This year marks the 25th Annual Dealer 500 rankings published by “Wards Dealer Business” Magazine. The list is a comprehensive ranking of the 500 biggest automobile dealerships in the country. According to the magazine one constant over the last quarter century is that the dealers who make the list are “among the best in the business. They are pros who use time-tested best practices, yet are nimble enough to adapt to changing times and markets.” Walker Automotive is on the list for the fifth straight year and ranks number 52 for 2010.
The annual list ranks dealerships according to departmental revenue, sales and total dealership revenue. Only one other dealership in Louisiana was recognized and Walker was the only dealer in central Louisiana named.
“We are pleased to have made the Wards 500 list again this year”, said W. Foster Walker, President of Walker Automotive. We certainly had to adapt to changes in our business last year, but we still managed to grow our business in almost all departments.” Walker said. Overall, revenue grew 2% over last year which is great considering the turmoil that marked the industry in 2010 as several major manufacturers struggled to come back from bankruptcy. “Our most significant increase came in pre-owned vehicle sales where we saw an increase of 37% in total units over the year before. Likewise, our Service, Parts, Body Shop and Accessories increased 4% over the same period last year. New cars grew modestly, but that is not surprising considering the lack new inventory. We simply adapted to sell more quality late model or certified used vehicles. I credit a tremendous management team in all departments that figured out how to grow our business in a tough selling environment.” Walker said.
Walker was also recognized separately in the 2011 magazine as one of the 2011 Ward’s Dealer 500 new and used vehicle volume leaders. Walker delivered more than 3,000 new and pre-owned vehicles in central Louisiana. Walker has also been recognized by Ward’s as a leader in helping customers finance their vehicles and as a used vehicle leader in 2009.
“We are committed to our business, the Central Louisiana community, and our customers. Our most recent commitment to our business is the new Walker Mercedes and BMW building on Highway 28 West next to Walker Honda.” The new facility is a state of the art 30,000 square foot sales and service location for both Mercedes-Benz and BMW. “Our entire organization is extremely proud of this new facility and we expect this addition to assist us in our continued growth in Alexandria.” Walker said.
Mr. Walker also emphasized that as a fourth generation family company, Walker Automotive always tries to do what is in the best interest of its customers. “We remain committed to serving our customers, being an active community partner, executing business strategies that allow for continued growth, and delivering new and used vehicles to happy customers. "
Walker was founded in 1919 as Alexandria Auto Company, Inc. by Foster Walker Sr. Walker Oldsmobile Company and is now run by Foster Walker III. Ninety years after its inception the dealership has expanded from its meager origins to four locations, 7 manufacturers, four service departments and a collision center. Walker employees more than 175 employees. Over the last 9 decades Walker has won numerous national and factory awards for all aspects of its business. Walker Automotive offers new and pre-owned vehicles ranging from quality entry level models to German luxury vehicles.
Wednesday, June 29, 2011
W. FOSTER WALKER III ELECTED AS CHAIRMAN OF THE LOUISIANA AUTOMOBILE DEALERS’S ASSOCIATION
W. Foster Walker III was elected Chairman of the Board of the Louisiana Automobile Dealer’s Association at its Annual Convention on June 19, 2011. Mr. Walker is President of Walker Automotive in Alexandria. Mr. Walker has previously held the positions of Chairman Elect, Treasurer, and District 16 Representative for the Association. The board of directors for the Association is governed by 19 dealers elected from 14 districts in the state. The Association represents approximately 325 automobile dealers in Louisiana and more than a hundred Associate and Subsidiary members.
“I am honored to have been elected as Chairman from my business peers. It is truly an honor to receive the support the other automobile dealer members in the state.” Walker said. “The sale of vehicles in this state greatly affects the general economy through our collection and remittance of sales taxes, corporate taxes and payroll tax. The association members employ more than 12,000 employees throughout the state with average salaries in excess of $45,000. As a member of this vital board, I hope to be able to be a part of the overall economic recovery of our industry in Louisiana.”
