Trade News

New York's Vision Automotive Group sold 10 dealerships to Atlantic Coast Automotive Inc., according to the Rochester Business Journal and a person briefed on the transaction.

Atlantic Coast Automotive, of Miami Lakes, Fla., bought three Hyundai stores, three Nissan stores, two Kia dealerships, a Chrysler-Dodge-Jeep-Ram store and a Buick-GMC store. The dealerships are in Rochester, East Rochester, Webster and Canandaigua. Those cities are part of Greater Rochester in upstate New York.

The deal marks Atlantic Coast's second dealership acquisition in the state this the year. In May, it bought six dealerships in upstate New York from Nye Automotive Group.

The bulk of the Atlantic Coast-Vision Automotive transaction took place in mid-September, according to the person. A Sept. 30 Rochester Business Journal story said property deeds for stores located in Monroe County were filed that day and on Sept. 29 for dealerships in Ontario County.

The story, cit…

As online used-car dealer Carvana Co.’s share price unwinds at a fever pitch, Wall Street analysts are slashing targets and warning conditions could worsen.

With the company’s shares spiraling down a staggering 97 percent this year, analysts’ average price targets struggled to keep pace, despite coming down sharply. That changed this month, and in just the past week at least three analysts downgraded the stock and slashed their targets, saying the combination of weakening economic conditions and the car dealer’s heavy debt load could lead to more dire outcomes.

“We are lowering our price target to $7 from $30 to reflect a higher likelihood of insolvency by 2024 without a faster reduction in operating costs and/or access to significant liquidity,” Robert W. Baird analyst Colin Sebastian wrote in a note on Tuesday.

Carvana shares fell for a fifth day, sinking as much as 5 percent to a fresh record low of $6.70 on Tuesday.

Average price targets on …

Used Car Week has come and gone, and as I parse the many notes and recordings I gathered during my time in San Diego, I'd like to think I've gleaned an improved understanding of the state of the used-car market.

And I have. At least for now.

If the last two years and eight months have proved anything, it's how quickly the auto industry and markets within it can change. The industry saw firsthand how instantly a phenomenon as world-stopping as the coronavirus pandemic threw operations out of whack — parts shortages and supply chain issues sprang up, new-vehicle production stagnated and dealers turned to used cars and trucks to supplement their inventories.

Through 2021, dealers saw a need to fill their lots with even more used vehicles. That year, in a time when new vehicles were scarce, a dealership's used vehicles sometimes became the lifeblood of business. Dealers saw a need to become innovative with how quickly they acquired those vehicles — after all…

A storied Honda nameplate has been retooled for 2023, with the automaker marking it as the most powerful vehicle ever produced by the brand.

With 315 hp and 310 pound-feet of torque from its 2.0-liter turbocharged engine, the 2023 Civic Type R is not a remaking of the 25-year-old nameplate, but a wholesale improvement on the small things. These tweaks make for a big step up in overall handling and power, early reviews say.

While the exterior is subtle, maintaining the previous model's restrained style, a redesigned front bumper, larger front fender grilles and a new side sill combine to provide more airflow efficiency and give the Type R a more aggressive stance.

A new "+R" driving mode, located on the steering wheel, allows the driver to check engine rpm and gear position with greater clarity. An infotainment console, similar to that in the 2023 Honda Civic, is present in the middle of the dash.

Early reviewers are impressed with the sum of the c…

From microchips to lithium batteries, technology is revolutionizing the future of ground transportation. Electric vehicles (EVs) have now become top of mind for many US households. About 40% of new vehicle shoppers are considering purchasing an EV within the next 12 months.1 With the rise of pioneers and challenger automakers, incumbent automakers are off to the races to have fully electric cars available. As more automakers enter the EV space, competition in the industry has grown to new heights. Here are some ways automakers can stand out with their EV marketing.

1. Discover audiences for your electric vehicles with Amazon’s Your Garage

Your Garage is a dedicated portal for car and motorcycle customers across the US, Europe, India, and Japan to help them manage their vehicle’s ownership. Amazon’s Your Garage offers customers a customized set of products and services related to their vehicle based on their personal preferences. The result is a central place where A…

Lithia Motors Inc. has hired former Aston Martin Americas and Mercedes-Benz USA executive Adam Chamberlain as regional president of operations for the growing auto retailer's East region.

Chamberlain's arrival at Lithia comes just weeks after his departure as president of Aston Martin's Americas region was announced. Chamberlain had joined the British ultraluxury brand in mid-November 2021.

Chamberlain was previously vice president of sales and product management at Mercedes-Benz USA. He was named an Automotive News Rising Star in 2017.

Lithia on Tuesday said Chamberlain is responsible for overseeing its operations teams in its East region,plus supporting network development.

"Adam has over 25 years in the automotive world and brings a deep understanding of national and international markets," Lithia CEO Bryan DeBoer said in a statement. "Adam's proactive and collaborative leadership combined with an acute love for store operations will fit well a…

Volkswagen Group has lowered its sales target in China by roughly 14 percent for this year as the country reinstates its COVID-Zero policy that led to widespread supply-chain disruptions for the auto industry.

