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A car dealer orders vehicles from the manufacturer for inventory and pays interest (called flooring or floor planning). Dealer holdbacks are a system of payments made by manufacturers to their dealers. [5] The holdback payments assist the dealer's ability to stock their inventory of vehicles and improve the profitability of dealers.
Lexus’ high resale value and safety scores help to keep customers loyal, ... as dealerships slash prices to make room for next year’s inventory. Pair that with incentives like low-interest ...
Penske Motor Group is an El Monte, California, U.S.–based, subsidiary of Penske Corporation, managed by Gregory Penske.The group operates three automobile dealerships in California: Longo Toyota and Longo Lexus in the Greater Los Angeles Area and Lexus of Stevens Creek in the San Francisco Bay Area.
The Lexus brand was created around the same time as Japanese rivals Nissan and Honda developed their Infiniti and Acura premium brands. The Japanese government imposed voluntary export restraints for the U.S. market, so it was more profitable for Japanese automakers to export more expensive cars to the U.S.
In 2003, Ward's Dealer Business, a publication of PRIMEDIA’s Ward's Communications, presented Herb Chambers Companies with the Ward's Dealer of the Year award "for honesty, exemplary customer service and employee care". [27] Also in 2003, J.D. Power and Associates awarded 7 of the Herb Chambers dealerships with the Certified Retailer award. [28]
In 2009, during the great recession, AutoNation announced a newly formed AutoNation Payment Protection program, promising that the dealership will buy back any car at market value, should the owner lose their job. [20] By 2011, AutoNation was the first auto retailer in the U.S. to sell a total of 8 million vehicles. [21]
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