Billionaire investor George Soros and his company Soros Fund Management are seriously investigating following Warren Buffett's lead and buying an auto dealer body. A Soros representative was reportedly trying to sell dealers on the idea during a private dinner, indicating that current management would stay in place, if the company invested.
Four Chrysler dealers shuttered during the automaker's bankruptcy have one less obstacle in their way to reopening following a US appeals court ruling. However, they still have to work things out with FCA.
Hyundai and Kia dealers in Grand Junction, CO, are buying $180,000 in gift cards for local businesses and giving them away to previous customers as part of a new marketing strategy. Not only does the plan get more buyers into the the showrooms than traditional advertising, but it reinvests money back into the community.
Reuters reports that BMW has agreed to pay its Chinese dealers 5.1 billion yuan ($820 million) to help them overcome huge inventories and poor profits last year. Audi and Daimler have are also subsidizing Chinese dealers with hundreds of millions of dollars as the local auto market slows down.
Chinese dealers have long submitted to the power of foreign automakers, but with inventories out of control and only 30 percent of dealers operating at a profit, the situation has gotten so bad that the country's largest dealer body has complained to the government.
Gold balls, green peas and other jargon used by sales peoples
Given the less-than-sterling reputation that car salesmen have among many consumers, it should be no surprise that they also have their own insider jargon. Much of the lingo is now finally coming to light in one place thanks to an Ohio lawyer specializing in 'lemon law' cases who keeps a dictionary of the terms on his website.
When Warren Buffet makes an investment, people pay attention. That's just one of the perks of being one of the richest men in the world, and his latest move is a big one. Buffet's Berkshire Hathaway investment company is to hopping into the auto business in a huge way by buying Van Tuyl Group, the nation's largest privately owned auto dealer network, for an undisclosed sum.
Tesla has been fighting challenges from dealer groups in several states for years due to the company's decision to sell directly to customers at stores rather than through franchise dealers. The business has won some of these battles like its recent compromise in Pennsylvania, which allows the company to open five stores there. Now, Tesla has another legal struggle ahead of it because the Georgia Automobile Dealers Association is hoping to shut down the brand's boutiques.
How to get the best bang for your buck at the dealership
Apprehensive about shopping for a new car? Afraid you'll say the wrong thing to a car dealer that will give him the upper hand in the price battle? Shopping for a new car, or even a used one, doesn't have to be that kind of nerve-jangling roll of the dice that it was many years ago. For starters, the advent of the Internet allows car shoppers to go into battle armed with more information today tha
Franchise law bans sale of cars in Tesla owned showrooms
State motor vehicle officials have approved a regulation that would require all new car dealers to obtain franchise agreements to receive state licenses, a move critics say will hurt the electric-car industry's attempts to expand.
The fight against customer-direct car sales by Tesla Motors continues around the US, and the California-based company can now count dealership groups in Georgia and Ohio among its adversaries. In Ohio, Tesla has opened company-owned stores in Cincinnati and Columbus and is now fighting a state dealership association that's pushing for legislation that explicitly outlaws direct dealer-to-public sales after a lawsuit against Tesla was dismissed last week, Automotive News says.
Almost five years after US taxpayers bailed out General Motors and Chrysler, a large majority of their slimmed-down dealership networks are posting soaring profits, Bloomberg reports, and contributing to the US auto industry on track this year to deliver 15.4 million vehicles, the most since 16.15 million were delivered in 2007.
Some cars sold this weekend's had less than 20 miles on the odometer
A two-day auction this past weekend drew over 10,000 people and featured mostly unsold Chevrolets that have sat untouched for decades. Many of the rare cars and trucks had less than 20 miles on the odometer.
TrueCar and automotive dealerships just can't seem to stay out of the spotlight. An investigation is underway by the Federal Trade Commission into a number of dealers that stand accused of "agreeing to refuse to deal with TrueCar," according to an FTC letter obtained by Automotive News. The alleged collusion, which would violate federal competition laws, has triggered a non-public investigation that has had many dealerships, and TrueCar itself, served with letters demanding documents.
Joe Holland claims Plan B conflict with his religious beliefs
The owner of a car dealership in Charleston, W. Va., sued the federal government over a mandate in the Affordable Health Care Act requiring employers offer the Plan B pill, only to realize his insurance policy already covered the emergency contraception. His lawyers just missed it.
Chalk up another win for Elon Musk and the crew at Tesla Motors. The North Carolina Automobile Dealers Association (NCADA) had convinced its pals in the Senate to pass a bill with language that would have, among other things, banned the California automaker from selling cars in the state. After meeting some strong head winds in the North Carolina House of Representatives, however, the bill has been scrapped. All but the anti-free market bit was then added to a separate piece of legislation.
Buying a car is one of those huge occasional purchases that can get any consumer's blood pressure rising. As with buying any big-ticket purchase consumers can avoid bad deals and financial distress by being empowered with the right information.