Latest news with #dealership
Free Malaysia Today
3 days ago
- Automotive
- Free Malaysia Today
Big BYD dealer in eastern China goes out of business
BYD dealer Qiancheng has published a letter blaming adjustments BYD made to its dealer policy for putting its cash flow under tremendous pressure. (Reuters pic) SHANGHAI : A large dealer of Chinese electric vehicle (EV) maker BYD's cars in the eastern province of Shandong has gone out of business, with at least 20 of its stores found to be deserted or shut, government-owned media reported. The Jinan Times, which is owned by the government of the provincial capital of Jinan, reported yesterday that Qiancheng Holdings, which ran BYD stores, had fallen into difficulties, affecting more than 1,000 consumers who were still owed warranty coverage and after-sales services. 'The affected stores are spread across four cities, including Jinan and Weifang,' the newspaper said, citing visits it had made. 'Car owners were organising rights protection groups to seek solutions,' it added. The newspaper said Qiancheng, which once had an annual turnover of ¥3 billion (US$416.71 million) and employed 1,200 people, published a letter on April 17 blaming adjustments BYD had made to its dealer policy for putting its cash flow under tremendous pressure. Qiancheng did not immediately respond to a request for comment from Reuters today. Asked for comment, BYD referred Reuters to yesterday's article by Chinese media outlet Cover News that cited an unnamed BYD public relations representative as saying that it was Qiancheng's rapid expansion, rather than its policy adjustments, that had led to its crisis. The representative added that BYD was providing support to Qiancheng. Qiancheng's situation highlights the growing stress facing China's auto market, the world's largest, as intensifying competition puts pressure on suppliers, automakers and dealers. Car dealerships have been particularly vulnerable to a shift in the industry towards direct selling and a slowdown in consumer spending. BYD has a small number of its own stores in China, but mostly uses dealers in that market.
Trade Arabia
5 days ago
- Automotive
- Trade Arabia
New Head named for Lamborghini Middle East & Africa
Automobili Lamborghini has appointed Alessio Soligo as the new Head of Middle East & Africa, following six years in a similar role in south Europe. In his new position, Soligo will oversee sales, marketing, and after-sales operations across all 13 locations of the brand's MEA dealership network. Soligo joins the Middle East & Africa team following his successful tenure as Area Manager in southern Europe, responsible for Portugal, Spain, Italy, Greece and Turkey. With a background in electronic engineering, he joined Lamborghini as a production engineer in 2015. His decade of diverse technical and commercial expertise gained within the company will play a pivotal role in the brand's further growth across this important region. Francesco Cresci, Regional Director of Europe, Middle East and Africa at Automobili Lamborghini, commented: 'We are delighted to welcome Alessio Soligo as Head of Lamborghini Middle East and Africa. With a strong technical background, and proven track record of successful management in key European markets, he brings a wealth of automotive experience to the role. We are confident that his background, strategic vision and expertise will help us continue to deliver exceptional experiences to our wide range of customers in the MEA region."
