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The former owners of Jacksonville, Fla.’s Riverside Chevrolet will pay more than $1 million in restitution and fines to settle charges of failing to pay trade-in liens, state sales tax, and employee withholding taxes.
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Mehdi and Saaed Moslem have been charged with tax and bank fraud after IRS and FBI investigators say they uncovered a scheme to hide — then inflate — income from their Upstate New York auto dealership.
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LendingTree analysts have discovered a correlation between commute times and auto loan balances, finding that car buyers borrow $269 for every additional minute between home and work.
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Scott Drehs has been named ADESA’s first-ever leader of major dealer accounts after serving as regional vice president of operations for AFC, another KAR Auction Services brand.
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The average interest rate for a U.S. new-vehicle loan fell below 6% for the first time all year as automakers and dealers extended model-year selldown promotions.
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July deliveries increased 1.3% in the first monthly U.S. new-vehicle sales report to include none of the Detroit 3 automakers, but the seasonally adjusted annualized rate fell below 17 million for the fourth time this year.
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Dealers and other automotive business owners once again generated more complaints than any other industry in Consumer Federation of America’s latest top 10 list.
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The nation’s six largest publicly traded dealer groups all increased F&I profit per vehicle retailed in the second quarter, led by AutoNation’s $1,926 per copy and Lithia Motors’ segment-leading 11% improvement.
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Facing new global realities and pressure on multiple fronts, the Federal Reserve cut interest rates for the first time in more than a decade in an attempt to prolong the economic expansion.
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Dealer.com has officially launched its new dealer-facing digital storefront, adding ‘strong points of interaction’ designed to capture and engage car buyers shopping online.
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