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First Shift

First Shift: U.S. October sales update

First Shift: U.S. October sales update Struggles with floorplan loan support | Magna Q3 income on the rise | AutoNation sells 8 dealerships (Tom Carl)

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First-time, small dealers struggle with floorplan loan approvals

Some first-time or small dealers owning fewer than five rooftops have had trouble securing floorplan loans this year.

ImageFirst-time, small dealers struggle with floorplan loan approvals
New-car market expands 12% in October; SAAR tops 16M; Ford, Honda, Hyundai, Kia, Subaru, Mazda up; Toyota, Volvo fall

The seasonally adjusted annualized rate of sales in October came in at 16.18 million, the second-highest reading of the year.

ImageNew-car market expands 12% in October; SAAR tops 16M; Ford, Honda, Hyundai, Kia, Subaru, Mazda up; Toyota, Volvo fall
Magna Q3 income surges on improved global vehicle production

Magna said third-quarter sales surged as greater microchip availability allowed for higher vehicle production globally.

ImageMagna Q3 income surges on improved global vehicle production
AutoNation sells 8 dealerships for $156 million

AutoNation Inc. sold eight dealerships in the third quarter in a move CFO Thomas Szlosek attributed to "optimizing shareholder value."

ImageAutoNation sells 8 dealerships for $156 million
VW Group’s Scout Motors factory could become contract manufacturing hub

Scout Motors' plant in South Carolina could one day build vehicles for other VW Group brands or other automakers.

ImageVW Group’s Scout Motors factory could become contract manufacturing hub
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