Trade News

The U.S. dealership buy-sell market so far is tracking at a similar pace to a busy 2021, widely considered the biggest year for store acquisitions in history.

Data compiled by buy-sell experts and Automotive News for this year's first quarter showed that deal-making has largely continued its momentum.

Kerrigan Advisors, a sell-side firm in Incline Village, Nev., estimated in its latest Blue Sky Report that dealership transactions in the first three months of 2022 increased 9.1 percent to 72. Transactions, as counted by Kerrigan Advisors, can be single- or multiple-store deals.

Kerrigan Advisors estimated that 22 multiple-dealership transactions occurred in the first quarter, representing 31 percent of the buy-sell market.

Haig Partners, a buy-sell firm in Fort Lauderdale, Fla., estimated in its latest Haig Report that 86 dealerships sold during the first quarter, down 13 percent from 99 stores sold in the same period i…

BMW's redesigned 2023 7 Series has upped the ante on in-vehicle entertainment with an optional Theater Screen system that transforms the rear compartment into a media room on wheels. A 31-inch multimedia display delivers content in 8K resolution and runs on the Amazon Fire TV operating system. The screen lies flat against the sedan's panoramic sunroof when not in use. But at the press of a button, it drops down behind the front-seat backrests. A pair of electric motors control the screen's orientation, allowing it to fold and slide back and forth on articulated rails.

The display has three viewing angles that can be controlled with a 5.5-inch touch screen built into the rear doors. When the screen is in use, shades for the side and rear windows and the panoramic sunroof are closed, and ambient lighting in the rear is dimmed. A 36-speaker audio system packs a 1,965-watt amplifier and uses exciters in the seats with "magnetically controlled vibrations" to improve bass…

SAN JOSE, Calif. — The Volkswagen showroom that shares a home with Del Grande Dealer Group's headquarters features a mural of surfers in nearby Santa Cruz, hand-painted columns by a local artist and classic VW Beetle and microvan models with their beachy, Northern California vibe.

But don't be fooled by the casual atmosphere.

Like its high-tech neighbors in the heart of Silicon Valley, Del Grande means business. And that means satisfying sky-high expectations of customers and employees by nurturing a team culture that encourages soft skills such as caring and hard ones including financial results.

Silicon Valley is one of the most competitive job markets in the country. Operating a traditionally low-margin retail business in such an environment isn't easy.

Living expenses are high, so Del Grande offers salaries that meet or beat the market's going rate — plus benefits, training programs and employee appreciation through in-work events and off-si…

Genesis is pushing back the launch of the Electrified G80 sedan after a planned spring showroom debut. The automaker didn't disclose the reason but said more details about pricing and the on-sale date will not be available until late summer or early fall.

As recently as Wednesday, June 22, Genesis' website said the electric sedan was "coming spring 2022." It is being assembled at a plant in Ulsan, South Korea, alongside the standard G80 sedan and GV80 crossover.

The global microchip shortage and other supply chain bottlenecks have disrupted multiple product launches and vehicle availability around the world. They have had an impact more recently in Asia, notably China, where stringent COVID controls have upended output for automakers and suppliers.

The Electrified G80 will come with all-wheel drive only and two 136-kilowatt electric motors — one at the front and one at the rear — that are powered by an 87.2-kilowatt-hour battery. Combined output will be…

As Volkswagen begins U.S. production of the ID4 compact crossover, two experienced, high-profile executives who helped guide the rollout of the brand's electric vehicle transition on the continent have departed the automaker for high-tech startups.

Matt Renna, 36, previously VW Group of America's vice president for e-mobility — and a 2020 Automotive News Rising Star — became head of hardware for autonomous delivery vehicle company Nuro in March, according to his profile on LinkedIn. Renna's departure was followed by that of Dustin Krause, 37, who had been director of e-mobility with VW Group of America, who in May became senior director for automotive partnerships with battery recycling startup Redwood Materials, according to his LinkedIn profile.

Both Renna and Krause previously worked at Tesla and helped launch the Model 3 before joining VW of America in 2018 as the German brand prepared for the March 2021 U.S. launch of the ID4.

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Bruton Smith, a pioneer-turned-titan in both auto retailing and motorsports, leveraged small roles selling cars and promoting dirt-track races as a youth to create two moneymaking business giants.

Smith, founder of Sonic Automotive Inc., NASCAR Hall of Famer, racetrack owner and philanthropist, died Wednesday, June 22, at 95.

Smith launched Sonic, of Charlotte, N.C., as a public company in November 1997 with 20 dealerships. It is the seventh-largest U.S. auto retailer today, with 111 dealerships after completing the mega acquisition of RFJ Auto Partners Holdings Inc. in 2021. Sonic also owns and operates the EchoPark standalone brand of used-vehicle-only stores.