Founded in 1937, the LADA provides products and services to enhance the operations of its member dealers. The Association promotes the automotive trade in the state, seeks legislation to benefit the automotive trade and the public consumers of automotive products, and compiles factual data and information which may be useful and valuable to the automotive trade.
Walker Automotive was named the 2010 Better Business Bureau Torch Award winner for 2010 which recognizes local businesses for outstanding ethical practices. This was the second time for Walker Automotive to win this prestigious award. Additionally Walker was recently named to the Wards Dealer Business Dealer 500 in June 2011 which ranks dealers nationally based on total revenue. Walker has consistently made the list for the last decade.
Walker was founded in 1919 as Alexandria Auto Company, Inc. by Foster Walker Sr. Walker Oldsmobile Company and is now run by Foster Walker III. Ninety years after its inception the dealership has expanded from its meager origins to four locations, 7 manufacturers, four service departments and a collision center. Walker employs more than 175 employees. Over the last 9 decades Walker has won numerous national and factory awards for all aspects of its business. Walker Automotive offers new and pre-owned vehicles ranging from quality entry level models to German luxury vehicles.
“I am honored to have been elected as Chairman from my business peers. It is truly an honor to receive the support the other automobile dealer members in the state.” Walker said. “The sale of vehicles in this state greatly affects the general economy through our collection and remittance of sales taxes, corporate taxes and payroll tax. The association members employ more than 12,000 employees throughout the state with average salaries in excess of $45,000. As a member of this vital board, I hope to be able to be a part of the overall economic recovery of our industry in Louisiana.”
Founded in 1937, the LADA provides products and services to enhance the operations of its member dealers. The Association promotes the automotive trade in the state, seeks legislation to benefit the automotive trade and the public consumers of automotive products, and compiles factual data and information which may be useful and valuable to the automotive trade.
Walker Automotive was named the 2010 Better Business Bureau Torch Award winner for 2010 which recognizes local businesses for outstanding ethical practices. This was the second time for Walker Automotive to win this prestigious award. Additionally Walker was recently named to the Wards Dealer Business Dealer 500 in June 2011 which ranks dealers nationally based on total revenue. Walker has consistently made the list for the last decade.
Walker was founded in 1919 as Alexandria Auto Company, Inc. by Foster Walker Sr. Walker Oldsmobile Company and is now run by Foster Walker III. Ninety years after its inception the dealership has expanded from its meager origins to four locations, 7 manufacturers, four service departments and a collision center. Walker employs more than 175 employees. Over the last 9 decades Walker has won numerous national and factory awards for all aspects of its business. Walker Automotive offers new and pre-owned vehicles ranging from quality entry level models to German luxury vehicles.
Wednesday, June 8, 2011
A Good Time to Trade in That Gently Used Car
That three-year-old car sitting in the driveway may not seem so exciting anymore, but to some car dealers it could be gold.
Informed shoppers with well-maintained cars to trade in have an unusual opportunity to take advantage of what industry analysts say is a record peak in used-car prices. Resale and trade-in values for late-model vehicles in good condition have been rising all year as demand has outstripped supply, particularly for fuel-efficient models.
Among the forces driving up used-car values is a shortage of many popular Japanese models due to production slowdowns following the March earthquake. And the sales collapse during the 2008 and 2009 financial crisis means fewer two- and three-year-old cars are available.
The National Automobile Dealers Association last week raised values again on many small- and medium-size cars in its latest Used Car Guide, which is widely used by dealers when deciding what to offer for cars taken as trade-ins.
A one-year-old Honda Civic that NADA's Used Car Guide valued at $14,275 in May is now estimated to be worth $15,950. "The same car," says Jonathan Banks, NADA's executive auto analyst.
