Retail

Ford's Fields takes his lumps in Q3, looks to next year

7:06 am U.S. ET | Oct. 24, 2014
Ford CEO Mark Fields today delivered the first report card on his performance since taking over for Alan Mulally. He gave every sign that he'll have more to show off next year. While earnings and revenue fell, Fields said new vehicles on tap will deliver "strong, profitable growth."... Read More »

 

Asbury names former Group 1, RML exec David Hult COO

10:50 am U.S. ET | Oct. 24, 2014
Former Group 1 and RML Automotive executive David Hult will become the next COO of Asbury Automotive Group Inc. as the public retailer expands a used-car store initiative and looks to grow through acquisitions.... Read More »

 

Opel on track to achieve turnaround, GM says

Oct. 24, 2014 12:14 CET
Opel/Vauxhall is on track to achieve a turnaround despite headwinds from Russia and a wider third-quarter loss, parent GM says. New models such as the Corsa will give the division a boost in the months ahead.... Read More »

 

UK car production set for record in 2014 despite September dip

Oct. 24, 2014 10:47 CET
UK car production is still on track to reach its highest level in six years despite lower output in September. New Jaguar, Mini and Honda models will help boost production.... Read More »

 

GM Financial faces government, state probes over subprime loans, securities

5:49 pm U.S. ET | Oct. 23, 2014
GM Financial disclosed Thursday it is being investigated by “state attorneys general and other governmental offices” in connection with subprime auto loans and the sale of subprime auto loans in the form of asset-backed securities.... Read More »

 

AutoNation signs on to sponsor college bowl game

5:16 pm U.S. ET | Oct. 23, 2014
AutoNation will become title sponsor of a new college football bowl game that will raise money for breast cancer research.... Read More »

 

Toyota's ad agency will join move to Texas

5:30 pm U.S. ET | Oct. 23, 2014
Toyota's Los Angeles-based U.S. advertising agency is following its longtime client to Dallas in a bid to prolong their nearly 40-year relationship.... Read More »

 

Edmunds.com pulls anti-haggling ads after dealer complaints

4:00 pm U.S. ET | Oct. 23, 2014
Edmunds.com has pulled a YouTube ad campaign that spoofed price haggling but that dealers found offensive. “Our digital videos illustrating the 'Absurdity of Haggling' missed the mark,” Edmunds President Seth Berkowitz said in a statement today.... Read More »

 

GM Financial profits down despite higher volumes

3:10 pm U.S. ET | Oct. 23, 2014
For the second quarter in a row, net income fell slightly for GM Financial despite sharply higher loan and lease originations. The captive finance company today reported net income of $158 million in the third quarter of 2014, down 1.9 percent from the same quarter last year. Pretax earnings were down 13 percent to $208 million.... Read More »

 

Group 1 slows acquisition pace

1:03 pm U.S. ET | Oct. 23, 2014
Put off by high prices for dealerships and unacceptable returns, Group 1 Automotive will slow its acquisition pace in the near term, CEO Earl Hesterberg said today.... Read More »

 

Hyundai's third-quarter profit falls 29% on firmer currency, sluggish sales

Oct. 23, 2014 11:15 CET
Hyundai posted a 29 percent decline in third-quarter net profit, the steepest drop in at least six quarters. The automaker was hit by slowing sales growth and a stronger local currency but expects earnings to bounce back in the fourth quarter.... Read More »

 

Dealers fume over new Edmunds videos that spoof price haggling

4:18 pm U.S. ET | Oct. 22, 2014
New YouTube ads from Edmunds.com have provoked a backlash. Some dealers say the four videos perpetuate stereotypes of dealers as unscrupulous bargainers. Edmunds says the ads are simply spoofs intended to show that customers dislike haggling.... Read More »

 

Has the Hyundai Sonata lost its mojo after redesign?