Smith, a giant in racing circles who helped turn stock car racing into a multibillion-dollar business, also started Speedway Motorsports Inc., the first motorsports company to go public in 1995. (It went private in 2019.) In 1992, he became the first track owner to erect and shine lights on the …

Chinese electric vehicle startups Li Auto Inc. and Hozon New Energy Automobile Co. emerged as the first customers of a new long-range battery that Contemporary Amperex Technology Co. unveiled Thursday and plans to start mass producing in 2023.

The “Qilin” battery has a range of more than 1,000 kilometers (620 miles) on one charge, energy density of up to 255 watt-hour per kilogram, and is safer and more durable than existing cells, according to CATL, as the world’s biggest maker of EV batteries is known. It is also 13 percent more powerful than one planned by Tesla Inc., a major customer of CATL.

The battery -- named after a Chinese mythical creature -- has the longest range offered by any mainstream manufacturer yet. It comes as CATL faces greater pressure to innovate and maintain its dominance, with rivals at home and abroad -- from BYD Co. and China Aviation Lithium Battery Co. to LG Energy Solution Ltd. and Panasonic Holdings Corp. -- developing their own p…

CarLotz shutters half of its brick-and-mortar locations. Japanese supplier Marelli enters a court-led reorganization. Gen Z is more frustrated with the car-buying process than older generations. Plus, Josh Baer talks about why digital retailing in the F&I office is on the “precipice of evolution.”

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General Motors said it made an undisclosed investment in UVeye, an Israeli-based automated vehicle inspection technology developer, through its GM Ventures unit.

As part of the collaboration, announced Wednesday, GM will have access to UVeye's technology, such as an underbody scanner that can detect frame damage; a system that checks tire quality and issues such as sidewall damage; and a 360-degree detection system that checks sheet metal and other external body issues.

"We're excited to have GM as a partner. They share the same vision regarding the customer and consumer experience at the dealerships," UVeye CEO Amir Hever said. "GM has the largest dealer network, with over 4,000 dealerships, which is the largest and most significant for us as UVeye."

GM has made the technology available to purchase for its dealership network to upgrade vehicle inspection systems in service lanes. Use of the technology will not be mandatory, said Dave Marsh, GM's technic…

Porsche Penske Motorsport team's much-anticipated hybrid LMDh prototype has a name: the Porsche 963.

The new car was unveiled at Goodwood House in England on Friday, and follows the Porsche and Team Penske collaboration that began in May 2021.

Based on the LMDh regulatory LMP2-category chassis, the 963 sports a 4.6-liter twin-turbo V-8 engine. The engine and overall design borrow from Porsche's winning models of the past, Porsche said. Such DNA can be seen in features such as the strip lighting in the rear of the vehicle and the white, red and black color palette.

"Our new Porsche 963 should continue the legacy of legendary models such as the 917, 935, 956, 962 and the 919," Thomas Laudenbach, vice president of motorsport for Porsche, said in a release. "I'm positive that we'll be well positioned when it comes to technology and we've also created the relevant team structures to set us up for wins."

The 963 will debut in Daytona Beach, Fla., in Jan…

McLaren, a steadfast holdout in the stampede among Lamborghini, Bentley, Aston Martin, Ferrari and other ultraluxury and exotic brands to market high-performance utility vehicles, may be reversing course.

That's the conclusion of a report from British magazine Autocar. The publication, without attributing the information to any sources, says the British automaker plans to launch an SUV in the second half of the decade.

The company has often signaled it has no plans to offer an SUV. Things might be changing since Michael Leiters, a key utility vehicle advocate for other brands, was named CEO in April, Autocar said.

Leiters, a German engineer who becomes McLaren CEO on Friday, July 1, was instrumental in the creation of Porsche's first crossover, the Cayenne, and Ferrari's first utility, the forthcoming Purosangue. He has given no indication publicly he plans to do the same at McLaren.

The closest thing to an SUV that McLaren has fielded is McLaren …

Used-vehicle retail giant CarMax Inc. said it again sold fewer used vehicles in its fiscal first quarter as a result of inflation, vehicle affordability issues and waning consumer confidence.

The company retailed a total of 240,950 used vehicles in the quarter ending May 31, down 11 percent from the same time last year. Comparable store used-vehicle sales also fell 12.7 percent.

Still, CarMax saw its revenue leap 21 percent to $9.3 billion in the first quarter. It also brought in more profit per vehicle — $2,339 per each sold, an increase of $134.

CarMax said it opened one new store in Edison, N.J., in the first quarter, its first in the New York metro market. That's part of the company's larger plan to open 10 new locations in fiscal 2023.

Net earnings for the quarter tumbled to $252.3 million, down roughly 42 percent from $436.8 million in the year-earlier period.

"While the used-vehicle market environment was challenging in the first qua…