Franchised used-car dealer sentiment lowest since pandemic, Cox survey shows
Franchised and independent dealers also reported year over year growth or stability in used-car inventory mix, Cox Automotive’s latest Dealer Sentiment Index says.
Banks unlikely to loosen up on auto loans in 2024, Fed survey finds
Banks overwhelmingly plan to maintain their standards for writing car loans throughout 2024, while a handful intend to tighten policies even further on credit applicants.
Honda Canada to slash dealer margins by up to 44%, several dealers say
Honda Canada would not confirm the details nor address questions about the changes to margin for its close to 250 dealers across the country. In a statement, the company said it does not “share the details of our business relationship with our dealers.”
No limits: Small dealers go national with video streaming ad pilot
Technology from marketing software company Constellation is helping smaller auto dealers place affordable national advertising through NBCUniversal streaming options.
Joann fabrics and crafts, with 4 Orlando locations, files for Chapter 11 bankruptcy
Fabric and crafts retailer Joann, which has four locations in the Orlando area, has filed for Chapter 11 bankruptcy protection but the company says its stores will stay open.
In a Monday release, the Hudson, Ohio-based company said that it expected to emerge from bankruptcy as early as the end of next month. Following this process, Joann will likely become privately owned by certain lenders and industry parties, the company added — meaning its shares would no longer be publicly traded on stock exchanges.
Joann’s more than 800 stores and its website will continue to operate normally during the bankruptcy process, the company said. Its Orlando-area locations include one at the Waterford Lakes Town Center on Alafaya Trail and at Colonial Landing on East Colonial Drive, as well as locations in Winter Garden and Altamonte Springs.
Vendors, landlords and other trade creditors should also not see any pay disruptions, the company said, pointing to a deal it had struck with most of its shareholders for financial support.