Asbury CEO Monaghan will retire; COO Hult moves up

Asbury Automotive CEO Craig Monaghan will step down Jan. 1 after nine years leading the public dealership group. COO David Hult will replace him.

Dealer anniversaries

Dealers featured this week include Bill Siever, president of Siever Brothers in Carlyle, Ill.; Dealer Bill Gatton of Bill Gatton Chevrolet-Cadillac in Bristol, Tenn.; Gary Duncan, dealer principal of Duncan's Hokie Honda in Christiansburg, Va.; Dealer principal Nelson Bowers II of Toyota of Cleveland in McDonald, Tenn.; and the Jim Ellis Automotive Group of Atlanta.


Fraud charges lead to costly lesson

After Nissan of New Rochelle was caught defrauding almost 300 customers over a bogus theft-deterrent product, the new owner took action.

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Maven's mobility plans come into focus

A dealership car-sharing program represents one more step toward what Maven CEO Julia Steyn has called a "holistic mobility platform." The idea is a one-stop shop for emerging mobility services.

Used-vehicle prices falling amid glut

The average used vehicle lost 17 percent of its value in the past 12 months, dropping from $18,400 to $15,300, according to data from Black Book, an auto analytics company. With so many new cars rolling out of dealerships lots and instantly becoming used cars, the secondary market is glutted and the pace of depreciation is rapidly accelerating.

Could Smart get any smaller?

Daimler's microcar brand will lose more than two-thirds of its U.S. dealerships after its lineup goes all-electric this year.

Texas, Fla. outpace N.Y., Calif. in adding new stores

For the first time in roughly 10 years, New York state does not appear on Urban Science's annual ranking of states with the most new dealerships. Texas added the most stores in 2016, and Florida came in second. Throughput hit 965 per store last year but is on track to fall in 2017.

Genesis plans clean break from Hyundai

Hyundai's fledgling Genesis brand wants out of the nest -- now. This month, the brand plans to announce a new retail strategy for the U.S. that will accelerate its separation from the Hyundai marque.

Penske bullish on used-car ventures

When Penske Automotive agreed to buy CarSense in the U.S. and CarShop in the U.K., Chairman Roger Penske said he was "cautiously optimistic" about the used-car ventures. He has since dropped the "cautiously."

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