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.
Auto Dealers
Articles
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.
Some used vehicles now selling for more than original sticker price
In the past year, used vehicle prices on average have climbed 30%, according to Black Book, which tracks car and truck data. That’s created many crazy situations where high-demand vehicles are selling for more than they did when they were new.
Napleton Automotive sues former Carmel general manager for taking secrets, poaching employees
Napleton Automotive Group claims a former general manager in Carmel took confidential information when he left in February for the same role at Bob Rohrman Kia in Lafayette.
Rental companies buy up used cars as chip crisis deepens
The demand is sending used-car costs soaring. The Manheim Index, which measures prices at wholesale auctions, shows that they’re 52% higher than they were a year ago.
Auto sales rise 11% in 1Q, helped by strong showing in March
Automakers sold more than 3.9 million vehicles during the first three months of the year, with several major companies reporting March sales that were nearly double from the same month a year earlier.
Fishers used-car dealer agrees to state settlement over sales practices
Indiana Attorney General Todd Rokita said the dealer sold cars online in a way that led consumers to believe the seller was a private owner. For its part, the dealer said it was a one-time occurrence.
New or used? Either way, price hikes squeeze U.S. auto buyers
The price of an average new vehicle jumped 6% between January and December 2020, to a record $40,578, according to data from Edmunds.com. Yet, that increase was nothing next to what happened in the used market.
Auto dealer financing firm in Carmel gets fast start
A veteran of a specialty auto-industry sector called floor-plan financing has launched a lending company that promises independent car dealers funding wherever they buy vehicles.
Fast-growing startup to add 225 jobs, expand Carmel headquarters
Kinetic Advantage, which helps finance inventory for independent car dealers, launched last July, but has already grown to 65 employees and is operating in 26 markets.
Local startup aims to revolutionize car sales
After working for car dealerships for a quarter century, entrepreneur Cole Keesling is ready to flip the script to work for car buyers.
U.S. consumer prices rise 0.2% as cost of used vehicles spike
Prices for used cars and trucks are up 10.3% in the past 12 months. The September increase in used vehicle prices was the largest monthly increase since February 1969.
KAR Global to expand digital auction options with $425M acquisition
KAR Global plans to expand upon the online automotive auction services it provides through TradeRev by acquiring BacklotCars’ longer-term online auctions, which allow dealers to bid on cars over the course of several days.