| The dealership acquisition story is still unfolding |
Last year, Automotive News for the first time rigorously documented new-vehicle dealership transactions, or what is commonly referred to in the industry as buy-sells.
As fate would have it, 2021 arguably was the biggest year for dealership acquisitions in history. But last year’s data tracking wasn’t a one-time thing.
Throughout 2022, Automotive News has continued to collect data submitted by dealers, buy-sell brokers and others and we have hunted down details on other transactions found in company regulatory filings, local news reports and social media posts.
All of which leads us to Monday’s paper.
On Page 1 you’ll find another data-rich story focusing on buy-sell activity for the first half of 2022.
The big takeaway?
Private groups — not the publicly traded auto retailers — collectively were the most active buyers. And they often bought just one or two dealerships at a time.
To be sure, some of the six major public auto retailers did buy dealerships in the first half of 2022, such as Lithia Motors Inc.
But the number of stores the publics acquired and how much they spent on acquisitions dropped in the first half of 2022 from the year-earlier period. You’ll find a separate, publics-focused buy-sell story in our Done Deals section, Page 8 in this issue.
Automotive News can now more thoroughly tell the story of buy-sell activity in the first half of 2022, as was the case for 2021. Look for that to continue for the rest of 2022.
Stay tuned.
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In Monday’s Automotive News:
25 dealers who charted new territory: The history of the U.S. auto industry is full of tales of car dealers who blazed new trails and influenced those who came behind them. Automotive News shared the stories of 50 of them back in 2009 in our first Visionary Dealers section. We’ve revisited that theme of pioneering retailers to select another 25 who fought for dealer rights, made marketing innovations, took chances on emerging brands, broke new ground in online sales or agitated for greater diversity among their ranks. They aren’t the only visionary dealers in the industry’s present or past, but their achievements provide lessons and inspiration for their peers.
Flipping the script. Toyota is flipping the script for its next-generation Prius hybrid. The gasoline-sipping nameplate, a byword for eco-friendly driving since its 1997 debut, won’t be much greener for the redesigned fifth generation, but it will sure be a whole lot meaner. Automotive News looks at the new Prius’ range of more powerful hybrid drivetrains (more than 200 hp!), the car’s new sheet metal and the new platform. Production begins in December.
Cash infusion. Swedish EV maker Polestar is in the early stages of a growth spurt that calls for launching three models and selling 290,000 vehicles by mid-decade. It’s an ambitious goal in the best of times and for an auto industry grappling with supply chain bottlenecks, surging raw material costs and softening demand, these are anything but. But Polestar is getting a $1.6 billion shot of new capital to cushion it against market turbulence. As this Automotive News story explains, shareholder Volvo Cars will provide an 18-month $800 million loan, with the other major shareholder, PSD Investment Ltd., committing an equal amount through direct and indirect financing. The idea is for the financing to allow Polestar to focus on delivering more cars to more customers.
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Father of the Prius: The Prius’ chief engineer, Takeshi Uchiyamada, is now Toyota’s chairman. And he’s still helping to shape the flagship hybrid. In an interview with Automotive News, he says he expects the flagship hybrid to be around for many more overhauls, even in the EV age. Now 76, Uchiyamada was charged in the mid-1990s with developing a car for the 21st century.
Foreign brands top reliability study: Toyota, Lexus and BMW top Consumer Reports’ survey of brand reliability for 2022, nudging Mazda from the podium after its No. 2 finish last year. Japanese brands continue to dominate the ranks of most reliable light vehicles in the world, with Toyota, Lexus, Mazda and Honda making up four of the top five. Lincoln, vaulting 14 spots, is the only domestic brand to place in the top 10.
Jaguar Land Rover CEO resigns: Jaguar Land Rover CEO Thierry Bollore, 59, is resigning due to personal reasons and will step down effective Dec. 31. Adrian Mardell, currently JLR’s head of finance, will take over as interim CEO.
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Nov. 23, 1864: Date of birth of Henry Joy, an early financial angel of Packard and its general manager/president/chairman from 1903 to 1916.