Latest from David Muller
Through October, used-vehicle prices were on average 37 percent higher than in 2020.
Group 1 Automotive Inc. has decided to divest itself of its Brazilian operations after failing to achieve what it felt was sufficient scale for its auto retail operations.
The average dealership's operating profit more than quintupled through the first nine months of the year to $1.8 million.
The used-car giant has reduced the number of vehicles shown to customers in search results to better manage operations.
Cox Automotive's Manheim Used Vehicle Value Index, which tracks vehicles sold at Manheim's U.S. auctions, was up 38 percent in October compared with the same month in 2020.
According to the NADA, the average U.S. dealership recorded net pretax profit of $3 million through September. That was more than double the $1.3 million in net pretax profit reported for the first nine months of 2020.
George Arison, the other co-CEO, will become the sole chief executive. Most of Russell's day-to-day operational responsibilities are transitioning to Shift President Jeff Clementz.
Revenue at the used retailer more than doubled to $3.48 billion in the latest period, on retail vehicle sales that increased 74 percent to 111,949.
Group 1 Automotive has found that its digital retailing platform has helped to grow its footprint and add cars and trucks to its lots.
While the microchip shortage is expected to last into next year, retailers are anxiously waiting for proof from automakers that the worst of the crisis is over.