7:50 am U.S. ET | Oct. 22, 2014
The revamped Sonata sedan was supposed to help Hyundai Motor Co. reverse sluggish sales, but the car described by some critics as a bland substitute for its popular predecessor is off to a slow start in the key U.S. market.... Read More »

 

Sonic learns the importance of paperwork, staffing

12:01 am U.S. ET | Oct. 22, 2014
In launching its One Sonic-One Experience initiative, Sonic Automotive had the technology, the store and the full attention of its top management committed to making it work. What it didn't have, in the finance and insurance office, were enough document specialists.... Read More »

 

Anderson named CEO at Exeter Finance

12:01 am U.S. ET | Oct. 22, 2014
Subprime auto lender Exeter Finance Corp. named Thomas Anderson its CEO, succeeding Mark Floyd, who will continue to serve on the company's board of directors.... Read More »

 

Huntington, Fifth Third, Capital One target prime-risk auto loans

12:01 am U.S. ET | Oct. 22, 2014
Some big banks in auto lending are responding to tougher competition by zeroing in on prime-risk loans. Huntington Bank and Fifth Third Bank are restricting lending to prime contracts only. In contrast, Capital One is controlling prime-risk costs as part of a broader lending strategy.... Read More »

 

JAMES B. TREECE

Why loan length doesn’t matter

12:01 am U.S. ET | Oct. 22, 2014
There’s another reason not to fret over longer new-car loans: The numbers can be misleading.... Read More »

 

Consumer Portfolio grows, staffs up for tax-refund season

12:01 am U.S. ET | Oct. 22, 2014
Consumer Portfolio Services increased auto originations 35 percent in the third quarter to $279.3 million, aided by a slowdown in subprime loans at competing lenders.... Read More »

 

Valeo's third-quarter sales rise 10% on fuel-saving technologies

Oct. 22, 2014 15:00 CET
French supplier Valeo said third-quarter sales rose 10 percent to 3.06 billion euros ($3.9 billion), boosted by demand for its fuel-saving technologies.... Read More »

 

Mich. blocks Tesla's sales model by plugging loophole

2:19 pm U.S. ET | Oct. 21, 2014
Michigan Governor Rick Snyder signed a bill today that effectively bars Tesla Motors' direct-sales model in the state. While Tesla's model was already prohibited in Michigan, the wording of its franchise law left an opening that the automaker could potentially exploit as it has in Massachusetts, where dealers unsuccessfully tried to stop it from operating a store there. That potential loophole is now closed.... Read More »

 

Asbury raises its acquisition target

7:27 am U.S. ET | Oct. 21, 2014
Asbury Automotive Group Inc.'s acquisition ambitions keep getting bigger. Asbury, the nation's seventh-largest dealership group, said today that it now aims to buy stores that will add $500 million in annual revenue during the next 18 months.... Read More »

 

JAMIE LaREAU

Gen Y guru entertains, informs

4:23 pm U.S. ET | Oct. 21, 2014
Who knew that demographics could be so funny?... Read More »

 

Nissan's 2016 Maxima drives back to roots

12:01 am U.S. ET | Oct. 21, 2014
Nissan's redesigned Maxima sedan may be getting back to its “4DSC” roots. Recent spy photos show an early prototype of the 2016 Maxima. The 2016 Maxima's fastback styling mimics the four-door coupe body styles found on several German cars.... Read More »

 

Sonic pushes back rollout of customer-experience program

3:40 pm U.S. ET | Oct. 21, 2014
Sonic Automotive will take at least six months longer than originally planned to roll its new customer experience program out to all of its dealerships.... Read More »

 

Ford cuts Focus Electric price by $6,000

3:23 pm U.S. ET | Oct. 21, 2014
Ford slashed the price of the Focus Electric by $6,000 to $29,995, including shipping. The price reduction will remain in effect for all 2014 models and will continue when 2015 models are introduced.... Read More »

 

Special Report
How #1 store scores with employees

How #1 store scores with employees

Texas dealer Greg May encourages staffers to provide input and solve problems on their own. Mon., October 20
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