Automotive

Asbury’s agreed-to purchase of Jim Koons Automotive Cos. would be the largest acquisition in the dealership space since 2021.

The restructuring of Volvo’s U.S. and Canada operations is part of an $88 million global initiative to tighten spending, drive efficiencies, and update the work force. It does not affect Volvo’s production network.

Asbury Automotive Group Inc. said it is “in discussions” to buy a top 25 dealership group, Jim Koons Automotive Cos. Jim Koons has 20 new-vehicle locations and one used-only store and generated $3.2 billion in revenue in 2022.

There is a glaring division between EV-friendly and EV-lagging states.

Led by BYD, Chinese carmakers will almost double their share of the auto market by the end of the decade, UBS analysts said. 

A smaller G-Class would compete with models such as the Land Rover Defender in Europe and likely cost significantly less than the current version, which starts at 118,256 euros ($127,547.97) in Germany.

VW describes the ID GTI concept as a “sports car for the electric age” and said it will have enhancements such as a front-axle differential lock that better helps the wheels put down power to the road.

The 2024 E-Class All-Terrain grows taller, wider and longer than the outgoing model, and it gets a host of upgrades designed to appeal to customers who like the look of a beefy wagon that can traverse dirt and gravel country roads.

The Mercedes-Benz Modular Architecture will support four electric entry-level models – a four-door coupe, a shooting brake, and two crossovers.

Lithia Motors, Penske Automotive, Group 1 Automotive and Asbury Automotive all saw same-store F&I gross profit per vehicle decline year over year in second-quarter earnings, while AutoNation and Sonic Automotive posted increases. Analysts from Stephens and Jefferies said consumer affordability and the return of leasing would reduce gross profit in the future.