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Eddie Hall III, general manager at Royal Oak, Mich.-based The Hall Automotive Group, has been named this year’s Rising Star Award winner by Cox Automotive and the National Association of Minority Automotive Dealers.
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U.S. dealers sold 2.6% fewer new cars and light trucks in June than in the same month a year ago, but standout performances in key segments kept the seasonally adjusted annualized selling rate above 17 million for the second straight month.
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Cox Automotive analysts say U.S. dealers reported strong traffic and profits but have remained largely pessimistic in their view of the auto retail market in the second quarter.
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U.S. dealers sold slightly fewer new vehicles last month than in May of 2018, but the annual forecast increased to 17.4 million units — thanks in no small part to strong fleet sales.
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The annual forecast for U.S. light-vehicle sales fell to 16.41 million as volume fell 2.3% year-over-year in an April that was expected to bring the year’s first gain following an underwhelming first quarter.
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Cox Automotive’s 2019 Car Buyer Journey report finds consumers are spending less time in dealerships and in the market, accelerating the decisionmaking process as a growing affordability gap continues to threaten new-vehicle sales.
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Cox Automotive’s auction brand will offer ‘next-generation’ vehicle imaging technology to dealer users through a strategic partnership with Fyusion.
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Mark Luber has been named Cox Automotive’s first chief data officer, tasked with leading a 150-person team comprised of experts in data science, product management, analytics, and more.
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The unified companies will leverage a vast network of F&I product providers and new technology to innovate for dealers, agents, providers, and lenders.
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Despite the expected volume decline, the firm put September’s seasonally adjusted annual sales rate at a healthy 17.1 million, down from last September’s 18.1 million SAAR. The company said higher interest rates and talks of tariffs may be having some pull-ahead impact in the market.
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