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Ford’s Q3 earnings, PSD Automotive group buys Global Auto Mall, Dealer groups show resilience

Kain & Co

On the latest Kain $ Co., Shaun Knifin, Marketing/technology director at Germain Motors, discusses how dealers can transform CDP experienceReimagining what a CDP can do for your dealership – Shaun Kniffin | Germain Motor Co.
The Germain Motor Co. has been in business since 1947. Today, the company has 19 stores representing 20 brands. The dealer group operates in Arizona, Montana, Michigan, Ohio, and Florida, with sales exceeding $1 billion. On the latest episode of Kain and Co., host David Kain, president of Kain Automotive, is joined by Shaun Kniffin, Marketing and technology director at Germain Motors. Watch the full segment here

Top stories

Ford saw third-quarter earnings rise over the previous year but withdrew its full-year guidance amidst labor and electric vehicle concerns.Ford on Thursday retracted its full-year earnings guidance after posting an underwhelming third-quarter report. The announcement came on the same day company executives reached a tentative deal with the United Auto Workers union. Ford generated $44 billion in revenue over the third quarter, $41.18 billion of which was accrued through its automotive operations. Read More

The PSD Automotive Group acquired the Global Auto Mall of North Plainfield, New Jersey, as the final step in its legacy succession plan.
Image Source: Global Auto Mall

On October 27, PSD Automotive Group acquired the Global Auto Mall of North Plainfield, New Jersey. Global Auto Mall, which includes Global Jeep, Global Kia, Global Hyundai, and Genesis of North Plainfield, was founded by Robert Nitabach in 1978. This transaction was the second and final step in his legacy succession plan. Read More

Dealership groups continued to build on their early-year successes in the third quarter but struggled to sustain profits from 2022.Dealership groups across the U.S. broke multiple performance records in the third quarter, highlighting retail automotive’s unanticipated resilience in the post-pandemic era. Lithia & Driveway posted a third-quarter revenue of $8.3 billion, an increase of 13% or $1 billion from the prior-year period. The amount represents a new record for the months of July, August and September. Read More

BP, is the first company to buy $100 million of Tesla's Supercharger hardware, to use in a third-party charging network.The largest oil and gas conglomerate, BP, is the first company to buy $100 million of Tesla’s Supercharger hardware. The purchase marks the first for a company to buy DC charging equipment from the automaker to use in a third-party charging network.  Read More

For Dealers 

A single consultant approach is worth exploring and could make for a smoother and more efficient car buying process.Does a single consultant approach make sense in today’s dealership?
F&I has been stuck in a decades-old paradigm of being the last stop in the dealership before being able to drive off in their new car. And unfortunately, a step many customers would rather skip if they could. The many steps along the way that customers must endure to buy a car and the complaints that younger generations have about the time it takes to go through the sales process begs the question…is having one point of contact from start to finish a better way to deliver the sales experience?  Read More

Social media manager working diligently on tablet and smartphone.What to look for when hiring a social media manager for your dealership
A social media manager is likely one of the most crucial individuals you’ll hire for your dealership marketing team. Over the past decade, their role has expanded from making mere postings and interacting with customers to running campaigns and managing ads. It’s a role that will continuously evolve. What should you be looking for as you select the person that will likely be the most influential in getting the word out about your dealership? Read More

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Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

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