Josh Isley

A source close to the situation told CBT News that an announcement from the National Automobile Dealer Association regarding the NADA 2021 Show is imminent. According to this source, the annual expo will move to an exclusively virtual platform. The show was originally scheduled to meet in the city of New Orleans next January 21st - 24th. The annual show's in-person presence has been in doubt due to the lingering impact of the COVID-19 pandemic. CBT News will continue to monitor and update this story as it unfolds. Correction: It has come to the attention of CBT News that a…

In less than two weeks from the announcement of the LA Auto Show rescheduling for March, the Detroit Auto Show is pushing back its date once again. The North American International Auto Show (NAIAS) was originally supposed to take place in January. However, the event was moved to June in hopes of better weather conditions to display the latest updates in autonomous technology.  When the LA show moved from November to May of 2021, the spring quickly became very crowded with three of the largest auto shows in the world taking place within three months of each other. The New…

The concept of an all-electric Ford F-150 has been anticipated for a while, and the automaker is taking the first steps to move from a concept to production. In a press release, Ford confirmed plans to begin construction of the new Rouge Electric Vehicle Center, the facility in which it will build the F-150 EV by mid-2022. Once the manufacturing plant is complete, the automaker will add 300 jobs as part of its $700 million investment in the new F-150 lineup. Ford is also set to launch the first-ever F-150 PowerBoost Hybrid. The hybrid and the all-electric model will undergo…

Fiat Chrysler and PSA announced plans to amend the merger that will launch Stellantis in 2021.  FCA announced in a press release that the amendments were made to address the liquidity impact on the automotive industry due to COVID-19. The companies plan to preserve the economic value with a 50-50 balance of the combined entity known as Stellantis. Fiat Chrysler will distribute a $3.4 billion dividend to shareholders before the merger instead of the previous agreement of $6.5 billion. PSA plans to delay the distribution of its 46% stake in auto supplier Faurecia until the deal closes.  Based on current…

Auto dealers have experienced highs and lows during the COVID-19 pandemic. Many have had surprising, record-breaking sales months and many have sold more used vehicles than ever before. The current value on used vehicles stems from the lack of new vehicles arriving on the lot. Inventories among new vehicles have remained low in August as many plants continue to operate short-staffed. During the beginning of the COVID-19 outbreak in the US, auto plants across the country shut their doors as production skidded to a complete halt. However, even as production stopped, dealers didn’t stop selling vehicles. Contrarily, many dealers began…

Lucid Motors has been building up its first production vehicle, with lofty claims of industry-leading battery range and speed, since releasing a prototype at the end of 2016. Four years later, the production model is here. The EV maker unveiled the Lucid Air on Wednesday in a global web broadcast from its Silicon Valley headquarters. The company said that deliveries of the new luxury sedan will begin in the spring of 2021. Peter Rawlinson, CEO and CTO of Lucid, was the chief engineer in developing the Tesla Model S when he worked for the EV industry leader from 2009 to…

KAR Global announced a definitive agreement to acquire BacklotCars Inc. According to a KAR Global, the deal is still subject to certain regulatory approvals and other customary closing conditions before it can be made official. The purchase price of the acquisition is totaled at $425 million with the pending transaction set to close year-end pending legal regulatory approvals. BacklotCars is an online dealer-to-dealer wholesale platform, offering a 24-7 “bid-ask” marketplace and comprehensive vehicle inspections. The company is headquartered in Kansas City and serves dealers in 46 states across the United States. The company’s technology capabilities simplify digital transactions and enhance…

Since the unveiling of the concept in February, The Nikola Badger has been hyped to be the direct rival to Tesla’s Cybertruck. The one question slowing the Arizona startup was who would produce the electric pickup. That question was answered Tuesday when the company announced a partnership with General Motors. GM announced that it would take an 11% stake in the electric truck maker and produce the Badger by the end of 2022. Benefits for GM The $2 billion stake GM is getting will grant them the right to nominate one board member to Nikola in exchange for in-kind services.…

Anyone who’s spent time in the midwest part of the U.S. during the latter part of the 20th century, and even into the 21st century, likely remembers the comical car commercials with the cartoon lion proudly boasting, “There’s only one Bob ROHRRRR-man!” The commercials generated good humor with hilarious costumes and cheesy lines. The man behind the slogan, Bob Rohrman, passed away of natural causes Tuesday evening in his Schaumburg condo according to his family. Rohrman, 87, enjoyed a tremendous amount of success from Bob Rohrman Auto Group made up of 27 franchise new car dealerships in Illinois, Indiana, and…

After delaying the deal earlier this year, Asbury Automotive Group has completed its acquisition of Park Place Dealerships. The auto retailer announced that the move adds approximately $1.7 billion in annual revenue. The company announced the completion of the deal in a press release Monday evening.  "Park Place remains one of the best operators of luxury stores in the industry. Their portfolio of stores comes with a strong base of loyal clients and long-term team members throughout the high growth Dallas/Fort Worth market" said David Hult, Asbury's President and Chief Executive Officer. "We are thankful to both the Asbury and…