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.
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.
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Auto Remarketing
OCTOBER 22, 2024
Sending a full-size truck to auction appears to be as much of a heartburn-triggering situation for franchised dealers as seeing that new model sitting in inventory and on the store floorplan for 100 days or more. Well, Black Book said on Tuesday that the estimated used retail days to turn is now at roughly 57 days.
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.
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.”
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.
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.
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