Day: June 12, 2021

Hudson Automotive, TKO Group buy car dealerships in Southern states

Three dealership groups, including the growing Hudson Automotive Group, have purchased stores in Alabama and Louisiana in deals that closed in the second quarter.

Here’s a quick look at the transactions involving domestic and import brand stores.

 

Hudson Automotive, of Charleston, S.C., acquired its first dealership in Alabama on Monday when it bought Hoover Toyota, located south of Birmingham. The group bought the dealership from Gordie Stewart, who had owned it for 22 years, the Hoover Sun reported.

“It’s a great brand, and Birmingham is a great market,” David Hudson, CEO of Hudson Automotive, told Automotive News. “We like Toyota a lot.”

This is the group’s 33rd rooftop, Hudson said, including a used-vehicle store. Hudson Automotive also has dealerships in Tennessee, Kentucky, South Carolina, North Carolina, Louisiana, Georgia and Ohio. Hoover Toyota was the group’s first transaction since November, when it acquired Beaman Automotive Group, made up

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Car prices are soaring, and they’re not going to stop

Car dealer lots have only a fraction of the vehicles — both new and used — that they typically have. That’s helping send prices to record levels and lifting the nation’s overall inflation rate.

Car dealer lots have only a fraction of the vehicles — both new and used — that they typically have. That’s helping send prices to record levels and lifting the nation’s overall inflation rate.

And the price increases aren’t over yet.

The average new car price hit a record $38,255 in May, according to JD Power, up 12% from the same period a year ago.

About two-thirds of car buyers paid within 5% of the sticker price in May, with some even paying above sticker.

Wholesale prices for used cars sold at auction are up 39% since the start of this year, according to other data from JD Power. Retail used car prices are

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