Yahoo
14-05-2025
- Automotive
- Yahoo
How to trade in your car: 5 simple steps
Trading in your car can make selling your vehicle and buying a new one go much quicker. The trade-in value of your car is negotiable. Know what your vehicle is worth, but understand that trade-ins are likely to net less money than a private sale. Shop around to find a dealer that offers a good deal on your trade-in and a fair price on your new vehicle. When buying a new car, it can be helpful to have a vehicle you already own that you can trade in. A trade-in gives you a head start on your down payment — and you don't have to trade in your old car at the same dealership you plan to buy from. Trading in your car also eliminates much of the work of selling a vehicle, allowing you to cruise home in your new ride much quicker than you would if you had to sell your car yourself. Just be prepared to research how much your car is worth and negotiate once you visit the dealership. Doing your research can help you better understand how to trade in your car so you can maximize the amount your trade-in earns. Before you can trade in your vehicle, learn how to calculate your car's value. Knowing this figure in advance may help you feel empowered when it comes time to negotiate and can also increase your chances of getting a fair price. Rather than waiting to find out what the dealer thinks, do some research to get a sense of your current car's value. Free online appraisal tools, such as Kelley Blue Book or Edmunds, can help you determine the worth of your car. If available, use estimator tools that can offer a deeper sense of the dollars your car will command based on car features beyond make, model, year and mileage. External factors may also impact the value of your vehicle. If gas prices are high, as they are now, a car that gets better gas mileage might be more in demand than an oversize truck. Trading in a car involves more than assessing the vehicle. You'll also need to evaluate the state of your finances to know how much car you can afford on the other side of the trade. You may also want to compare top lenders to get a firm idea of the loans you qualify for — and how your trade-in could potentially increase your buying power. If you are trading in a car with a loan, determine if its trade-in value will be enough to pay off the remaining balance. Contact your lender to confirm the payoff amount and compare that figure to your car's trade-in value by visiting multiple dealers to request trade-in quotes. Remember, if a dealer offers to pay your loan off for you, you will likely add the payoff amount to a new loan for your next vehicle. This is called rolling over your auto loan and can lead to difficult financial situations in the future. You don't have to go to the dealer to start the trade-in process. Instead, you can make dealers come to you with a price. Many online value estimators, such as Kelley Blue Book and TrueCar, are linked to dealers that will extend offers based on the information you share about your car. You can then use these online quotes to negotiate with dealerships and secure the best possible deal. When you're ready to negotiate, remember that you don't have to sell your trade-in and buy your new car at the same dealership. Negotiate the trade-in price separately from the purchase price of your next car. You could trade your car in at one dealership and then purchase a car from another to maximize your savings. Remember, you don't have to accept the initial trade-in amount a dealer suggests. Dealers typically begin by offering the lowest price possible, so you can negotiate your car's trade-in value. Tell the dealer the price seems too low based on offers from other dealers or the value you've found in your research. Provided you have been keeping up with regular car maintenance costs, you should receive a better price on your trade-in. Take the extra time to clean the interior and exterior of your car to help boost your car's trade-in value. 'Make sure your car is clean, and you're presenting it as you would want to receive it if you were buying it,' says Alain Nana-Sinkam, Chief Industry Analyst at TrueCar. 'Also, if there were small flaws you had planned to fix prior to the trade, make sure to get them done so the car is delivered to the dealer as you had reported and as they are expecting it.' What do you need to trade in a car? Be sure to have any service records and the vehicle registration, car title and all keys on hand. If you don't have the title because you're trading in a car with a loan, have the lender's details ready as well. Car dealerships can be busy places, so make an appointment in advance to save yourself time. The dealer will evaluate your car to verify that all the information you submitted online is correct. 'Ask if you can be present with the appraiser so that you can ask them questions about how they are determining the value of your vehicle,' says Joe McCloskey, owner of McCloskey Motors in Colorado Springs, Colorado. 