Tag: Sold

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Audi, Porsche, Mercedes-Benz and Chevy dealerships recently sold

Audi, Porsche, Mercedes-Benz and Chevy dealerships recently sold

Dinsmore Automobile Team expands in Washington condition

Dinsmore Vehicle Group of Puyallup, Wash., expanded its existence in Washington point out with the 3rd-quarter invest in of a Chevrolet shop.

Dinsmore Auto purchased Jet Chevrolet in Federal Way on Sept. 12 from brothers Dan Johnson and Jim Johnson. It was the brothers’ only dealership, in accordance to Mark Topping, a vice president with MD Johnson Inc., an Enumclaw, Clean., obtain-market agency. Topping, along with Mark Johnson, president of the company, represented the sellers in the transaction.

The dealership’s title continues to be, in accordance to Ken Dinsmore, owner of Dinsmore Car. Federal Way is south of Seattle and northeast of Tacoma.

“I felt like it definitely in good shape into my group based mostly on the manufacturer and spot,” Ken Dinsmore informed Automotive News.

Dinsmore Auto now has two Chevrolet retailers and a few Mazda dealerships, he claimed. The group also has two used-vehicle shops.

The Jet Chevrolet acquisition was the group’s to start with because it bought a Mazda dealership in Olympia, the state’s capital, in 2020, Ken Dinsmore said.

Companions offer two Mercedes-Benz retailers in Illinois

A pair of mates and business associates in the fourth quarter bought two Mercedes-Benz dealerships that they co-owned in Illinois.

Daniel Sunderland and David Nocera in individual transactions sold Mercedes-Benz of Orland Park and Mercedes-Benz of Bourbonnais to Fields Auto Group of Glencoe, Ill., Sunderland confirmed. The Orland Park deal shut Oct. 17, and the Bourbonnais transaction closed Nov. 21.

Sunderland claimed he and his father opened the Orland Park retail store in 1994, the same 12 months Nocera commenced working at the dealership.

When Sunderland’s father, Klare Sunderland, died in 2013, he stated he tapped Nocera as a associate mainly because he wanted someone he could believe in “100 percent.”

“David was running the dealership and [was] sort of like a brother to me,” Sunderland advised Automotive News.

They shaped a enterprise to obtain the dealership from Sunderland’s father’s estate that year, Sunderland explained.

In March 2021, the duo, as a result of yet another company, ordered the Bourbonnais keep from Bill Napleton and Paul Napleton of Napleton Automotive Group.

Nocera and Sunderland had been permitted by Mercedes-Benz to shift the Bourbonnais retailer to Romeoville, closer to their Orland Park store. Both Orland Park and Romeoville are southwest of Chicago. The Bourbonnais transaction also bundled land in Romeoville for the new dealership that could be completed by early 2024, Sunderland explained.

Just after paying for the Bourbonnais keep, Nocera opted to retire, so they determined to market the dealerships.

Nocera “was just completely ready to invest additional time with his relatives, and I didn’t want to operate it without the need of him, to be trustworthy,” Sunderland explained.

Sunderland, who life in Pennsylvania, also is president of Sun Motor Vehicles of Mechanicsburg, Pa., which contains three luxurious dealerships.

Sunderland mentioned that when Fields previously owns Mercedes-Benz retailers, none was in their “home base” of Illinois before the acquisitions. Fields Auto owns luxurious, domestic and import dealerships in Florida, North Carolina, Wisconsin and Illinois. In 2021, Fields Automobile divested two Florida retailers to Lithia Motors Inc.

Kerrigan Advisors, a offer-facet business in Incline Village, Nev., represented Nocera and Sunderland in the transactions.

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Edmunds Experts Forecast 14.8 Million New Vehicles Will Be Sold in New Year

Edmunds Experts Forecast 14.8 Million New Vehicles Will Be Sold in New Year

Edmunds analysts highlight the top three trends they predict will shape the year ahead for the automotive industry

SANTA MONICA, Calif., Dec. 14, 2022 /PRNewswire/ — The car shopping experts at Edmunds expect pent-up consumer demand and rising inventory levels to support new vehicle sales, forecasting that 14.8 million new cars will be sold in 2023. The forecast, drawn from Edmunds data, represents a 7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} increase from their estimate of 13.8 million new vehicle sales in 2022.

“2022 was a mixed bag for the entire automotive industry. Sales were severely dampened by limited inventory, but automakers and dealers were able to rely on a dichotomy of affluent car shoppers and individuals making necessity-based purchases to keep things afloat — and the vehicles that they could sell commanded some hefty price tags,” said Jessica Caldwell, Edmunds’ executive director of insights. “Although inventory levels have been slowly picking up toward the end of the year and should help meet pent-up consumer demand through 2023, a number of headwinds such as rising interest rates, inflation and economic uncertainty are likely to hinder a speedy recovery.”

