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June 26, 1868: The East Tennessee Union Flag reported on a recent marriage that took place in Washington County. On the 16th of May, “at the residence of Mr. Jefferson ....
Electric vehicles will generate far less service revenue than gas cars over their life expectancy. Tesla and other sellers of electric-only cars are bypassing dealers, selling directly to customers. Advanced safety technology in EVs is reducing crashes and the revenue from repairs. The transition to electric and advanced technology vehicles is poised to upend the auto dealer landscape, erode profit margins, and spark a massive industry consolidation. The impact on the current auto dealer business model will be quite profound, Adam Jonas, the auto and shared mobility analyst at Morgan Stanley Research, wrote in a March 10 investor report. There are about 16,600 new vehicle dealers in the US. Combined, they do about $1 trillion (CQ) in annual sales and have 1.1 million employees, according to the National Automobile Dealers Association. ....
Consolidation Sweeps Across Auto Dealerships During Pandemic Minnetonka-based Morrie’s Auto Group is part of the national trend of big players growing larger. The CEO of Morrie’s Auto Group wants to double the number of dealerships that Morrie’s owns in the Twin Cities expanding from 12 to 24. “We have a lot of room for growth,” CEO Lance Iserman said in a Twin Cities Business interview. “We could add another 12 stores, and I would be comfortable with that.” Iserman is an active player in the auto-dealer consolidation trend that accelerated during the pandemic. In February, Morrie’s acquired six dealerships in four western Wisconsin towns, although the Brenengen family that sold to Morrie’s retains a minority stake. ....
Battling COVID-19 Tops NADA’s Priorities, New CEO Says “The mission at NADA stays the same,” Stanton says. “We work for the dealer. We’re here to strengthen the franchise system, to help educate and advocate for the dealer business.” Mike Stanton, the recently appointed president and CEO of the National Automobile Dealers Assn., lists a couple of priorities Thursday in his first major speech at the NADA Convention & Expo. No.1 continues to be the COVID-19 pandemic. One of NADA’s biggest achievements in 2020 was getting dealerships declared “essential” businesses in the early days of the pandemic, allowing service and parts departments to stay open, even if showrooms had to close temporarily in many states. ....
Apr 13, 2021 Wes Lutz says his dealership sells lots of Jeeps. Despite stepped-up electric-vehicle efforts of many automakers, his customers aren’t particularly interested in EVs. ‘Thoughtfulness’ a Job Requirement for NADA Chairman “You have to realize you are representing 17,000 dealers, and your view on a particular topic is not necessarily NADA’s,” says Wes Lutz, the trade group’s 2018 chairman. Veteran car dealer Wes Lutz speaks his mind more times than not. After nearly 45 years in the auto industry, he knows it well. He’s expressive in voicing opinions as an auto retailer who’s been around. But as the 2018 National Automobile Dealers Assn. chairman, Lutz offers talking points on discretion to Paul Walser, who assumes the trade group’s chairmanship. ....