Betty C. Morrow

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

Read More

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

Read More

Inventory Shortages Drive Car Shoppers to Neighboring States: Cars.com Reports 10% of Recent Buyers Traveled Across State Lines to Purchase a Car | News

– June 10, 2021

Car Supply Shortage Squeezes Sellers and Shoppers as Cars.com Finds Nearly 1 in 3 Recent Buyers Drove 100 Miles or More for the Car They Want1 

CHICAGO, June 10, 2021 — According to recent research from leading digital automotive marketplace and solutions provider Cars.comTM (NYSE: CARS), nearly 10% of recent car buyers drove out of state to purchase their desired vehicle, with more than half (52%) of those traveling 25 miles, nearly 20% traveling 50 miles and 13% of buyers traveling more than 250 miles to a dealership due to ongoing new- and used-car inventory shortages.

“With the current auto inventory challenges, recent car buyers are going to great lengths to find the car they want,” said Kelsey Mays, Cars.com assistant managing editor, news. “I don’t anticipate this trend slowing down, either. Of consumers currently in the market and shopping for a car,

Read More

Automotive Business In The Philippines

Car & Automotive,automotive industry,Car & Mechanical,Car & Classic,motorcycleMany of the changes occurring in the automotive market at this time, together with tightened credit score markets in a capital-intensive business and elevated authorities involvement are the newest international challenges. Moreover, for a while there, the lithium battery market was a little bit of the Wild West, and unscrupulous low-end producers had been scooping up lithium cells that have been rejected by name-brand producers for pennies on the dollar. This allowed them to make cash even with cut price-basement battery costs to the patron. Not surprisingly, these cells tended to fail extra usually than quality ones, which contributed to the repute of lithium batteries being unsuited for motorsports use. Do your research before you purchase a brilliant-low-cost lithium battery. If it would not have BMS, run away. Going for a ride is more enjoyable than taking your battery in for a guaranty alternative, and the next quality lithium battery … Read More