'Most dealerships will share this information with you, and having this information will help you to better understand how and why the dealer is valuing your vehicle's value.' With your research and documentation on hand, be prepared to negotiate — and walk away if the dealership isn't able to offer you a good deal. There's nothing wrong with shopping for quotes at multiple dealerships to get the best value for your trade-in. After you determine how to trade in your car and the value it has, make sure you understand the benefits and drawbacks of selling the vehicle before you visit any dealerships. The trade-in process may save you the stress and hassle of posting your car online and going through the process of a private sale. There may be a tax credit for your trade-in, depending on your location. In some states, you will only be charged tax on the difference between your old car's trade-in value and the price of your new vehicle. It simplifies the shopping process. You can buy and sell in one place, using your old vehicle's trade-in value as equity toward your new car. Your profit will likely be smaller than it may have been by selling the vehicle yourself. If you want to find a dealer that can source your new car and is also willing to buy your old one, your options may be more limited. You could lose money if you are upside-down on your loan. If you need to trade in your car with negative equity, consider purchasing a less expensive vehicle to help minimize your losses. Knowing how to trade in a car rather than selling it yourself can streamline the process of getting into a new vehicle. To maximize your trade-in's value, start by researching the value of your car with free online car estimators. Before heading to a dealer, deep clean your car and make cost-effective minor repairs. It's also a good idea to obtain offers from multiple dealers, and remember that you can negotiate the trade-in price. In addition to shopping for the best value for your trade-in, make sure you compare auto loan rates so you know exactly how much your next car will cost you. How do you trade in a car that's not paid off? Most lenders allow you to roll the outstanding balance into your new auto loan, or you can pay out-of-pocket before trading the vehicle. If you have positive equity, the trade-in value should cover the outstanding balance, and the difference will be applied to the new loan. What are the alternatives to trading in a car? If you're upside-down on your auto loan or prefer to explore other options, consider a private sale or an online dealership. Both allow you to skip the trade-in process and instead walk away with cash for your next vehicle — provided you don't owe money on a loan. Is trading in a car worth it? Trading in a car can be worth it if you want a seamless car-buying experience. The dealership can assess your vehicle's value on the spot and present you with an offer, saving you time and money you'd otherwise spend preparing your car for a private sale and attracting the right buyer. Is it better to sell or trade in your car? It depends. If your vehicle has a sufficient amount of equity, trading it in could help streamline your next purchase and decrease the amount you have to borrow. That said, if you're upside-down on your auto loan, consider a private sale first, as you'll likely earn more to minimize the impact of the negative equity. Does trading in a car affect your credit? No, trading in your vehicle does not impact your credit score. However, applying for a new auto loan results in a hard inquiry, which can ding your credit score by a few points. Sign in to access your portfolio
Globe and Mail
12-05-2025
- Automotive
- Globe and Mail
Reed Atamian Celebrates 50 Years of Automotive Excellence at Atamian Honda
Tewksbury, Massachusetts--(Newsfile Corp. - May 12, 2025) - Atamian Honda, one of Massachusetts' most respected and enduring automotive dealerships, proudly announces the celebration of its 50th anniversary. Since opening its doors in 1976, the dealership-located at 150 Main Street in Tewksbury-has become a trusted name for generations of car buyers, offering top-tier service, a wide selection of vehicles, and a deep commitment to the community it calls home. Reed Atamian, President of Atamian Honda To view an enhanced version of this graphic, please visit: Founded by Terry Atamian, the business began as a small family-run operation built on the pillars of honesty, quality, and personalized service. Today, under the leadership of President Reed Atamian, the dealership has evolved into a modern, forward-thinking enterprise while remaining true to its roots. The Atamian name, rooted in Tewksbury since 1968, continues to stand for reliability, service excellence, and a genuine care for the people it serves. "This milestone is more than just a business celebration," said Reed Atamian. "It's a reflection of the relationships we've built over five decades. It honors the families who've continued to trust us with their automotive needs, the employees whose hard work and dedication have driven our success, and the local community that has supported us through every era." To commemorate this historic occasion, Atamian Honda will be hosting a year-long series of celebrations that include exclusive sales promotions, customer appreciation events, and local givebacks. The dealership will also pay tribute to its loyal staff-some of whom have been with the business for decades-and recognize the enduring legacy of founder Terry Atamian. Beyond automotive sales and service, the Atamian family has long been a driving force in philanthropy. From contributions to the Juvenile Diabetes Foundation and the Cam Neely Foundation, to supporting local youth sports, educational initiatives, and community programs in Tewksbury, Lowell, and Falmouth, the Atamians have continuously demonstrated a deep commitment to giving back. Reed Atamian, a fourth-generation leader in the automotive world, not only upholds this legacy but also brings his own passion and insight to the industry. In addition to leading Atamian Honda, Reed Atamian engages with the broader public through his blog, where he shares expert commentary on car trends, maintenance tips, and stories that speak to his lifelong love of the automobile. As Atamian Honda enters its sixth decade, the dealership remains laser-focused on the future. From adopting the latest in automotive technology and electric vehicle offerings to enhancing customer experiences through innovation and personalization, Atamian Honda is committed to evolving with the needs of today's drivers. Despite changes in the automotive landscape, one thing remains unchanged: the Atamian dedication to quality, transparency, and community service. "Looking ahead, we're excited for what the next 50 years will bring," added Reed Atamian. "We'll continue to innovate, serve, and give back-just as we always have." Says Reed Atamian For media inquiries or more information, please contact:
