Carfax Rates Dealers

February 13, 2020

Carfax is recognizing Top-Rated Dealers based on more than a million verified reviews from actual customers. The select group of dealers being recognized in the inaugural CARFAX Top-Rated Dealers of 2019 received an average of 4.7 stars out of five. They are being celebrated for their commitment to building consumer confidence through exceptional service and customer care.

“These are verified ratings from real consumers,” said Scott Fredericks, Carfax vice president of marketing. “These ratings help other shoppers feel confident about choosing where to take their business. This exclusive group of top-rated dealers is setting the standard for service.”

The Carfax Top-Rated Dealers are starting to receive a kit which includes customized door decals and table tents, so they can share their excellent ratings from Carfax.com. They also received a digital version of their award to help them highlight their achievements through their online presence, including social media using #CARFAXtoprated.

Dealers attending this years NADA Show in Las Vegas from Feb. 15-17, can learn more about the CARFAX Top-Rated Dealer award at the CARFAX booth #3315C.

Wholesale Prices Rebound

February 10, 2020

Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 0.39 percent month-over-month in January, according to the Manheim Used Vehicle Value Index.

It brought the Index to 141.6, a 4.6 percent increase from a year ago, setting a record high for the Index.

Following a normalizing trend in weekly Manheim Market Report (MMR) prices at the end of 2019, January saw steady prices as expected. Three-year-old vehicle values in aggregate were down 0.2 percent for the month. Non-luxury vehicles in aggregate saw no decline, while luxury vehicles in aggregate saw a decline of 0.7 percent for the month, which is in line with historical performance. This January’s normal trend for prices was a marked improvement over last year’s declines.

On a year-over-year basis, most major market segments saw seasonally adjusted price increases in January. Luxury cars outperformed the overall market, while most other major segments underperformed the overall market.

Asbury Automotive Group, Inc. reported net income for the fourth quarter of $43.6 million ($2.26 per diluted share).  This compares to net income of $40.4 million ($2.06 per diluted share) in the prior year quarter.

“We delivered a very strong quarter,” said David Hult, president & CEO.  “We grew revenue 6 percent, increased used unit sales 15 percent, delivered 8 percent parts and service gross profit growth, grew F&I gross profit by 8 percent, and grew adjusted EPS 15 percent.”

It also reported adjusted net income (a non-GAAP measure) for the fourth quarter of $48.9 million ($2.53 per diluted share) compared to $43.2 million ($2.20 per diluted share) in the prior year quarter, a 15 percent increase in adjusted earnings per share.

General Motors Co. reported 2019 full-year earnings that were heavily impacted by the UAW strike in the third and fourth quarters. However, underlying performance remained strong, driven by sales of GM’s all-new full-size pickups and the company’s ongoing cost actions.

Full-year 2019 results:

  • EPS-diluted of $4.57 and EPS-diluted-adjusted of $4.82
    • EPS diluted-adjusted includes $(1.89) impact from the strike, and a $0.12 benefit from Lyft and PSA revaluations
  • Full-year income of $6.7 billion and EBIT-adjusted of $8.4 billion, which includes a $(3.6) billion impact from the strike
  • Full year EBIT-adjusted margin of 6.1 percent
  • GM North America EBIT-adjusted of $8.2 billion, and EBIT-adj. margin of 7.7 percent
  • GM Financial reported record EBT-adjusted of $2.1 billion

Fourth-quarter 2019 results:

  • EPS-diluted of $(0.16) and EPS-diluted-adjusted of $0.05
    • EPS-diluted-adjusted includes a $(1.39) impact from the strike and $(0.02) impact from Lyft and PSA revaluations
  • Revenue of $30.8 billion
  • GM North America EBIT-adjusted of $0.3 billion
  • Record GM Financial EBT-adjusted of $0.5 billion

 

Dhivya Suryadevara, GM's CFO breaks down mixed fourth-quarter earnings on CNBC. Watch below.

Group 1 Reports 4Q Record

February 06, 2020

Group 1 Automotive, Inc. reported fourth quarter net income of $48.1 million, diluted earnings per common share of $2.57, adjusted net income (a non-GAAP measure) of $56.3 million, and adjusted diluted earnings per common share (a non-GAAP measure) of $3.01.  The company’s fourth quarter total revenue, at $3.1 billion, was a record.

For the full year, net income increased 10.3 percent year-over-year to $174 million; diluted earnings per common share increased 19.3 percent, to $9.34. Full year adjusted net income (a non-GAAP measure) increased 13.4 percent, to $203.6 million; and adjusted diluted earnings per common share (a non-GAAP measure) increased 22.7 percent, to $10.93. Total revenue grew 3.8 percent to a record $12 billion.

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