Nearly half of dealers plan to buy one or more dealerships in the next 12 months, while only 2 percent expect to sell in that time frame, according to a survey by dealership sell-sell firm Kerrigan Advisors. “As a disproportionate number of dealers plan for growth rather than exit, Kerrigan Advisors expects today’s seller’s market
Month: November 2022
Automotive technology supplier Aptiv Plc on Thursday said its net income more than tripled during the third quarter, aided by higher vehicle production as automakers rushed to meet strong demand. Net income rose to $286 million in the quarter through September from $86 million a year earlier. Revenue improved 26 percent to $4.6 billion. Shares
Volvo Cars reports its first increase in car sales in the US for quite some time. In October, the company sold 9,478 units, which is 8.9% more than a year ago. So far this year, the company sold over 81,000 cars, which is 27% less than in 2021 at this point. Plug-in electric car sales
Dodge will launch its first EV in 2024, and the automaker has previewed it with the Charger Daytona SRT Concept. At this week’s SEMA show, Dodge revealed an updated version of the concept dubbed the Banshee, which likely previews a hotter version. 2023 Ferrari 499P LMH race car Ferrari’s first sports prototype in decades was
Tim Boyle | Bloomberg | Getty Images Although prices for new cars are moderating a bit, financing a vehicle purchase hasn’t been getting any cheaper. With the Federal Reserve’s latest interest rate hike — the sixth this year — auto loans are poised to become even more expensive. The Fed’s move has a ripple effect,
TOKYO — Nissan’s talks with alliance partner Renault are focused on optimizing their investment in electric vehicles and strengthening their competitiveness as equal partners, Makoto Uchida, the Japanese automaker’s CEO, said. Negotiations with Renault, also Nissan’s top shareholder, have less than two weeks remaining to meet a Nov. 15 target the automakers had set to
Australian police have impounded the car and license of a 27-year-old for driving around in a Nissan that just looks like a disaster waiting to happen. The man was spotted by Victoria Police in the small country town of Lara just after 3:30 a.m. on October 31. When asked where he had come from, the
Three dealership groups added single stores in separate third-quarter transactions. Here’s a look at the deals involving domestic and import dealerships in Maine, New Hampshire and New York. Key Auto adds another Ford dealership Key Auto Group on Aug. 9 added its third Ford store, purchasing Rockland Ford in Thomaston, Maine, from Tony Esposito. The
Tesla CEO Elon Musk is staying the course with his promise of self-driving robotaxis within a few years, even as the auto industry is pulling back on autonomous-vehicle investments. But Tesla’s newest competitors — electric vehicle startups Rivian Automotive and Lucid Motors — are focusing their efforts on advanced driver-assistance systems that still require driver
By Joey Klender Posted on November 5, 2022 Tesla recently displayed the power and prowess of the Tesla Bot’s primary leg actuators in a video as it lifted a half-ton grand piano without any issues. The display is both fascinating and frightening as the Tesla Bot project continues to move forward. Tesla shared the video
In this article CVNA Follow your favorite stocksCREATE FREE ACCOUNT Ernie Garcia, CEO, Carvana Scott Mlyn | CNBC Shares of Carvana fell in extended trading Thursday after the online used car retailer missed Wall Street’s top- and bottom-line expectations for the third quarter and reported declines in revenue, profit and sales compared with a year
Stellantis has joined BMW in warning that Europe is struggling to cope with surging costs. As a result, consumers in the region are starting to dial back car purchases. The comments come as German factory orders continued to decline in September, adding to concerns that Europe’s largest economy is slipping into recession as it struggles
Motorists awoke Friday morning to multiple inches of snowfall in the Denver Metro area. The icy conditions lead to multiple crashes across the city including one involving approximately 100 cars. As of this writing, none of the injuries sustained in the pile-up appear to be life-threatening. Around 6:20 local time this morning, Denver Police Department
Most dealers keep their new, unsold luxury vehicles far away from mud pits, dirt roads, deep water, jagged rocks and other things that can potentially cause damage. Larry Zinn is not most dealers. Long before the market filled with upscale SUVs, Zinn’s Land Rover stores held yearly events that brought customers into the wilderness to
The collapse of Argo AI, the consistent traffic problems created by Cruise’s hesitant self-driving test vehicles in San Francisco and the unfulfilled promise from Elon Musk to turn Teslas into robotaxis illustrate the difficulties facing the autonomous highway. Investors have poured $160 billion into the dream of autonomous transport over the last dozen years, according
