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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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ADT Magazine
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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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May new-vehicle sales grew by 4.8% from the year-ago period, while average incentive spending per unit grew 6.6% from a year ago to $3,740.
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The new feature provides instant vehicle location and status to help reduce risk and streamline recovery for buy-here, pay-here dealers and lenders.
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HyreCar has opened its peer-to-peer vehicle rental platform to auto dealers and fleet operators seeking new opportunities to capitalize on the growing mobility market.
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Recently appointed New York Attorney General Barbara Underwood has settled charges of deceptive practices against a four-rooftop, Queens-based dealer group.
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Auto/Mate announced a new DMS integration with Vitu that should help dealers streamline tax, title, and registration processes.
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The Toronto-based mergers-and-acquisitions firm has advised on the closing of more than 160 dealerships in deals worth more than $3 billion. Its expansion into the U.S. market will be led by industry veteran Russell Hill.
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For the seventh time since 2015, the Federal Reserve increased the Federal Funds Rate a quarter percentage. Cox Automotive economists say higher interest rates and tighter credit have already led to softening retail demand, noting that further rate increases will impact all corners of the car business.
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The latest Blue Sky Report from Kerrigan Advisors credits an expanding pool of dealership buyers and investors with helping to sustain values, and a growing number of groups hitting the market for driving activity and consolidation.
Read More →NextGear Capital’s new self-reconciliation tool tackles a key dealer pain point in the auditing process.
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Although shoppers continue to flock toward pricier trucks and SUVs, steadily rising gas prices are beginning to stimulate consumer demand and increase residual values for smaller vehicles.
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