CDK suffered two cyberattacks that forced its systems offline for days, slowing down everything from scheduling, service repairs, parts deliveries and car purchases at auto dealerships in both the U.S. and Canada.
CDK Global, a company that provides software for thousands of auto dealers in the U.S. and Canada, was hit by back-to-back cyberattacks Wednesday. That led to an outage that has continued to impact operations.
For prospective car buyers, that may mean delays at dealerships or vehicle orders written up by hand, with no immediate end in sight.
A group of 3,700 auto dealers is calling on the Biden administration to pull back on federal regulations that will mandate that two out of every three vehicles sold in the United States in 2032 will be battery electric.
The announcement on Thursday shows Amazon’s ambitions to grow its footprint through dealers in an industry that has strong lobbying forces and heavy state regulations.
General Motors, Ford and Stellantis are facing sharply higher labor costs, estimated by some analysts at exceeding $1 billion per year, per company.
Overfuel, which launched last year, recently acquired a Washington-state-based competitor, 321 Ignition. Both companies offer a platform on which independent auto dealers can build their websites.
Just five years ago, a price-conscious auto shopper in the United States could choose from among a dozen new small cars selling for under $20,000. Now, that choice is down to a single vehicle.
Mount Comfort RV, which primarily sells Forest River, Coachmen, Tiffin, Newmar, and Winnebago products, is one of the largest RV dealerships in the state.
A study by the New York Federal Reserve has found that 14% of applicants for auto loans were rejected over the past year—the highest such proportion since the New York Fed began tracking the figure in 2013.
The quarterly loss reported after the close Thursday caps a disastrous year in which Carvana’s stock plummeted 98%, erasing almost $37 billion of market capitalization. Carvana spent $2.2 billion last year to acquire Carmel-based KAR Auction Services Inc.’s physical auto auction business, ADESA.
It’s been more than a dozen years since Jeff Wood became company president, and he has used that time to diversify Tom Wood Automotive Group—often following his own interests to see where they lead.
Carmel-based KAR Auction Services Inc., which has been working to transform itself into a digitally operated company, took a big step toward that goal when it sold its U.S. physical auto auction business to Tempe, Arizona-based Carvana for $2.2 billion in cash.
Finalized this week for an undisclosed price, the purchase makes Champion Chrysler Dodge Jeep Ram at 4505 W. 96th St. the Mohr company’s 12th dealership.
Overfuel, which had its public launch this week, is targeting small- to medium-sized independent car dealers, offering them software that helps them streamline their websites and glean more information about customers’ online activities.
The list of employees being eliminated includes personnel in management, finance, facilities, recruitment, marketing, technology and strategy.
The biggest U.S. chain of car dealerships said used-vehicle prices are softening as rising interest rates curb demand from more price-sensitive buyers.
The acquisitions of Terry Lee Hyundai and Terry Lee Genesis closed on Tuesday. Lee, who has owned car dealerships since 1995, said the sale marked his departure from the automotive sales business.
GM has set a goal of building only electric passenger vehicles by 2035. It has pledged to have 30 electric vehicle models for sale globally by 2025.
Buyers have no negotiating power. Zilch, Dunn tells podcast host Mason King. And that’s because there are as many buyers on a lot looking for a vehicle as there are cars.
