Retail

Huffines Auto Dealerships is taking to the streets to celebrate its 100th anniversary. The dealership group, which operates 10 locations in the Dallas-Fort Worth area, was founded May 5, 1924, when J.L. Huffines Sr. first opened Huffines Motor Company in Denton, Texas, selling Willys-Knight and Overland automobiles. In honor of that event, the family-owned and […] [Read More]

While the service departments at franchised dealership appear to still be more trustworthy, the J.D. Power 2024 U.S. Aftermarket Service Index (ASI) Study showed how the competition for business is getting even more intense. J.D. Power pointed out that customers are finding it easier to do business with aftermarket service providers due to no-appointment drive-in […] [Read More]

Fisker’s drive toward a dealership model in the U.S. continues. The electric vehicle manufacturer said it has signed agreements with six new dealer partners for dealerships in California, Missouri and Pennsylvania, and a distributorship in the U.S. territory of Guam. Three of the new stores — LA Fisker and West Covina Fisker in Los Angeles […] [Read More]

Group 1 Automotive has completed a $500 million increase in its revolving syndicated credit facility. The giant dealer group, which owns and operates 203 dealerships in the U.S. and U.K., now has a total credit facility of $2.5 billion with 20 financial institutions that will expire in March 2027 and can be expanded to $3 […] [Read More]

There’s more money to go around at Getaround. The connected carsharing marketplace announced its existing debt facility with Mudrick Capital Management has been expanded to provide the company with up to $50 million in additional capital. Getaround said it drew down the first $20 million of that capital on Monday. “Earlier this year we proactively […] [Read More]

Rachel Richards, Sonic Automotive’s first-ever chief marketing officer, is retiring from her role as Sonic CMO, effective Wednesday. Moving into to that role will be Dino Bernacchi, who is CMO of the retailer’s EchoPark Automotive used-car store program. Richards joined Sonic in 2006 as vice president of retail strategy. She became CMO in 2014. Bernacchi […] [Read More]

While the used-car market for CarMax’s fiscal year 2024 was slightly less volatile than the previous year, the market still faced affordability challenges, negatively impacting the company’s results, CarMax president and CEO Bill Nash said in a press release. “We believe vehicle affordability challenges continued to impact our fourth quarter unit sales performance, with ongoing headwinds due to widespread inflationary pressures, higher interest rates, tightened lending standards and low consumer confidence,” Nash said. He put a more positive spin on the situation during the fourth quarter earnings call on April 11, however ... [Read More]

CARFAX has earned GM’s seal of approval. The company announced its CARFAX Car Listings has been approved by General Motors for its in-Market Retail Turnkey program. CARFAX said the designation means GM dealers, which includes the Chevrolet, Buick, GMC and Cadillac brands, can now use iMR Turnkey for CARFAX Car Listings. In a news release, […] [Read More]

The dealership news roundup involves activities at Asbury Automotive Group, Victory Automotive Group and Fifth Wave Automotive Group. According to a news release from Tim Lamb Group, the firm brokered the sale of Folsom Lake Chrysler Dodge Jeep Ram in Folsom, Calif., earlier this month back to its original owner, Fifth Wave Automotive Group. Tim […] [Read More]

CarMax is reducing the timeline on its money-back guarantee policy from 30 days to 10 days, starting May 12, the used-car retailer said in a statement. The guarantee had been seven days, but CarMax extended it to 30 in January 2021, amid COVID-19 as “buying behaviors changed and consumers were spending more time online and […] [Read More]