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A look inside the current state of the semiconductor microchip...

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While automakers and basically every manufacturer around the world were hoping the semiconductor microchip shortage would be a thing of the past by now, the issues are continuing to have a negative impact on production across all industries. Automotive dealers have seen a drastic decline in inventory as the shortage has dragged on, and expert […]
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wholesale

What’s the reason behind fluctuating wholesale values?

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Wholesale values fluctuated significantly throughout the past month leaving many of you wondering what this means for you, the industry, and why it is happening. Jasen Rice, President, and CEO of Lotpop and the host of Used Car Weekly on CBT, spent more than eight years training dealers on used car inventory management before starting […]
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Auto sales

Auto sales forge ahead in May despite inventory shortages

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April was one of the best months in automotive retail historically, and May was expected to be similar. However, the seasonally adjusted annual rate (SAAR) reversed course by a fair margin, declining to 17.0 million. Contributing factors for the most recent completed month’s numbers are wide-ranging including faltering consumer sentiment and the new inventory shortage […]
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sales

The National Retail Federation projects retail sales growth in 2021...

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The year 2020 was a challenging one—particularly for the automotive industry. During the start of the pandemic, U.S. vehicle sales fell as much as 52%. Nevertheless, the industry went on to rebound and see year-over-year growth in new vehicle sales. This showcases the automotive industry’s resilience, especially auto dealers who found innovative ways to offer […]
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dealer

Dealer sentiment acknowledges both slow downs and bright spots in...

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Earlier this week, Cox Automotive released their Dealer Sentiment Index report and survey results for Q4. The study showcased responses from 1,077 auto dealers, which were comprised of 584 franchised dealers and 493 independent dealers.  Cox Automotive took this survey of dealers from November 4th to November 15th, a time where the COVID-19 pandemic began to surge […]
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CarLotz

Five takeaways from used-car consignment company CarLotz public merger

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Even in light of the COVID-19 pandemic, business is still brewing for companies in the automotive industry. On October 22, 2020, used-car consignment company CarLotz went public in a merger with Acamar Partners Acquisition Corporation. The corporation valued the company at $827 million, which also includes debt that CarLotz also owns. With the rise in […]
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rental

Hertz navigating bankruptcy, but rental car industry expecting growth

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The goliath car rental corporation Hertz Global Holdings continues to battle their way through bankruptcy proceedings post-COVID. On May 22, 2020, Hertz filed for bankruptcy protection in the throes of the pandemic with roughly $19 billion in debt and almost 700,000 rental vehicles sitting idle. In Q2 2020 alone, a net loss of $847 million […]
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Cox Automotive

Cox Automotive chief economist Jonathan Smoke breaks down current auto...

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Data and trends in retail automotive can often fluctuate depending on who you ask so to help us sort through the latest information is Jonathan Smoke, Chief Economist for Cox Automotive. We’ll be discussing the latest data and what dealers can expect from these industry trends. The last few months have been incredible for the […]
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time

Time, A Major Reason for Higher PRU During COVID-19

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Way back in March when COVID-19 shutdowns rolled across the US (seems like a long time ago, doesn’t it?) dealerships were one of the businesses that took an immediate hit. Showrooms and lots emptied and either transitioned to online sales or closed altogether. It was like a bad 80’s science fiction movie. Society just seemed […]
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Las Vegas

Positive Steps for Economy in Nevada as Las Vegas Reopening

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At the stroke of Midnight on June 4th, Golden Gate Hotel and Casino welcomed their first guests back to the tables. The Stratosphere observation tower opened as well, and a virtual fireworks show punctuated the occasion amid street-level festivities. Las Vegas is officially open for business once again. Everyone in Las Vegas can breathe a […]
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