Auto Dealer News

• Edmunds: 4th of July deals less generous but still solid
  
  With summer in full swing, we typically see car dealerships heavily discounting excess inventory for the Fourth of July holiday. But the novel coronavirus and its effects make this year different than most. ...
  Washington Times.  Wednesday, 1 Jul 2020.
• Lookers eyes £19m profit correction following fraud probe
  
  Lookers, the struggling car dealership network, has warned it expects to book a £19m hit following an investigation into potential fraud.
  Sky News.  Monday, 29 Jun 2020.
• Russian tycoon shops for car dealers in UK
  
  Sergey Petrov made his fortune building up Russia's largest forecourt chain and selling cars to the country's burgeoning middle class as far back as the 1990s.
  Daily Mail.  Sunday, 28 Jun 2020.
• Bounce Back Loans 'being spent on supercars', insiders claim
  
  Supercar dealers across the UK say their business has boomed since the government began handing out loans to company owners, according to a report.
  Daily Mail.  Thursday, 18 Jun 2020.
• Lookers to change auditor as fraud probe nears end
  
  Lookers, one of Britain's car dealers, is parting company with its auditor following the discovery of a potential fraud which has forced it to delay its annual results and cast doubt over its future.
  Sky News.  Sunday, 7 Jun 2020.
• Wells Fargo Halts Certain Auto Loans Amid Coronavirus Scares
  
  Having assessed the economic implications of the coronavirus outbreak, Wells Fargo (WFC) plans to halt lending to independent car dealers to avoid the risk of defaults.
  Zacks.  Thursday, 4 Jun 2020.
• Wells Fargo stops giving loans to most independent car dealerships
  
  Wells Fargo & Co will stop providing loans to a majority of its independent auto dealer customers due to the economic challenges brought on by the COVID-19 pandemic, a spokeswoman said on Tuesday.
  Reuters.  Tuesday, 2 Jun 2020.
• Column: Dealer who towed people's cars away amid pandemic is under investigation
  
  L.A. City Atty. Mike Feuer says his office and other law-enforcement agencies are investigating car dealer Hooman Nissani.
  Los Angeles Times.  Friday, 29 May 2020.
• Pandemic Forces Car Dealers to Do the Unthinkable: Sell Online
  
  Dealerships have long resisted e-commerce, but with many showrooms closed, the dynamic is changing.
  New York Times.  Friday, 29 May 2020.
• Used car dealer charged with price gouging New York City on 3M's N95 masks
  
  A New Jersey used car dealer was criminally charged on Tuesday with exploiting the coronavirus pandemic by trying to defraud and price gouge New York City into buying N95 respirator masks in a roughly $45 million scheme.
  Reuters.  Tuesday, 26 May 2020.
• While U.S. economy slides, heartland auto dealers cry out for more trucks
  
  Jerry Bill is worried the novel coronavirus could hurt business at the Des Moines auto dealership he runs, but not because of a shortage of buyers for the big Ram pickups on his lot. ...
  Yahoo.  Thursday, 21 May 2020.
• New car registrations in Europe fall 76% in April as coronavirus lockdowns hit sales
  
  European car sales fell dramatically in April as coronavirus lockdowns in the region closed car dealerships and brought a halt to manufacturing and sales, the latest industry data showed Tuesday.
  CNBC.  Tuesday, 19 May 2020.
• 19 minors aged 9 to 16 are accused of stealing 46 cars worth a total of $1.1 million from dealerships in North Carolina
  
  The Winston-Salem Police Department said that since March 17, 46 vehicles have been stolen from 12 car dealerships.
  Yahoo.  Saturday, 2 May 2020.
• Maine begins first reopening phase, requires use of masks
  
  PORTLAND, Maine (AP) - The first phase of the reopening of Maine's economy starts on Friday with residents able to return to businesses such as hair salons, car dealerships and car washes. Democratic Gov. ...
  Washington Times.  Friday, 1 May 2020.
• Coronavirus pushes auto dealers to embrace online sales like Tesla, Carvana
  
  While companies such as Tesla and Carvana have been selling vehicles online for years, U.S. auto dealers have been slow to embrace such processes. The coronavirus is changing that.
  CNBC.  Monday, 13 Apr 2020.

Auto Dealers News Headlines and News Summaries