Auto Aftermarket Sector Growing, Giving Consumers More Options to Shop With Confidence
PALM BEACH, Florida, August 22, 2017 /PRNewswire/ --
The future of auto aftermarket servicing is evolving as auto industry giants are becoming more involved in the development of high quality services and products allowing consumers to have more options, as well as enhanced convenience provided through shopping online, at dealerships and utilizing the latest smartphone applications. According to a recent article published by Forbes [https://www.forbes.com/sites/sarwantsingh/2015/06/02/future-of-automotive-aftermarket-and-car-servicing-consumers-will-have-more-channels-to-shop-around/#494a1c5627f8 ] , Consumers now have more channels to shop around fuel and further growth potential in the industry. Notable companies with recent developments and market performance of note include: IGEN Networks Corporation (OTC: IGEN)(CSE: IGN), TrueCar, Inc. (NASDAQ: TRUE), Carvana Co. (NYSE: CVNA), CarMax Inc. (NYSE: KMX), AutoNation Inc. (NYSE: AN)
IGEN Networks Corporation (OTCQB: IGEN, CSE: IGN.CN), a Company that offers peace-of-mind to automotive consumers and their families through the protection and management of their mobile assets, is pleased to announce the filing of its second quarter Q2-2017 financials along with operational milestones completed in during the quarter. A conference call led by CEO Neil Chan will occur after the close of trading today at 1:15 pm PST / 4:15 pm EST to discuss results in more detail. All interested parties are welcome, and call instructions are provided at the end of this release.
Over the last 14 months, IGEN's wholly-owned subsidiary Nimbo Tracking has targeted new car franchise dealerships to include its product in every car that is delivered to the lot (The 'Pre-Load' Model). This aftermarket product allows dealerships to identify and manage all vehicles in its inventory as the vehicles are sold through the dealership channel to the consumer. Read this and more news for IGen at:http://www.marketnewsupdates.com/news/igen.html
Upon purchase of a new vehicle, the product is provisioned for the consumer offering smartphone accessibility to a broad range of programable real-time alerts including theft, break-in of the vehicle, location records, boundary alerts, driver behavior (speeding, rpm, hard-breaking), and even the health of a vehicle's battery. These aftermarket services are sold as Stolen Vehicle Protection Plus (SVR+) as one to three years bundled services.
To date, Nimbo Tracking products and services ( http://www.nimbotracking.com ) have been provisioned across most OEM brands that include imports like Honda, Toyota, Nissan; luxury brands that include Lexus, Porsche, Lamborghini, Audi, BMW; and domestic brands that include Chevrolet, General Motors, and Ford. Nimbo Tracking products are also compatible with all pre-owned vehicles regardless of year or brand. Also see the latest Financial results and milestone achievements for the quarterly period ended June 30, 2017 for IGEN at: http://www.marketnewsupdates.com/news/igen.html
In other developments in the industry:
TrueCar, Inc. (NASDAQ: TRUE) earlier this month announced its financial results for the second quarter ended June 30, 2017. "Despite the bigger picture trends in automotive, we set records in nearly every major financial and operating metric in the second quarter, " said Mike Guthrie, Chief Financial Officer. "The momentum that we have been building over the past few quarters at TrueCar is continuing quite nicely," added Chip Perry, TrueCar's President and CEO. "We're growing well; we're delivering value to consumers, dealers and manufacturers; we're expanding our business; and we're producing operating leverage all while making key investments for the long term." Read the full financial report at: https://finance.yahoo.com/news/truecar-reports-second-quarter-2017-200500718.html
Carvana Co. (NYSE: CVNA) closed up 2.89% on Monday at $14.62 with over 800,000 shares traded by the market close. The company recently announced it is growing its footprint in the Volunteer State. Chattanooga and Knoxville area residents can now browse, finance, purchase, and even trade in old vehicles online, in as little as 10 minutes, and have their vehicle delivered as soon as the next day. Those who want the full Carvana experience can still drive to Nashville and pick up their car from the original Car Vending Machine.
CarMax Inc. (NYSE: KMX) finished Monday up slightly with a volume above 1.3 million shares traded by the market close. CarMax Inc., through its subsidiaries, operates as a retailer of used vehicles in the United States. The company operates in two segments, CarMax Sales Operations and CarMax Auto Finance. It offers customers a range of makes and models of used vehicles, including domestic and imported vehicles; sells vehicles that do not meet its retail standards to licensed dealers through on-site wholesale auctions; and provides extended protection plans to customers at the time of sale.
AutoNation Inc. (NYSE: AN) came to a close Monday afternoon at $42.45 up 1.85% on over 1.1 million shares traded by the market close. AutoNation, Inc., America's largest automotive retailer, at the beginning of this month reported second quarter 2017 net income from continuing operations of $88 million, or $0.86 per share. Second quarter 2016 net income from continuing operations totaled $112 million, or $1.08 per share. For the second quarter of 2017, AutoNation's combined retail vehicle unit sales were down 3%, or down 2% on a same store basis. Market conditions were very challenging in two of the Company's largest states, Texas and Florida, which represent approximately 45% of AutoNation's total retail vehicle unit sales. Same store retail vehicle unit sales in these states were down a combined 6%. According to JD Power, industry retail new vehicle unit sales in Texas and Florida were down 5%. Mike Jackson, Chairman, CEO and President, said, "Our pre-owned margins declined due to implementation challenges with our centralized One Price strategy during the quarter. However, we've taken decisive action to resolve those issues by realigning our leadership and structure to fully realize the opportunity of our brand extension strategy."
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