Average dealership pretax profit down nearly 20% through Q3
The Presidio Group debuted a new quarterly report that includes dealership financial data gleaned from a partnership with NCM Associates......»»
Hyundai dealership customer sues CDK over cyberattacks
A Hyundai dealership lease customer on July 22 joined other consumers who have sued CDK Global, alleging their data was put at risk by the June 19 cyberattacks suffered by the dealership management system provider. Ronaldo Proto of Connecticut filed.....»»
Curbee launches software platform to streamline dealership mobile service
Curbee has launched a software-service platform designed to help dealerships streamline and enhance their mobile services for technicians and customers, thereby improving customer loyalty, profitability, and the overall service experience......»»
Threat of slimmer used-car profits, supply allows for little slack in 2024, dealers say
Franchised dealership and auto retail group leaders spoke with Automotive News in June and July about used-car market certainties and uncertainties in 2024......»»
Early CDK Global DMS return helped ease Group 1"s Q2 losses
The auto retailer estimates it lost $17 million in pretax income in the second-quarter due to the CDK outage......»»
4 takeaways from Tesla"s Q2 earnings as profit plunges
Automotive gross margin, a key indicator of profitability, fell to just under 15 percent in the second quarter, its lowest level in five years. Tesla's operating margin fell to 6.3 percent from 9.6 percent a year earlier......»»
CEO Makoto Uchida says Nissan U.S. incentive spending nearly erases quarterly profit
Nissan CEO Makoto Uchida says soaring U.S. selling expenses fueled a 99 percent plunge in it’s quarterly operating profit, forcing him to cut the company’s full-year earnings forecast......»»
Addressing food insecurity for poor South African households
Food insecurity is a feature of life for millions of South Africans. Food insecurity refers to a lack of regular access to enough safe and nutritious food for average growth and development and an active and healthy life. This may be due to unavailab.....»»
Tesla"s Q2 net income falls 45% to $1.5 billion, but revenue comes in slightly higher
Tesla reported revenue of $25.5 billion in the second quarter, compared with $24.9 billion a year earlier. Wall Street analysts on average had estimated revenue at $24.8 billion......»»
Alexa had “no profit timeline,” cost Amazon $25 billion in 4 years
WSJ report highlights vague metrics, internal struggles of Amazon Devices. Enlarge (credit: Getty) The Amazon business unit that focuses on Alexa-powered gadgets lost $25 billion between 2017 and 2021, The Wall Street Jo.....»»
Battery sales keep Tesla profitable in Q2 as EV sales still slumped
Tesla's status as a growth stock will require some explaining if this keeps up. Enlarge / Will investors care that Tesla's car sales and profit margins are shrinking, not growing? (credit: Karol Serewis/SOPA Images/LightRocket v.....»»
Mitsubishi pivots to North America as new profit engine as earnings dip
TOKYO — Mitsubishi, one of the smallest mass-market brands in the U.S., is getting bullish about North America with plans to enhance the local lineup with vehicle updates annually through 2030. The Japanese carmaker will introduce these new or u.....»»
GM ups guidance after posting 14% higher profit, record Q2 revenue
GM said it set records for global revenue, North American profit and North American revenue in the second quarter, by strong sales of pickups and SUVs......»»
Global cyber event affects dealership groups, suppliers
A technology stoppage, which crashed Microsoft Windows computer systems worldwide, stemmed from trouble with a software update from cybersecurity provider CrowdStrike Holdings Inc......»»
Top 5 stories of the week: Penske buys largest Ford dealership; the economics of EV ownership
A quick look at the top automotive stories of the week as determined by reader interest......»»
Deeper down the rabbit hole: How technology conspiracy beliefs emerge and foster a conspiracy mindset
As technology proliferates, misinformation and conspiracy theories seem to flourish. Conspiracy beliefs specifically about technology include popular commercial technologies, such as Amazon Echo and Google Search, as well as non-profit technologies d.....»»
Pennsylvania dealership employees sue CDK, say cyberattacks risked their data
Five more dealership employees have sued CDK Global in the U.S. Northern District of Illinois, alleging the cyberattacks suffered by the dealership management system in June threatened their personal information. Michael Paul Carvelli, Michael Robert.....»»
Don"t underestimate the increasingly warm summer temperatures, says Swiss expert
What's happened to the summer? I've been asked this question a lot over the past few weeks. Just like May, June was changeable, wet and lacking in sunshine. But it wasn't too cold. According to MeteoSwiss, the average daily temperature in June was st.....»»
In China, property rights take wrong turn
China's economy, long an engine of world growth, has been sputtering lately. During the second quarter of 2024, it grew at an annual rate of 4.7%—down from an average 7% a year during the past decade. For the next two years, the International Monet.....»»
Auto repossessions surge 23% in U.S. during first half of 2024 as Americans fall behind on payments
With high interest rates and inflation hitting household budgets, the spike in seizures provides a window into the average consumer’s financial health at a key time for policymakers......»»
AutoNation, Sonic likely to be hardest hit on Q2 earnings by CDK cyberattack
Both the second- and sixth-largest dealership groups in the U.S. use CDK's dealer management system at all stores......»»