Value Index Increases 1.6% in April

The index's April reading was 124.7, a year-over-year improvement thanks to the 0.5% increase in wholesale used-vehicle prices. Manheim officials said any weakness is more a result of excessive new-vehicle inventory, with more than four million new units sitting on dealer lots for the last three months.

Tags: Manheim Used Vehicle Report, new-vehicle sales, Used Vehicle Value Index, used-vehicle values, Wholesale Pricing

May 3, 2017 - Industry News

Group 1: Earnings Hurt by 'Extreme Weakness' in Oil-Dependent States

Not even another strong performance in U.S. new-vehicle margins, a record quarter in the group's U.K. market, and a profitable quarter in Brazil were enough to offset "extreme weakness" in Group 1's energy price-impacted markets.

Tags: F&I profit, Group 1 Automotive, new-vehicle sales, used-vehicle sales

April 26, 2017 - Industry News

J.D. Power/LMC: Record Incentive Spending Keeps April Sales on Pace With a Year Ago

Source: Power Information Network® (PIN) from J.D. Power

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 17, 2017 - Industry News

NADA: New-Car Dealerships Employ Record Numbers in 2016

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 4, 2017 - Industry News

AIADA: Asian Brands Lead the Way for International Nameplates in March

With the Industry SAAR falling below 17 million for the first time since August, the trade group said the industry's March sales performance 'suggests that sales may be plateauing.' The association said now is the time for dealers to tighten their operations and push back on any tax increases on consumers.

Tags: American International Automobile Dealers Associat, Honda, new-vehicle sales, Nissan, Subaru

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