Zawya
08-05-2025
- Automotive
- Zawya
VinFast signs new dealer agreements in France and Germany, further expands dealership network in Europe
PARIS, FRANCE - Media OutReach Newswire – 9 May 2025 – VinFast today announced the signing of a dealership agreement with ASTRADA SIMVA, its first official dealer partner in France, and Schachtschneider Automobile GmbH & Co KG, its second dealer in Germany. This marks a significant milestone in VinFast's strategy to accelerate its sales model through dealerships globally, while reaffirming the Company's strong commitment to driving the green transition in Europe. As VinFast's first official authorized dealership in France, ASTRADA SIMVA will operate one VinFast showroom located in Aix-en-Provence. The showroom is expected to be operational starting in June 2025. Meanwhile, Schachtschneider Automobile GmbH & Co KG will establish three authorized VinFast dealer showrooms. Previously, VinFast successfully signed a cooperation agreement with the dealership Autohaus Hübsch in Germany and opened two showrooms in the market, offering a comprehensive customer experience. At all VinFast dealer showrooms operated by ASTRADA SIMVA and Schachtschneider Automobile, European consumers will be able to explore, test drive, and purchase the VinFast VF 6 (B-segment) and VinFast VF 8 (D-segment), along with access to genuine after-sales service, warranty, and parts. Throughout the entire partnership, VinFast is committed to providing maximum support to its authorized dealerships through in-depth personnel training, equipping staff with robust product knowledge and maintenance/repair procedures, ensuring maximum peace of mind for customers. This collaboration with reputable European dealerships is part of VinFast's strategy to develop an enhanced global dealership network, and is currently being implemented in Germany and the Netherlands. This strategy aims not only to optimize operational efficiency and increase brand reach but also to rapidly address the growing demands of customers. Mr. Renzo Schachtschneider, General Manager/Owner of Schachtschneider Automobile, shared: "We are proud to partner with VinFast, standing alongside this Vietnamese brand in driving the global green revolution. With a strong belief in the potential of electric vehicles and VinFast's prospects in the European market, we are committed to contributing value to achieve mutually beneficial collaboration, delivering leading products and services to consumers." Mr. Chris Durand, CEO of ASTRADA SIMVA, added: "We are proud to collaborate with VinFast, an innovative and fast-growing EV brand. Bringing the VF 6 and VF 8 models to Aix-en-Provence presents a great opportunity to diversify our offerings and give our customers exciting new choices. The arrival of stylish, quiet, and emission-free vehicles will enhance life in a region that is celebrated for its harmonious blend of tradition and modernity." Ms. Thuy Le, Chairwoman of VinFast, shared: "By partnering with ASTRADA SIMVA and Schachtschneider Automobile GmbH & Co KG, VinFast is taking further steps to transition to a full dealer franchise model in Europe, reaffirming our commitment to this significant market. By capitalizing on their established reputation, inherent capabilities, existing infrastructure, and comprehensive understanding of local markets, we are committed to achieving effective expansion across European markets with a focus on long-term sustainable growth." VinFast remains committed to growing its dealer and distributor network across France, Germany, and the Netherlands, and to expanding in other European markets, while simultaneously expanding its range of smart electric vehicles, reinforcing its long-term commitment to European consumers. Furthermore, to ensure a seamless experience and provide peace of mind for customers, VinFast has partnered with after-sales service providers, leveraging 22 dedicated technical centers across Europe, including 8 in Germany, 12 in France, and 2 in the Netherlands. Customers can also access a network of authorized service workshops provided by VinFast's partners, which includes ATU in Germany, Norauto in France, and LKQ in the Netherlands. VinFast has also collaborated with Fixico in these three markets to offer professional body and paint services to customers. Globally, VinFast has rapidly expanded its global presence in potential markets through a dealership business model including Indonesia, the Philippines, India, and the Middle East. With a diverse product lineup ranging from the mini-SUV VF 3 to the full-size VF 9, VinFast has become the top-selling car brand in Vietnam and surpassed global sales targets in 2024, laying a solid foundation for sustainable long-term growth. Hashtag: #VinFast The issuer is solely responsible for the content of this announcement. About VinFast VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam's largest conglomerates, is a pure-play electric vehicle ("EV") manufacturer with the mission of making EVs accessible to everyone. VinFast's product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at: VinFast
