Page 3 - Patrick Manzi News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Washington DC October 13, 2021; Today, the National Automobile Dealers Association (NADA) issued its analysis of U.S. auto sales and the economy for the third quarter of 2021 and provided insights into auto sales for the remainder of the year. “The biggest story this year in the auto industry has been the semiconductor microchip shortage, which has severely impacted vehicle production throughout the globe,” said NADA chief economist Patrick Manzi.

Consolidation Sweeps Across Auto Dealerships During Pandemic Minnetonka-based Morrie’s Auto Group is part of the national trend of big players growing larger. The CEO of Morrie’s Auto Group wants to double the number of dealerships that Morrie’s owns in the Twin Cities—expanding from 12 to 24. “We have a lot of room for growth,” CEO Lance Iserman said in a Twin Cities Business interview. “We could add another 12 stores, and I would be comfortable with that.” Iserman is an active player in the auto-dealer consolidation trend that accelerated during the pandemic. In Fe...

How did dealers manage to make so much more money in 2020 selling fewer cars? The answer appears to be simple.

Sponsored Links U.S. auto dealers managed to claw their way back from the COVID-19 pandemic and post record profits in 2020, with average dealer earnings climbing nearly 50 percent year-over-year. According to Automotive News, U.S. auto dealers posted an average pre-tax profit of $2.1 million in 2020, a 48 percent increase from 2019. The National Automobile Dealers Association, which tracks dealer earnings in the U.S. annually, said the average store cut operating expenses by 5.6 percent in 2020, in part thanks to lower vehicle inventories and staff cuts. Average individual vehicle profitabi...

Massachusetts auto dealers ride out COVID Posted Feb 17, 2021 It should come as no surprise that COVID-19 has had a tremendous impact on the automotive industry, just as it has on others. First, the bad news. “The coronavirus pandemic certainly impacted new light-vehicle sales in 2020, not to mention the U.S. economy as a whole,” said Patrick Manzi, chief economist for the National Association of Auto Dealers in their analysis of auto sales last year. “Our forecast at the start of 2020 estimated new light-vehicle sales would fall by 1 to 2 percent compared to 2019 for a total of 16.8 m...