KBB.com, the Web home of the Kelley Blue Book used-vehicle-pricing franchise, says a three-year-old Toyota Prius is worth, on average, $17,750 as a trade-in, up $6,050 from the value of a three-year-old Prius a year ago.
The market isn't booming for all types of vehicles. Large sport utility vehicles, such as a Ford Expedition or Chevrolet Tahoe are down less than 1% from a year ago, according to NADA's guide. Still, they are up nearly 5% from the start of the year.
"We have seen extremely strong pricing," says Jeremy Meyer, national manager for Audi's U.S. certified pre-owned sales operation. And "consumers are willing to pay those higher prices," he says.
Manheim Consulting, an arm of the big Manheim auto-auction business, has for years published an index of used-vehicle values. In May, that index, using a scale with a baseline set at 100 for January 1995, was 127.8—a record high.
For consumers, this is now a game of arbitrage and information gathering. Prices for many new vehicles are up, but not as much as values for in-demand, late-model used cars.
"The best case scenario is that you have a trade-in that is somewhat gas efficient, and you are ready to trade for a larger vehicle," says Jesse Toprak of Truecar.com, an auto-shopping and data site.
For people who have a leased car that's close to the end of its term, now is the time to figure out whether that car is worth more than the residual value assigned in the lease contract.
For example, a 2008 BMW 3-series has an average residual value of about $17,450, but a trade-in value of close to $20,000, according to data compiled by Truecar.
NADA's Mr. Banks says anyone with a leased car that's due to be returned should investigate the car's market value—using the online NADA guide and shopping sites such as KBB.com, Edmunds.com, Cars.com or Ebay. Then be ready to bargain with the dealer to get a higher value than the one stipulated in the contract.
"Don't just hand over your keys," says Mr. Banks.
Realizing the extra value in a leased vehicle can be tricky, however. Selling a leased car to another individual could require buying it from the leasing company, then reselling it, and possibly paying sales tax.
Sergio Stiberman, chief executive of LeaseTrader.com, a site that enables the exchange of auto leases, says the easiest way is to use the difference between the purchase-option price written into the lease contract and the car's current market value as equity in a trade-in. The dealer can then work out the transaction with the leasing company and resell the car for a profit.
Dealers are stepping up efforts to snag high-quality used cars, while eyeing their inventories to make sure they don't get caught with too many vehicles at the top of the curve.
At Group One Automotive, a big Houston-based dealer chain, used-car managers are scouring Craigslist, and emailing past customers to find more of the cars that are selling best. But the company is keeping its used-car inventory at or below 30 days' supply.
"We have to have rational exuberance," says company spokesman Pete DeLongchamps.
Will used-car prices come back to earth? Most likely, though telling when is educated guess work, not science. Gasoline prices are edging down, which could cool demand for used hybrids and rejuvenate interest in second-hand SUVs.
Japanese car makers say they are ramping up production as they work out the problems getting critical parts from suppliers damaged by the earthquake. Once their factories are rolling, industry executives and analysts expect Toyota Motor Corp. and the other big Japanese brands will come out swinging with discount deals to get back the market share they've lost. The cheaper new cars get, the more likely used-car prices will moderate as well.
A longer-term factor in the current scarcity of late-model used cars is that so few cars were leased during the credit crisis and recession of 2008 and 2009. Higher sales in the past year will mean more supply for the used-vehicle market of a 2013 or 2014.
http://online.wsj.com/article_email/SB10001424052702304474804576371314168816464-lMyQjAxMTAxMDAwNzEwNDcyWj.html
Informed shoppers with well-maintained cars to trade in have an unusual opportunity to take advantage of what industry analysts say is a record peak in used-car prices. Resale and trade-in values for late-model vehicles in good condition have been rising all year as demand has outstripped supply, particularly for fuel-efficient models.
Among the forces driving up used-car values is a shortage of many popular Japanese models due to production slowdowns following the March earthquake. And the sales collapse during the 2008 and 2009 financial crisis means fewer two- and three-year-old cars are available.
