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Dealership Profits Decline
While new and used retail sales stagnated, dealerships have been particularly supported by fixed operations and finance-and-insurance profits, according to a new report.
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SEARCHMENUSEARCHWhile new and used retail sales stagnated, dealerships have been particularly supported by fixed operations and finance-and-insurance profits, according to a new report.
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iSeeCars research finds prices of battery-electric vehicles (BEVs) rose 54.3%, while used internal-combustion-engine (ICE) vehicle prices rose 10.1%.
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Despite negative economic headlines and a volatile stock market, auto retailers continued their expansion through acquisition, with buy/sells increasing 16% YOY, despite spending pullbacks by public retailers, according to the Second Quarter 2022 Blue Sky Report® by Kerrigan Advisors.
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The Estimated Average Weekly Sales Rate dropped to 60% last week.
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The FTC voted 5-0 against a further deadline extension after receiving approximately 2,400 comments.
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The quarterly report aims to reveal the top converting lead sources and partners as detailed through DealerPeak’s proprietary backend data.
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Group 1 Automotive Inc. will focus on growth through acquisition in the U.S. and UK, says Daryl Kenningham, incoming president and CEO.
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As used originations increase, credit unions reach nearly 26% total vehicle financing market share, the highest volume in five years.
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Reaching the Biden Administration’s goal of 50% of U.S. new vehicle sales being BEVs by 2030 is unlikely, says Jack Hollis of Toyota in a webinar.
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J.D. Power and LMC Automotive report predicts average new vehicle transaction prices will hit a record $46,259 in August.
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With these advertising strategies in mind, dealers focusing on promoting electric vehicles will gain a leg up on the competition and electrify more interest in their local markets.
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