M&A market update, Hyundai + Kia June sales, CDK nears full DMS restoration

Hey everyone. I’m super pumped about today’s guest on the CDG Podcast. If you’ve been living under a rock — Mark Boyd is behind some of the biggest names in auto tech software, like Chrome Data, CarGurus, Lotlinx, and Cargigi.

In our talk, he shares more about startup mentality, his predictions for the future of auto tech, and what makes a good CEO. Check it out.

— CDG

1. Dealers exit stores in record numbers during Q1

Dealerships are selling at break-neck speeds in 2024, with buy-sell transactions setting a new record during the first quarter.

Driving the news: Although demand for dealerships is high, this year’s increase in transactions was driven by a larger number of owners putting their stores up for sale. With more supply but stable demand, the mergers-and-acquisitions market is buyer-friendly so far in 2024 … Read more

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2. Hyundai, Kia score solid Q2 sales in U.S. despite CDK speed-bump

Hyundai and Kia saw North American sales decline in June, ending an otherwise strong quarter on a disappointing note.

What this means: Although automakers and dealers are likely to make up for lost time this month, these sales reports do shed light on the possible impact of the CDK Global cyberattack. Hyundai and Kia have seen rapid and steady growth in the U.S. for multiple years. If they were held back from beating their prior-year numbers, then it’s likely the case for many other brands … Read more

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3. CDK says dealers will regain full DMS access by July 4

After nearly two agonizing weeks of CDK Global outages caused by a debilitating ransomware attack, CDK has announced that all of its dealership partners will have access to its core DMS in the next 48 hours … Read more

• Chinese EV companies Zeekr and Nio report record deliveries in June.

• Mercedes is redirecting R&D money away from EVs and toward gas engines.

• Tesla patents an auto sanitization system for its robotaxi cars.

• Dealerships sue CDK for 'negligence in protecting users of its systems.'

• Volvo to dump most of its shares in struggling Polestar.

Thanks for reading everyone.

— CDG