Amazon to allow customers to buy cars on its site from local car dealers
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.
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Automakers likely to raise prices in wake of UAW strikes
General Motors, Ford and Stellantis are facing sharply higher labor costs, estimated by some analysts at exceeding $1 billion per year, per company.
Indianapolis tech startup Overfuel acquires competitor
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.
Looking for a new car under $20,000? Your choice has dwindled to one.
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.
Camping World to acquire Mount Comfort RV in Greenfield
Mount Comfort RV, which primarily sells Forest River, Coachmen, Tiffin, Newmar, and Winnebago products, is one of the largest RV dealerships in the state.
Car buyers bear heavy burden as Federal Reserve keeps raising rates
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.
Carvana debt comes due with business ‘firmly in retreat’
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.
IBJ Podcast: Jeff Wood’s white-knuckle ride from F-16 pilot to head of Tom Wood Automotive
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.
2022 Year in Review: KAR sells off physical auto auction business to Carvana
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.
Mohr Automotive buys north-side Chrysler dealership
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.
Indianapolis startup Overfuel aims to streamline website experience for car dealers
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.
Used-car dealer Byrider cutting 43 employees at its Carmel HQ
The list of employees being eliminated includes personnel in management, finance, facilities, recruitment, marketing, technology and strategy.
AutoNation’s CEO warns of used-car price drop as rising rates curb demand
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.
Penske Automotive acquires Terry Lee dealerships in Noblesville
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 to offer electrified Corvette as early as next year
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.
IBJ Podcast: Pete the Planner goes car shopping during an auto-industry shortage
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.
Average price for used car climbs past $29K, leaving would-be buyers aghast
When the government reported that consumer inflation rocketed 6.8% in the 12 months that ended in November—the sharpest jump in nearly 40 years—the biggest factor, apart from energy, was used vehicles.
Used-car prices slip from dizzying heights but remain high
Inventories of used cars remain tight, but a decline in customer traffic in recent weeks has prompted some dealers to trim prices.
Used-car frenzy makes for record prices, ‘cutthroat’ sales floor
The used-car lot, ordinarily a haven of haggling and wheeling-and-dealing, is now a hotbed for wallet-busting transactions.
New auto sales, prices rise as chip shortage cuts U.S. supply
Consumers desperate for new vehicles often paid over the sticker price, pushing the average sales price in June above $40,000 for the first time, according to J.D. Power.