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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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43% of Car Shoppers Plan to Buy This Memorial Day Weekend, But It’s an Even Better Time to Sell, Reports Cars.com

CHICAGO, May 26, 2021 /PRNewswire/ — Car shoppers are ready to take advantage of Memorial Day weekend deals — if they can find them, according to recent research from leading digital automotive marketplace and solutions provider Cars.comTM (NYSE: CARS). However, shoppers may have better luck selling their vehicle to a local car dealership. With vehicle inventory levels falling, the demand for used cars is up, giving consumers a prime opportunity to get substantially more for their current vehicle given used-car list prices have increased 14% since January.2

“Memorial Day weekend is traditionally a very active car-shopping holiday with significant discounts offered across the industry, but the global chip shortage and huge consumer demand continues to impact both new and used dealer inventory,” said Kelsey Mays, Cars.com’s assistant managing editor. “A few attractive deals still exist this holiday among the more than 2 million cars for sale on Cars.com,

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43% of Car Shoppers Plan to Buy This Memorial Day Weekend, But It’s an Even Better Time to Sell, Reports Cars.com | News

– May 26, 2021

As inventory levels fall 33% for new and 28% for used cars, local dealers are paying consumers more for their used trade-in vehicles.1

CHICAGO, May 26, 2021 — Car shoppers are ready to take advantage of Memorial Day weekend deals — if they can find them, according to recent research from leading digital automotive marketplace and solutions provider Cars.comTM (NYSE: CARS). However, shoppers may have better luck selling their vehicle to a local car dealership. With vehicle inventory levels falling, the demand for used cars is up, giving consumers a prime opportunity to get substantially more for their current vehicle given used-car list prices have increased 14% since January.2

“Memorial Day weekend is traditionally a very active car-shopping holiday with significant discounts offered across the industry, but the global chip shortage and huge consumer demand continues to impact both new and used dealer

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How the pandemic could have a long-term effect on the way you buy a car

Ford and General Motors soundly beat Wall Street’s expectations with their first quarter earnings, but the worldwide shortage of semiconductors has left car dealers struggling to come up with the vehicles they need as consumer demand rebounds to pre-pandemic levels.

That is forcing automakers to rethink key business strategies, and could see them backing away from established practices — including never fully rebuilding dealer inventories. Such changes likely will impact consumers in a number of ways. Among other things, that may mean a longer wait for the vehicle a customer buys, as well as fewer incentives and other discounts.

“The pandemic has just changed the game,” said David Cole, chairman-emeritus of the Center for Automotive Research. Almost every automaker will be changing business practices “to hedge against unexpected situations, whether an earthquake or a pandemic,” Cole said.

The impact will be felt at every level of the automotive business, from

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