The National Automobile Dealers Association last week raised values again on many small- and medium-size cars in its latest Used Car Guide, which is widely used by dealers when deciding what to offer for cars taken as trade-ins.
A one-year-old Honda Civic that NADA's Used Car Guide valued at $14,275 in May is now estimated to be worth $15,950. "The same car," says Jonathan Banks, NADA's executive auto analyst.
KBB.com, the Web home of the Kelley Blue Book used-vehicle-pricing franchise, says a three-year-old Toyota Prius is worth, on average, $17,750 as a trade-in, up $6,050 from the value of a three-year-old Prius a year ago.
The market isn't booming for all types of vehicles. Large sport utility vehicles, such as a Ford Expedition or Chevrolet Tahoe are down less than 1% from a year ago, according to NADA's guide. Still, they are up nearly 5% from the start of the year.
"We have seen extremely strong pricing," says Jeremy Meyer, national manager for Audi's U.S. certified pre-owned sales operation. And "consumers are willing to pay those higher prices," he says.
Manheim Consulting, an arm of the big Manheim auto-auction business, has for years published an index of used-vehicle values. In May, that index, using a scale with a baseline set at 100 for January 1995, was 127.8—a record high.
For consumers, this is now a game of arbitrage and information gathering. Prices for many new vehicles are up, but not as much as values for in-demand, late-model used cars.
"The best case scenario is that you have a trade-in that is somewhat gas efficient, and you are ready to trade for a larger vehicle," says Jesse Toprak of Truecar.com, an auto-shopping and data site.
For people who have a leased car that's close to the end of its term, now is the time to figure out whether that car is worth more than the residual value assigned in the lease contract.
For example, a 2008 BMW 3-series has an average residual value of about $17,450, but a trade-in value of close to $20,000, according to data compiled by Truecar.
NADA's Mr. Banks says anyone with a leased car that's due to be returned should investigate the car's market value—using the online NADA guide and shopping sites such as KBB.com, Edmunds.com, Cars.com or Ebay. Then be ready to bargain with the dealer to get a higher value than the one stipulated in the contract.
"Don't just hand over your keys," says Mr. Banks.
Realizing the extra value in a leased vehicle can be tricky, however. Selling a leased car to another individual could require buying it from the leasing company, then reselling it, and possibly paying sales tax.
Sergio Stiberman, chief executive of LeaseTrader.com, a site that enables the exchange of auto leases, says the easiest way is to use the difference between the purchase-option price written into the lease contract and the car's current market value as equity in a trade-in. The dealer can then work out the transaction with the leasing company and resell the car for a profit.
Dealers are stepping up efforts to snag high-quality used cars, while eyeing their inventories to make sure they don't get caught with too many vehicles at the top of the curve.
At Group One Automotive, a big Houston-based dealer chain, used-car managers are scouring Craigslist, and emailing past customers to find more of the cars that are selling best. But the company is keeping its used-car inventory at or below 30 days' supply.
"We have to have rational exuberance," says company spokesman Pete DeLongchamps.
Will used-car prices come back to earth? Most likely, though telling when is educated guess work, not science. Gasoline prices are edging down, which could cool demand for used hybrids and rejuvenate interest in second-hand SUVs.
Japanese car makers say they are ramping up production as they work out the problems getting critical parts from suppliers damaged by the earthquake. Once their factories are rolling, industry executives and analysts expect Toyota Motor Corp. and the other big Japanese brands will come out swinging with discount deals to get back the market share they've lost. The cheaper new cars get, the more likely used-car prices will moderate as well.
A longer-term factor in the current scarcity of late-model used cars is that so few cars were leased during the credit crisis and recession of 2008 and 2009. Higher sales in the past year will mean more supply for the used-vehicle market of a 2013 or 2014.
http://online.wsj.com/article_email/SB10001424052702304474804576371314168816464-lMyQjAxMTAxMDAwNzEwNDcyWj.html
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