Car dealership profits slipped in first half of 2024, report shows ...
WEBAug 19, 2024 · The average U.S. franchised dealership saw net pretax profit slip 33.4 percent in the first half of 2024, though the profit decline appears to be slowing, according to the latest dealership ...
Dealership expert: Best and worst franchises, what's next for the car ...
WEBAug 20, 2024 · During the COVID-19 pandemic, manufacturing disruptions and product shortages forced car prices up. While that would normally have a freezing effect on demand, an influx of cash from stimulus checks helped drive new and used vehicle sales, further straining the already limited supply.
Urban Science: No significant change in U.S. dealership count ...
WEBAug 15, 2024 · Urban Science projects throughput – the number of vehicles a dealership sells – to rise by 28 units this year (from 851 units in 2023 to 879 units in 2024), marking a new high for the U.S. automotive retail network since the …
Dealership profits dropping fast despite stable revenue
WEBAug 19, 2024 · Dealer profits are down 33.4% year-over-year. While overall earnings are still around 1.7 times greater than they were in 2018, normalization is setting in quickly. Per-unit profits suffered similar losses. Dealerships made an average of $2,408 for each new vehicle sold, down 32.9%, and $1,404 for each used vehicle, down 22.9%.
Hyundai, Kia sales jump in U.S. amidst global decline
WEBSep 4, 2024 · Hyundai and Kia posted their best-ever August sales numbers for the U.S. but faced steep declines worldwide, reflecting intense differences in the global car markets. Driving the news: Hyundai and Kia both saw sales gains in North America, driven by rising demand for hybrids and Labor Day deals.
Hackers demand millions, halt operations at 15,000 US car dealerships
WEBAug 30, 2024 · A cyberattack on Wednesday, June 19, impacted CDK Global, a major software provider for North American car dealerships. The attack caused widespread disruption, halting management tools at thousands of dealerships. The hackers, believed to be based in Eastern Europe, demanded tens of millions of dollars in ransom.
Large car dealership group looks to close all US locations citing ...
WEBAug 19, 2024 · Leader Automotive Group in Illinois recently announced it could close all 18 of its car dealerships. The company partners with 16 popular automotive brands, selling new and used models, including Chevrolet, Honda, Hyundai, Jeep, Kia, and Toyota cars. AutoCanada Inc. owns the group, and after Q2 performance revealed steep “inventory …
Toyota admits 240GB data breach - Tech Monitor
WEBAug 20, 2024 · Major car dealership disruption after cyber incident. This week’s breach at Toyota follows an outage in July at CDK Global, the software of which is used by thousands of car dealerships across the US. After detecting unusual activity on its networks, the firm shut down its IT systems twice in quick succession, forcing an estimated 15,000 ...
Nissan dealership profits tank amid U.S. sales struggles
WEBAug 13, 2024 · The average Nissan dealership earned 70 percent less in the first half of the year than in 2023, with more than a third of stores losing money, according to data obtained by Automotive News.
When Will New Car Prices Drop? - Kelley Blue Book
WEBAug 16, 2024 · The cyberattack that caused automotive industry data disruptions at 15,000 dealerships continues to skew reporting and inventory levels. New car average …
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