The automaker plans to sell 3.3 million cars in China this year, on par with the previous year’s results and about a half million fewer than the 3.85 million previously estimated, the company’s China chief Ralf Brandstätter said in an interview with Handelsblatt newspaper published Tuesday.

VW had reiterated its earlier target for China deliveries as recently as July, but in October said that its 2022 sales would be similar to the year before as global economic headwinds continued to build and supply-chain problems persisted.

Brandstätter said that VW needs to investment more in China to compete with local electric-vehicle brands that accounted for almost 80 percent of EV sales there in the first seven months of 2022, according to the China Passeng…

WASHINGTON/LOS ANGELES -- Workers at the largest U.S. rail union voted against a tentative contract deal reached in September, raising the possibility of a year-end strike that could cause significant damage to the U.S. economy and strand vital shipments of food, automobiles and fuel.

Train and engine service members of the transportation division of the International Association of Sheet Metal, Air, Rail, and Transportation Workers (SMART-TD) narrowly voted to reject the deal. That unit, which includes conductors, brakemen and other workers, joins three other unions in rejecting a deal brokered via a board appointed by U.S. President Joe Biden.

"There's a lot of anger about paid sick leave among the membership" who kept goods flowing during the early days of the COVID-19 pandemic, said Seth Harris, a professor at Northeastern University.

Railroads have slashed labor and other costs to bolster profits and are fiercely opposed to adding sick time flexibil…

Warehouse and distribution giant Prologis sees autonomous trucking as the future of logistics.

The San Francisco-based company is in the early stages of organizing its business to serve shippers and motor carriers that plan to add electric and autonomous big rigs to their fleets, said Henrik Holland, global head of mobility at Prologis.

Holland outlined the company's plans while discussing new business models at the Automotive News Congress in Los Angeles last week.

Prologis has a partnership with Alphabet's self-driving technology subsidiary Waymo to build highway-adjacent hubs for autonomous trucking. The first hub opened outside Dallas in July 2022.

Prologis and Waymo spent $10 million to build their nine-acre autonomous truck hub in Lancaster, Texas. The facility has 100 employees, 10 truck maintenance bays, six EV charging stations, and diesel fueling operations. Waymo operates 20 autonomous trucks out of the facility, although they are runni…

Lithia Motors Inc., whose most recent acquisition was for six Airstream dealerships, bolstered its presence in Texas this month with the purchase of a Stellantis store.

Lithia on Wednesday bought Meador Dodge-Chrysler-Jeep-Ram in Fort Worth from siblings Kyle Hunter and Laura Hunter, the auto retail giant confirmed.

The dealership was renamed Meador Chrysler-Dodge-Jeep-Ram, according to a post on Lithia's LinkedIn page.

The Texas acquisition is Lithia's first franchised automotive dealership purchase since it re-entered Wisconsin in September, with the acquisition of five dealerships from Wilde Automotive Group, Lithia confirmed.

Lithia, which also has sold several dealerships this year, divested an Acura store in Southern California this month.

Lithia on Nov. 7 sold DCH Acura of Temecula to Nathan Oh of OH Auto Group, the auto retailer confirmed. The dealership was renamed OH Acura of Temecula. Temecula is north of San Diego.

Lith…

LOS ANGELES — Sales of the Toyota Mirai hydrogen fuel cell vehicle may be small since its launch eight years ago, but those owners are using their cars in a big way.

More than 9 in 10 owners (92 percent) use their Mirais as their primary household vehicles, said Craig Scott, director of fuel cell solutions for Toyota Motor North America. Scott said less than two-thirds of battery-electric vehicle owners say the same.

But it is a small sample. The Mirai has been on sale in the U.S. since 2015 and struggled to gain a foothold. Since the start of 2020, Toyota has sold just 4,717 in the U.S. through October this year.

Nonetheless, Toyota's reported gap in how some owners are using the two technologies showcases ways in which hydrogen fuel cell-powered vehicles might complement and compete with BEVs down the road.

"People view the capabilities of hydrogen as a primary vehicle replacement, and they're acting accordingly," said Scott, who spoke Friday …

Your next pizza could be delivered by an electric vehicle.

Ann Arbor, Mich.-based Domino's Pizza Inc. announced Monday that it will roll out a fleet of nearly 800 Chevy Bolt electric vehicles around the country to deliver pizza orders — the largest such EV delivery effort.

Doing so offers advantages for the company, executives said in a news release, including ample battery life allowing for the potential to have days of deliveries on one charge, zero tailpipe emissions, advanced safety features and lower average maintenance costs than nonelectric vehicles.

Domino's CEO Russell Weiner pointed out that Domino's first launched pizza delivery in 1960 with a Volkswagen Beetle, and in 2015 tested autonomous vehicles for delivery.

"Domino's has always been on the cutting edge of pizza delivery and electric delivery cars make sense as vehicle technology continues to evolve," Weiner said in the release. "We've made a commitment to net-zero carbon emission…