Automotive Addicts

JANUARY 22, 2024

Vroom’s move comes as a response to challenges in securing additional capital for its operations, particularly in extending the vehicle floorplan facility beyond its current expiration date of March 31, 2024. Despite concerted efforts, the company faced difficulties raising the necessary capital in the current market environment.

Retail 110

Retail Floorplan Finance Customer 110

Carscoops

JANUARY 23, 2024

If you were thinking about pulling the trigger on a used car through online retailer Vroom, we’ve got bad news: you missed your shot. Times have been tough for online used car retailers, in general. The company announced today that it is suspending all transactions through vroom.com, and laying off around 90 percent of its staff.

Floorplan 120

Floorplan Retail Sales Finance 120

Full Path

JULY 30, 2024

As we moved into July, there were signs of recovery in the retail vehicle market. For dealerships, Higher inventories and rising floorplan costs are eating into profit margins, creating a challenging environment for automotive retailers. By clearing out excess stock through leases, dealerships can lower their floorplan expenses.

Dealerships 52

Dealerships Floorplan Down Payment Insurance 52

Auto Remarketing

MARCH 27, 2024

The Q4 Haig Report , which tracks trends in auto retail and their impacts on dealership values, showed 528 dealerships changed hands in 2023 — the third-highest annual volume on record, but down from a record 707 in 2021 and 566 in 2022. Sharply rising inventories and floorplan expense are pushing down profits at most stores.

Dealerships 59

Dealerships Floorplan Retail Buyer 59

Auto Remarketing

MAY 20, 2024

You know how your dealership fits into the larger automobile retail industry. It was the voice of the dealer that kept 100% deductibility of floorplan interest expenses in the Tax Cuts and Jobs Act. You know your business’s impact on your employees, on the economy and on your community. They need to hear from you.

Floorplan 98

Floorplan Dealerships Consulting Finance 98

CarExpert

MAY 15, 2024

I think it does help with a lot of dealers, currently on the traditional model whereby their floorplan and inventory costs have now gone through the roof,” said Mr Lau. Our retail network that ends up being a part of us will need to invest perhaps more than what they would expect from other brands they end up adding.”

Sales 111

Sales Floorplan Networking Customer 111

Auto Remarketing

OCTOBER 6, 2023

automotive retailers. A long time ago, an automotive retailer sold vehicles. Then about thirty years ago consumer leasing entered the picture, which made vehicles affordable for a whole new group of buyers and developed into a substantial percentage of retail “sales.” First, the research.

Term 52

Term Floorplan Sales Retail 52