Edmunds experts have put together their list of the three biggest industry trends that they predict will shape the road ahead in 2023, which they’ve separated into three categories — the good, the bad and the ugly — along with some direct consumer shopping tips.

The Good: New vehicle prices are expected to cool, with average transaction prices dipping below MSRP for the first time in more than a year.

  • Edmunds data reveals that the average transaction price (ATP) for a new vehicle hit a record high of $47,681 in November 2022 — but this was also the first time since July 2021 that the ATP came in below the average MSRP. In November 2022, the average MSRP dropped to $47,696.
  • Edmunds experts note that the drop in price is concentrated across larger trucks, SUVs and luxury vehicles, whereas there is still increased demand for lower-priced mainstream vehicles. According to Edmunds data from November 2022:
    • The average MSRP for a large truck was $62,287 compared to an ATP of $61,076, offering a $1,210 discount on average. The average MSRP for a luxury midsize SUV was $74,161 compared to an ATP of $73,430, offering a $731 discount on average.
    • The average MSRP for a compact SUV was $35,137 compared to an ATP of $35,427, which reflects a $290 markup on average. The average MSRP for a compact car was $25,696 compared to an ATP of $26,398, which reflects a $703 markup on average.
  • Consumer shopping tip: If you’ve been sitting out of the market in the past year due to higher prices or lower selection, now might be a great time to jump back in. If you’re a cash buyer, you’re going to be in a good position to make a purchase. And if you have a trade-in, shop around for appraisals on sites like Edmunds to maximize its value before prices drop further.

The Bad: Leasing will continue to be out of reach for consumers as deals grow harder to find.

  • Edmunds analysts say that leasing, once a popular option for American consumers, has grown increasingly more expensive as inventory is slow to recover and interest rates remain high. Edmunds data reveals that the average monthly lease payment climbed to $583 in November 2022 compared to $471 in November 2019.
  • Edmunds data reveals that lease penetration fell to 17.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in November 2022 compared to 28.3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in November 2019, and Edmunds experts expect the gap to continue widening.
  • Consumer shopping tip: Before you lease make sure you weigh the total cost of the lease against all other options including purchasing new, used, or certified pre-owned (CPO). And make sure to read the fine print before getting too invested in a lease deal: Most lease promotions today have extremely restrictive terms that did not exist previously, such as requiring lower mileage caps or limiting offers to existing customers with a trade-in.

The Ugly: Interest rates are skyrocketing, making financing increasingly more expensive for consumers.

  • Edmunds experts note that lower interest rates (which were often subsidized by automakers) and longer loan terms helped Americans buy the bigger, feature-heavy vehicles that they love over the past decade. However, that trend is reversing and consumers are paying more than they ever have to finance new and used vehicles.
  • According to Edmunds data from November 2022, the average interest paid over the life of a new car loan climbed to an all-time record of $8,436, and the average interest paid over the life of a used car loan climbed to an all-time record high of $10,204.
  • Consumer shopping tip: Think of the total amount of interest that you’ll be paying over the course of your loan as a stand-alone value that’s a separate cost on top of your vehicle purchase — it could make a difference of up to thousands of dollars. Search for promotional APR offers in your area, because more automakers are offering to subsidize auto loans with lower interest rates — the caveat is that most of these offers require that consumers agree to shorter 36- or 48-month loan terms.

“With yet another Fed rate hike expected to be announced today, rising interest rates are increasingly top of mind for consumers in all aspects of life, including auto loans,” said Ivan Drury, Edmunds’ director of insights. “Even rates that are near or slightly below average can rack up thousands more in interest paid compared to years past, as vehicle prices have also shot up. Researching the total price of a vehicle with interest paid might show that obtaining a promotional APR on one vehicle versus another can be a deciding factor of what is affordable — and what isn’t.”

Edmunds’ analysts also put together their list of the top EV trends to keep an eye on in 2023, which can be found here.

Edmunds guides car shoppers online from research to purchase. With in-depth reviews of every new vehicle, shopping tips from an in-house team of experts, plus a wealth of consumer and automotive market insights, Edmunds helps millions of shoppers each month select, price and buy a car with confidence. Regarded as one of America’s best workplaces by Fortune, Great Place to Work and Built In, Edmunds is based in Santa Monica, California. Follow us on Twitter, Facebook and Instagram.

CONTACT:
Mitch Paul
Manager, PR & Communications
[email protected]
310-309-4900
http://edmunds.com/about/press

SOURCE Edmunds