New-vehicle quality is at its highest level ever, improving a significant 8% from last year, according to the J.D. Power 2017 U.S. Initial Quality Study.
Initial quality in this iconic study is measured by the number of problems experienced per 100 vehicles (PP100) during the first 90 days of ownership, with a lower score reflecting higher quality. In this year's study, quality improves across seven of the eight categories measured, with 27 of the 33 brands in the study improving their quality compared with 2016.
Kia ranks highest in overall initial quality for a second consecutive year with a score of 72 PP100.
Genesis (77 PP100) ranks second overall followed by Porsche (78 PP100). Ford and Ram (86 PP100) tie for fourth.
Toyota Financial Services (TFS) has been named one of the most community-minded companies in the nation by Points of Light Foundation.
This is the third consecutive year that TFS earned a spot on the nonprofit's Civic 50 list, the latest recognition the company has received for its initiatives and its dedication to supporting and empowering communities.
The Civic 50 sets the standard for corporate community engagement nationwide, and creates a roadmap for companies seeking to best use their time, talent, and resources to improve the quality of life in the communities where they do business. Winners are selected based on four dimensions of their national community engagement programs: Integration, Investment, Impact, and Institutionalization.
TFS earned this recognition through its unwavering commitment to youth development and successful initiatives such as the Making Life Easier Financial Empowerment program, the Road to Success program (partnering with Scholarship America to fully fund college scholarships to underserved students, based on financial need and community), strong partnerships with Girl Scouts and Boys & Girls Clubs, and its Community Ambassador program, which promotes employee engagement within the community.
CarMax, Inc. reported results for the latest quarter ended May 31.
Net sales and operating revenues increased 10.1 percent to $4.54 billion.
Used unit sales in comparable stores increased 8.2 percent. Total used unit sales rose 14.1 percent.
Total wholesale unit sales were flat versus the prior year’s first quarter.
CarMax Auto Finance (CAF) income increased 8.5 percent to $109.4 million.
Net earnings increased 20.7 percent to $211.7 million.
Attorney Tom Hudson of Hudson Cook LLC has been selected as the newest member of the National Independent Automobile Dealers Association’s Ring of Honor.
Hudson became the 29th auto industry leader to be inducted into the Ring of Honor, NIADA’s highest award for non-dealers.
NIADA’s Ring of Honor recognizes allied industry leaders who have contributed to the professionalism and growth of the automobile industry through outstanding performance and leadership. Hudson's career spans more than four decades, from a start-up law practice in 1973 to becoming a founding partner of a firm, a CEO and editor of a service that reports on legal issues in the auto finance and lease industry, among other roles.
As an author, he's written the Carlaw series and other books as well as numerous articles and as editor in chief of Counselor Library.
Dealertrack will soon open its new headquarters in the Village of North Hills on New York’s Long Island.
The 230,000-square-foot facility will be home to nearly 600 team members with capacity to continue growing. Team members will begin occupying the building in early July.
The 10-acre LEED-specified headquarters features indoor basketball and volleyball courts, a cafe, cardio room and yoga studio, indoor and outdoor dining areas, game rooms and a walking trail.
The survey of NIADA members is conducted each quarter in partnership with Equifax to gauge the viewpoint of used vehicle dealers regarding general economic conditions and business concerns.
The results of the survey of 150 independent dealers showed the huge spike of confidence reflected in the first quarter survey has been tempered considerably.
Dealers' expectations for economic growth dropped to 49 percent from 63 percent in the first quarter, and expectations for sales (56 percent, down from 70) and customer traffic (44 percent, down from 71) growth also fell significantly.
Kia Motors America announced the 16th consecutive month of record certified pre-owned sales.
Kia dealers sold 7,008 certified units sold in May.
The Optima and Sorento were the top certified sellers, with 1,657 and 1,486 units sold, respectively.
Kia continues to outpace the industry with a 13.2 percent increase year-to-date.
Chrysler is recalling 209,135 2011-12 Dodge Grand Caravan vehicles.
In the affected vehicles, the driver's frontal air bag may unexpectedly deploy if the air bag wiring harness gets chafed within the steering wheel and short circuits.
Chrysler will notify owners, and dealers will inspect the air bag wiring within the steering wheel, replacing it if necessary. A protective cover will also be installed.
These repairs will be made free of charge.
The recall is expected to begin July 28.
Chrysler's number for this recall is T33.
Small businesses have happy employees, according to a survey by insurer Aflac.
The sense of being able to make a difference at work isn’t limited to small-business employees, but it’s a major driving factor for them. Of the survey participants who have previously worked for a large company, 67 percent said that feeling more appreciated was a benefit of working for a small company versus a large one.
Thirty-one percent of respondents said that they and their colleagues would agree that feeling like a family was the best part of working at a small business, while 27 percent said it’s that they are all working for the same goal.
Five young men and women were named as the recipients of the National Independent Automobile Dealers Association's 2017 Scholarship Awards during the 71st Annual NIADA Convention and Expo at The Mirage in Las Vegas.
Logan Brinks of Marne, Mich., earned NIADA's scholarship from Region I, joining Braden G. Martin of Nashville, Tenn. (Region II), Riley J. Raynor of Enid, Okla. (Region III) and Juan Carrillo of Oxnard, Calif. (Region IV) as winners of NIADA's regional scholarships.
Each year, the NIADA Foundation sponsors a student who has displayed outstanding abilities in education from each of the association's four regions across the nation with a $3,500 scholarship to the college or university of his or her choice, thanks to the assistance of Manheim. The foundation and Manheim also award a $10,000 national scholarship each year for an outstanding student to attend or continue his or her education at Northwood University in an automotive-related field.
All students' entries are judged by Northwood University.
Classics continue to sell for record amounts
Copart Launches Annual Contest
Sale marks our Decades
The Greater Kalamazoo Auto Auction, an XLerate Group auction, recently celebrated its 40th anniversary with…
Dealers Duel For Charity
Rental Cars Perform Well
If a Tree Falls on a Dealership, Will the City Allow It to Rebuild?
IADA Honors a Pair of Veteran Dealers
STERLING HEIGHTS, Mich. -The Michigan Independent Automobile Dealers Association honored Jerry Drouillard and Maurice VanCoillie…
LAS VEGAS – Florida buy-here, pay-here dealer Scott Lanier was named the 2016 National Quality Dealer during the recent 70th annual National Independent Automobile Dealers Association Convention and Expo here....