Used car prices up 16 %
Three-year-old used cars currently sell for about 16 percent more than they did this time last year, Edmunds.com reports. Typically, used car prices rise 4.6 percent from year to year, but the scarce supply of used vehicles is having a dramatic impact on prices this year.
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IntelliChoice.com cites 'best' CPO automotive programs for 2010
IntelliChoice.com, provider of automotive cost and value analysis and part of Source Interlink Media, announced the winners of its 11th annual ranking of Certified Pre-Owned (CPO) manufacturer-sponsored programs. For the third straight year, Volvo took the top ranking among Luxury manufacturers, while Volkswagen and Mini are tied for the second year for the best Non-Luxury programs.
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November Dealer magazine out in digital format
.jpg?i=110409104514) Read the November issue of Dealer magazine now
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Clashing over the real cost of 'cash for clunkers'
All those clunkers may have headed for graveyards, but the debate over the real cost of sales spurred by the program refuses to die. Instead, it's the subject of increasingly heated debate over how much the cash for clunkers program cost the US taxpayer, The Christian Science Monitor reports. On Tuesday, the National Automobile Dealers Association (NADA) fired the latest salvo, issuing its estimate of $4,587 per new car traded in for clunker. That’s less than a quarter of the $24,000 per new car that automotive Web site Edmunds.com estimated last week. After Edmunds.com published its estimate, the White House rebutted it, saying it was an attempt to generate publicity. Then Edmunds rebutted the White House’s rebuttal. This maneuvering is simply the first skirmish over what will surely become a decades-long debate over the legacy of President Obama’s stimulus package. Did it rescue the economy or was it a costly boondoggle? At stake is the political credibility of the administration’s economic plans. How the public comes to view the clunkers program could become the lens through which it perceives all its stimulus efforts.
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J.D. Power: Majority begin search for used vehiles online
Internet shopping has reached parity with visits to dealer lots as the primary method for used-vehicle buyers to locate used vehicles, according to the J.D. Power and Associates 2009 Used-Vehicle Market Report released late last week. Last year 46 percent of shoppers used the Internet to start their search for a used vehicle, the report said.
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'Cash for clunkers' boosts Penske earnings
Penske Automotive Group, headed by Detroit auto icon Roger Penske, posted a 23 percent increase in third-quarter earnings thanks to a boost from the federal "cash for clunkers" program and cost cutting, The Detroit News reports. The company reported net income of $27.4 million, or 30 cents a share, compared to $22.2 million, or 24 cents, from a year earlier. Total revenue was $2.6 billion, down 13.3 percent."Our retail operations performed well during the third quarter, experiencing continued sequential improvement compared with the second quarter," Penske said in a prepared statement.
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J.D. Byrider projects 2009 revenue, reveals new store plans
J.D. Byrider, the nation's largest buy here pay here automotive franchise company, is projecting its 2009 system-wide revenue will match or exceed the 2008 revenue of $759 million, even with the current challenges within the automotive industry.
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OPENLANE launches 3rd-party inspection on auction site
OPENLANE, Inc. online auction company announced the launch of its nationwide Third Party Inspection (TPI) service for all sellers on OPENLANE’s auction site, www.OPENLANE.com. By offering sellers the option to order an inspection during the listing process, OPENLANE said it is providing its seller base with a value-added service that increases efficiency throughout the process.
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SIRIUS XM Radio trial now offered on Chrysler CPOs
SIRIUS XM Radio and Chrysler Group LLC today announced that Chrysler Group customers in the United States will receive an introductory three-month trial subscription of the "SIRIUS Everything" package when they buy a SIRIUS-equipped Chrysler Group LLC Certified Pre-owned Vehicle (CPOV).
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of you are already backsliding! The recent sales upswing has caused you to lose focus on the changes you made to right your dealership’s course in the midst of the downturn. You’re getting sloppy with procedures and budgets, loose with accountability and careless with inventory! Tragically, winning a couple of business battles can cause a relapse of complacency that costs you the war. This is because we tend to forget lessons learned during crises once the imminent danger and survival threat has disappeared. In addition, the natural sense of optimism most leaders demonstrate prompts them to play best-case scenario too early, too often following a downturn. It’s like recovering from a heart attack: after a period of intense exercise and diet, you’re back to donuts, Dominos and the Discovery Channel. How long your team stays focused on the disciplines, procedures and cost-controls you implemented during the economic meltdown depends largely on your own commitment to the changes you’ve made. Following are five sample areas where you may have gotten personally off track. Look objectively at this list of offenses to discover where you need to correct your course. 
