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Sonic Sets Used Sales Record

Sonic Sets Used Sales Record Featured

Sonic Automotive Inc. set an all-time record for quarterly used retail unit sales of 30,933, up 1.5 percent over the prior year quarter.
Sonic also announced the expansion of its EchoPark used-car superstores is continuing with two new stores operating during the third quarter.  The company reported that the original three stores generated positive cash during the third quarter.  
The sixth Colorado store, located in Colorado Springs, will open during the first half of 2017.  In addition, Sonic will break ground on its first Texas location in the first half of 2017.

Read 2900 times Last modified on Friday, 04 November 2016 15:02
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  • Loses Look High for Buy-Here, Pay-Here Dealers After Storms

    The buy-here, pay-here business might end up the hardest hit used-car segment from the recent hurricanes.

    Ken Shilson, founder of the National Alliance of Buy-Here, Pay-Here Dealers said the performance of in-house finance portfolios following other storms shows they take a major hit.

    “The loses on the portfolios in some cases were absolutely horrific,” he said.

    One the biggest challenges will be replacing lost vehicles.

    While the industry is grappling with an excess of late-model units, the older cars buy-here, pay-here dealers specialize in are in short supply.

    “We’re not going to be able to easily replace that inventory,” Shilson said.

    The NABD is doing its part to help those dealers affected by the storms.

    A portion of the proceeds from its upcoming conference in Orlando, Fla, will aid those in need.

  • Manheim Index Sets Another Record

    The Manheim Used Vehicle Value Index reached a record high for the fourth consecutive month in August.
    Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 0.75 percent month-over-month in August and 3.4 percent year-over-year.  This brought the index to 131.3.
    On a year-over-year basis, the mid-sized car category saw the largest decline (down 0.2 percent) in August, while pickups and vans saw gains greater than the overall market. Other car segments like compacts and luxury saw gains in August too.
    The average price for rental risk units sold at auction in August was up 1 percent year-over-year, which was the first year-over-year increase since July 2016.  Rental risk prices were up 3 percent compared to July.  
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  • America’s Car-Mart Names New CEO

    After more than three decades in the buy-here, pay-here business, William H. "Hank" Henderson is retiring.

    Henderson will step down as CEO of America’s Car-Mart on Dec. 31. President Jeff Williams will move up to fill Henderson’s role.

    Henderson spent the last10 years leading the Bentonville, Ark.-based buy-here, pay-here chain. Prior to that, he served the company in several roles, including chief operating officer and President.

    “I feel truly blessed to have had this opportunity,” Henderson said.

    Henderson will remain a member of Car-Mart’s board and have the title of CEO Emeritus.

    Williams joined Car-Mart 12 years ago. He has been President since 2016 and chief financial officer since 2005. I too am very excited about our future and look forward to helping the Company grow as we support our customers by providing a higher level of service than competitive offerings," Williams said.

    Prior to joining the company, Williams spent approximately seven years in public accounting with Arthur Andersen & Co. and Coopers and Lybrand LLC in Tulsa, Okla., and Dallas. His experience also includes approximately five years as chief financial officer and vice president of operations of Wynco LLC, a nationwide distributor of animal health products.

    Williams takes over at a time when America’s Car-Mart has been struggling following years of rapid growth.

    The company is focusing on productivity improvements for existing dealerships to take back some market share. Car-Mart is also investing in general manager recruitment, training and advancement as well as collections support.

    Williams said these investments “will help allow us to confidently grow and leverage our costs over time."

    “We are excited about our future, and we are committed to our continued success,” Williams said.

    Investors seem mixed in their reaction, as Car-Mart’s stock continues to experience large fluctuations.