Trade News

Editor's note: An earlier version of this story contained incorrect figures detailing the company's adjusted fourth quarter results in 2020 and 2019. The corrected 2019 figures included a $600,000 gain from a legal settlement.

Net income doubled at Asbury Automotive Group Inc. in the fourth quarter of 2020, driven by strong gross profits on new- and used-vehicle sales along with its parts and service business.

The company reported an all-time record $89.1 million in net income during the recent quarter, up from $43.6 million in 2019. Asbury, the first public retailer to report fourth-quarter and full-year earnings, said total revenue of $2.2 billion marked an 18 percent increase from the same period the previous year.

Asbury CEO David Hult said in a statement Tuesday the fourth quarter was a "pivotal" time for the company, from the launch of its omnichannel retailing platform, Clicklane, and rollout of its five-year plan to reach $20 billion in revenue b…

DETROIT — Ford Motor Co. won't advertise nationally during the Super Bowl, but its marketing machine won't be fully sidelined for the big game.

The automaker plans to promote its "#FinishStrong" ad campaign encouraging mask-wearing with regional commercials running Sunday in states hardest hit by the coronavirus pandemic. Viewers in California, Texas, Florida, Michigan and Missouri will see new 30-second and 60-second versions of the spots that Ford debuted last month.

Mark Truby, Ford’s chief communications officer, said Ford expects the Sunday spots to generate 325 million impressions. The company took the regional approach because it felt it was the best way to maximize the impact of their ad dollars.

The automaker has not advertised nationally in a Super Bowl since 2017.

In addition to the regional ads, Ford on Tuesday said it was upping its national mask-donation commitment to 120 million from 100 million. The company also said it will m…

HAMBURG -- Volkswagen is looking into buying chip supplies directly from manufacturers, according to a company executive, as automakers battle a global semiconductor shortage.

"We are thinking about entering direct contractual relationships," said the executive, who declined to be named.

"The industry will have to react due to the significance of semiconductors with regard to vehicles today."

Automakers around the world are adjusting assembly lines due to the shortages, caused by manufacturing delays that some semiconductor makers blame on a faster-than expected recovery from the coronavirus pandemic.

Volkswagen, which warned as early as Dec. 4 about the problem, currently sources chips via major suppliers such as Bosch and Continental and has no direct contractual or supply agreements with semiconductor makers.

Carmakers also affected by the shortage include Ford, Toyota, Nissan and Daimler, with the companies having to cut production or…

Uber Technologies Inc. agreed to acquire Drizly Inc., which makes an on-demand alcohol delivery app, for $1.1 billion, a wager that demand for home delivery will persist after the coronavirus pandemic subsides.

The deal is Uber’s biggest since July when it bought Postmates, a food delivery app. The Drizly purchase primarily consists of Uber stock, with less than 10 percent in cash, the companies said in a statement Tuesday.

Shares of Uber were up 9.8 percent to $57.93 in early trading Tuesday.

Drizly has had a breakout year as consumers stuck at home ordered in alcohol instead of venturing to the store. Drizly operates in more than 1,400 U.S. cities connecting customers with local stores to order beer, wine and liquor.

In May, around the height of U.S. coronavirus lockdowns, sales were about 400 percent above historical levels, the company said. Consumers both ordered more frequently and bought more per order, it said at the time.

Join Automotive News Publisher Jason Stein for a daily podcast series about the coronavirus crisis. He’ll speak with industry experts, insiders and Automotive News reporters about how the virus is impacting and reshaping the automotive industry.

CEO David Dauch chats about the supplier's business operations amid the ongoing COVID-19 pandemic, plans to capitalize on the industry's shift toward electrification and growth prospects outside of North America.  

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