This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time that includes a new best-bang-for-your-buck electric bike known as the Lectric XP 3.0, Gates unveiled a new belt drive system, SONDORS is headed for an IPO, test rides of two upcoming
12:51 PM ET Associated Press AVONDALE, Ariz. — Jimmie Johnson‘s NASCAR retirement and IndyCar experiment lasted all of two seasons. The seven-time NASCAR champion is returning in 2023 to the series that made him a global motorsports star as the part-owner of Petty GMS. He’ll also enter about five Cup races. Johnson announced that his
HAMBURG – Volkswagen on Friday said it has recommended to its brands to pause paid advertising on Twitter until further notice in the wake of Elon Musk‘s takeover of the social media platform. “We are closely monitoring the situation and will decide about next steps depending on its evolvement,” Europe’s top carmaker said in a
The 2023 Nissan GT-R Volvo EX90 came into focus, and we drove the 2023 Ford F-150 Raptor R. It’s the Week in Reverse, right here at Motor Authority. Godzilla has returned. The 2023 Nissan GT-R was announced after the supercar took a hiatus for 2022. While reports of the car’s death were exaggerated, no changes were
In this article TSLA Follow your favorite stocksCREATE FREE ACCOUNT Elon Musk attends The 2022 Met Gala Celebrating “In America: An Anthology of Fashion” at The Metropolitan Museum of Art on May 2, 2022 in New York City. (Photo by Gotham/Getty Images) Gotham | Getty Images Since Tesla CEO Elon Musk announced his bid to
The image arrived in Susan Swenson‘s inbox on a Wednesday evening. Her corporate headshot had been crudely crossed out in digital red ink, and the word “Kill” was written in the bottom left corner. In the hours that followed, some of her colleagues received similar threats, including messages that referenced the recent assassination of former
Tuesday afternoon police were investigating a fatal accident scene when a completely separate crime took place. A 35-year-old man drove his Jaguar sedan into the crime scene, hit a police vehicle, nearly ran into an officer, and then fled before police caught up with him. Police footage shows the entire incident from start to arrest.
A demand problem taking root in the used-vehicle industry is forcing Carvana Co. further into cost-cutting territory. The Tempe, Ariz.-based online used-vehicle retailer said last week that a multitude of economic factors — including rising interest rates — are converging to disrupt consumer demand and hinder the sales volume growth the company had anticipated for
Heightened raw materials costs, supply chain difficulties and shortages of key materials have sent prices for electric vehicle components rising over the last two years. That has delayed the industry’s quest to bring prices of EVs in line with those of gasoline-powered vehicles by at least a couple of years, said Jamie Fox, principal analyst
Think “classic Mini” and images of English villages, cobblestone streets, and afternoon tea come to mind. Oh, and the buddy-bandit movie The Italian Job – both of them. Living up to its name and purpose (its genesis was a wartime fuel shortage), the Mini was indeed miniature and fuel-efficient, but it also happened to be
10:00 AM ET One of Joey Logano, Ross Chastain, Chase Elliott and Christopher Bell will be crowned 2022 NASCAR Cup Series champion on Sunday in Phoenix. Sean Gardner/Getty Images After nine months, 35 points-paying races, two exhibition events, 19 different race winners, paddock parity like we’ve never seen before and nearly as much controversy as there
Several automakers have been quick to reevaluate their advertising relationships with Twitter now that the social media giant is controlled by one of their most significant competitors: Tesla Inc. CEO Elon Musk. Here’s what some have said so far. Volkswagen Group: The German automaker said Friday that it has recommended its brands pause paid advertising
In this article CVNA Follow your favorite stocksCREATE FREE ACCOUNT Source: NYSE Shares of Carvana were on pace for their worst day on record Friday after the company missed Wall Street’s top- and bottom-line expectations for the third quarter as the outlook for used cars falls from record demand, pricing and profits during the coronavirus
The UK auto market is on course to face its toughest year since 1982 as the country reels from a cost-of-living squeeze and surging inflation, together with the impact of persisting chip shortages across the globe, the Society of Motor Manufacturers and Traders (SMMT) said. The warning came as the group released monthly data showing
We’ve all experienced moments of frustration behind the wheel. Oftentimes those moments come in traffic and I for one have heard people say “I wish I had a big truck so I could just run people off of the road.” While those hyperbolic comments aren’t healthy, the video below seems to show someone who had