Automakers sold more than 3.9 million vehicles during the first three months of the year, with several major companies reporting March sales that were nearly double from the same month a year earlier.
Auto dealer financing firm in Carmel gets fast start
A veteran of a specialty auto-industry sector called floor-plan financing has launched a lending company that promises independent car dealers funding wherever they buy vehicles.Read More
Car dealers hungry for inventory after factory shutdowns leave lots depleted
Automakers essentially halted production for eight weeks—from mid-March through mid-May—as the pandemic wreaked havoc on supply chains and sparked concern for autoworker safety.Read More
Asbury Automotive furloughs 215 employees at local car dealerships
Asbury, which has eight Indianapolis-area dealerships, said it’s furloughing 2,300 employees across its 10-state operating footprint due to a sharp drop-off in sales and service revenue.Read More
CarMax plans second Indy-area superstore, near Greenwood
In order to move forward with the south-side project, the publicly traded used-car behemoth must receive a variance of use for auto retailing on the land.Read More
Indiana Attorney General Todd Rokita said the dealer sold cars online in a way that led consumers to believe the seller was a private owner. For its part, the dealer said it was a one-time occurrence.
The price of an average new vehicle jumped 6% between January and December 2020, to a record $40,578, according to data from Edmunds.com. Yet, that increase was nothing next to what happened in the used market.
Kinetic Advantage, which helps finance inventory for independent car dealers, launched last July, but has already grown to 65 employees and is operating in 26 markets.
Prices for used cars and trucks are up 10.3% in the past 12 months. The September increase in used vehicle prices was the largest monthly increase since February 1969.
KAR Global plans to expand upon the online automotive auction services it provides through TradeRev by acquiring BacklotCars’ longer-term online auctions, which allow dealers to bid on cars over the course of several days.
The company says sales are up after an earlier drop-off, and it hasn’t yet seen a spike in delinquencies or defaults among credit-challenged borrowers, who represent its core customers.
The Plainfield business is bucking the trend of local dealerships getting scooped up by large national conglomerates.
Pay reductions helped the auto auction giant partially offset the temporary closing of its physical auctions and other fallout from COVID-19.
Auto auction giant KAR Global’s bet on a phone app that facilitates dealer-to-dealer car sales has cost it a fortune over the past two years—so much so that KAR now is retooling its strategy for the fast-growing division.
Consumers bought an estimated 40.4 million used vehicles last year, likely passing the old record of 40.2 million set in 2018, according to figures from the Edmunds.com auto pricing site.
Cole and sister Monica Peck took over the business in 2008 from their parents, just as the Great Recession was gathering steam. They more than doubled their sales after the “Sisters of Savings” radio ad campaign began.
Asbury Automotive Group, the nation’s seventh-largest auto retailer, now has made four acquisitions in the Indianapolis area totaling more than a quarter-billion dollars since 2017. Butler is being rebranded as part of the purchase.
Tesla plans to sell its electric cars only online as it accelerates its cost-cutting efforts. The company will close many of its 378 stores, but leave some open as galleries or "information centers" in high-traffic areas.
Napleton Auto Group says it’s still weighing its options for relocating one of its local Kia dealerships after dropping a contract to buy the former appliance chain headquarters and retail site.
The Chicago-based auto group that entered the Indianapolis market with a big splash in 2017 has requested a zoning change for the mammoth HHGregg property that would include car sales and repair.
The share of U.S. vehicle sales financed with zero-percent loans has been shrinking, but several automakers are rolling out no-interest loans for Black Friday.
The local car dealerships Hoosiers have long visited when shopping to buy a set of wheels could bear new names in coming years as aging owners look to sell off their businesses.