New York’s Mangino family announced the sale of their Albany-area Chevrolet and Buick GMC stores to Georgica Auto Holdings after nearly 50 years in business. +
The end of the Tesla Cybertruck follows a trend toward low sales and multibillion-dollar write-downs for an ill-fated category. Business Insider’s Ben Shimkus reports. +
Tesla CEO Elon Musk says the EV maker will return deposits to “a lot of people” who reserved a Cybertruck as production capacity gives way to the Cybercab. +
Automotive News reports U.S. new vehicle sales improved for the second straight month, building on momentum gained in September and fueled by hybrids and EVs. +
Ignited Services has partnered with FlexPath DXP to create a new tool that sends car shoppers to personalized, affordability-focused landing pages. +
Lithia Motors has expanded its presence in the Memphis market with the purchase of four dealerships from Tennessee’s largest privately held group. +
Experts say a near-$4,000 gap between first and last list price proves dealers should treat unsold new vehicles less like products and more like investments. +
The DCWP says CarGurus has deceived consumers by hiding hundreds or thousands of dollars in mandatory fees, down payments and trade-in requirements. +
Penske Automotive Group has entered into a definitive merger agreement to be taken private by its two largest shareholders, Penske Corp. and Mitsui & Co., which will own 64% and 36% of the company, respectively. +
Tim Michael and his family-owned group plan to carry forward Larry Cloninger’s "Just Better" mantra as the new owners of his Ford, Honda and Toyota dealerships. +
