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The latest report from the Automotive News Data Center finds U.S. franchised dealers were sitting on nearly 3.8 million new units as of Aug. 1, a 27-year high.
U.S. manufacturers and dealers are knocking on the door of the all-time record for days’ supply of new vehicles, an issue compounded by higher floorplan expenses, according to the latest figures from Automotive News.
The company that aims to change the way dealers sell, source, acquire, and deliver used cars announced it has raised an additional $7.5 million in equity capital. Launched in mid-2015, the Chicago-based startup has now raised $17.5 million in funding.
Toyota Financial Services saw a 17% rise in conversion rates during a 16-week trial of Manheim’s Enhanced Vehicle Imaging. The results of the trial were documented in a recent case study released by both organizations.
Flick Fusion is collaborating with ZMOT Auto, an automotive digital velocity firm, to produce vehicle inventory videos with voiceovers in a conversational style for Spanish-speaking car buyers.
Flick Fusion has acquired Dealer Fusion, a video marketing provider. The company will integrate features and applications from Dealer Fusion’s video platform and make them available to customers of both services.
Andriod users can now appraise, stock, buy and sell automotive inventory through DealerMatch’s dealer-to-dealer marketplace using their mobile devices.
Used-vehicle sales in May increased nearly 11% from April, according to CNW. Franchised dealers led the way with a 4.3% increase in sales vs. one year ago, while independents realized a 3.4% increase.
New Jersey’s Mahwah Kia filed a lawsuit against Kia Motors America. The manufacturer allegedly terminated the store’s franchise agreement for poor performance, but the dealer claims KMA did not make enough inventory available.
RedBumper’s new SmartPrice tool will automatically adjust retail prices by analyzing market supply and demand in real time.