CDK outage fuels 86% drop in Asbury Q2 net income
Lost business and one-time costs related to the CDK Global outage contributed to an 86 percent drop in Asbury’s net income, though the retailer managed to post record revenue of $4.2 billion.
GPB Capital founder David Gentile found guilty in Ponzi-like fraud that included dealerships
Gentile’s co-defendant, Jeffry Schneider, who ran Texas-based Ascendant Capital, also was convicted of securities fraud and conspiracy charges by a federal jury in Brooklyn, N.Y., following a trial that lasted more than seven weeks.
Aptiv Q2 net income soars
Aptiv also announced the start of a $5 billion share repurchase program.
California DMV is working to digitize car titles to fight fraud
Digitization will help ease with the location and transfer of titles and help protect against fraud.
Group 1 finalizes acquisition of Inchcape; adds 54 U.K. dealerships to its portfolio
Group 1 Automotive Inc. has finalized its acquisition of global automotive group Inchcape, which has 54 U.K. dealerships.
The acquisition was announced April 15; Group 1 paid $439 million in cash. It is expected the acquisition will add $2.7 billion in annual revenue for Group 1 Automotive.
The addition of the Inchcape stores complements Group 1’s geographic footprint in the east and southeast of England and allows it to expand into new markets in the central and northwest regions of England and Wales. The dealerships will retail Audi, BMW/Mini, JLR, Lexus, Mercedes-Benz/Smart, Porsche, Toyota and Volkswagen vehicles.
“This transformative acquisition effectively doubles our U.K. footprint, giving us access to new markets throughout England with a collection of outstanding brands,” said Group 1 CEO Daryl Kenningham. “We are delighted to welcome our new team members as we collaborate to deliver an excellent customer experience.”
Inchcape will continue to operate its global automotive retail distribution business.