Automotive X-Prize Competition Coming Down to the Wire
The Progressive Insurance Automotive X-Prize just announced results of on-track competition, leaving nine vehicles from seven teams in the running. The event seems unexpectedly well timed considering the way the BP Gulf oil spill has raised anew questions about America's dependence on foreign oil. Only a few steps are remaining before winners are announced in Washington in September.
KAR Auction Services Had Good News to Share on Q2 Performance
KAR CEO James Hallett is very pleased with strong second-quarter showings during Wednesday conference call, as ADESA revenue rose 1 percent to $280.1 million in the segment. Cash liquidity and a line of credit give the unit $391.5 million in working capital.
Detroit-3 Sales Mix Skewed Dangerously to Rental and Fleet
U.S. retail vehicle sales have only improved 9% from 2009 while fleet sales are up 60%. Too many discounted fleet sales are not healthy for holding residual values over longer term.
NADA Report Shows Franchise Dealers’ Used-Vehicle Trends
Used prices fetched at franchise dealers fell in 2009, according to NADA DATA 2010 report. While new-car sales slid, NADA says used-vehicle sales helped pick up the slack. The study also says revenue from used sales was up 3.5%.
Sonic Automotive Attains Record Used Vehicle Sales in 2nd Q
Sonic Automotive is doing well in both new and used vehicle sales. Its used vehicle sales achieved a company record with 5,266 wholesale vehicles in 2nd Q, 2010.
