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☆ The ongoing cyber-attack incident at CDK Global has crippled car dealerships for days
▼ + stars: | 2024-06-27 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +8 min

The latest attack to receive wide attention continues that trend: An ongoing cyber incident at CDK Global, whose software car dealerships use to manage everything from scheduling to records, has crippled dealerships for days now, with no clear end in sight. Experts say hackers are getting more sophisticated and can hide in an organization’s systems for longer undetected. These hackers target companies in a supply chain-style attack, taking down entire industries to leverage more money. “There’s never been a story written on a company that successfully paid a ransom, and then quickly recovered their systems,” Noonan said. Others say healthcare is targeted because of the field’s aging technology, Steven McKeon, founder and CEO of software companies MacguyverTech and MacNerd, said in a release.

Persons: New York CNN —, ” Dror Liwer, they’re, Liwer, ” Liwer, Eric Noonan, Noonan, “ Ransomware, ” Noonan, John Dwyer, “ There’s, Gabby Jones, Cliff Steinhauer, Steinhauer, ” Steinhauer, Steven McKeon, shutdowns Dwyer, —, CNN’s Sean Lyngaas Organizations: New, New York CNN, CDK, Healthcare, UnitedHealth, Coro, CNN, Binary Defense, Bloomberg, Getty, FBI, “ Auto, National Cybersecurity Alliance, Ascension Providence Rochester Hospital Locations: New York, St, Louis, cybersecurity, Detroit , Michigan

☆ Think the CDK outage is just about cars and dealerships? Think again
▼ + stars: | 2024-06-26 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Last month there were $122 billion of transactions at car dealerships, according to Commerce Department estimates. That accounts for 17% of all retail sales in May. An outage lasting through June 30 would mean 10 days without dealership access to CDK. Now here’s where it gets even more glaring: Retail sales aren’t just some minor part of the economy. Consider yourself warned: You may want to hold off on looking at your 401(k) on July 25, when the government releases second-quarter GDP estimates.

Persons: Ramishah Maruf, Peter Valdes, CDK, Russell Price, ” Price Organizations: New, New York CNN, North America, Commerce Department, Ameriprise, CNN Locations: New York

☆ CDK says it’s brought a small group of car dealerships back online after massive weeklong outage
▼ + stars: | 2024-06-26 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —CDK Global said Wednesday that it has been able to bring a “small initial test group” of car dealerships back online, a week after a crippling software outage left thousands of car sellers across North America at a standstill. “We have successfully brought a small initial test group of dealers live on the Dealer Management System (DMS), and once validation is complete, we will begin phasing in other dealers,” a statement said. The company said it’s also working to bring additional applications back online, such as its customer relationship management and service solutions, as well as its customer care channels. On Tuesday, CDK said it doesn’t believe its systems will be back online before June 30, a major blow for dealers in the middle of a busy car-buying season. A systems outage caused by a cybersecurity incident has paralyzed nearly 15,000 car dealerships across North America since last Wednesday.

Persons: CDK Global, it’s, CDK Organizations: New, New York CNN, North, Dealer, ” Auto Locations: New York, North America

☆ The Nvidia spell has been broken. Here’s what could come next
▼ + stars: | 2024-06-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

London CNN —Nvidia, Nvidia, Nvidia. Nvidia’s stock bounced back Tuesday, yet investors have been reminded of a potentially bubble-bursting truth: You can fly too close to the sun. For context, it took Warren Buffett about 60 years to build Berkshire Hathaway into a nearly trillion dollar company. But typical volatility can have seismic repercussions when it comes to a stock as all-consuming as Nvidia. Analysts at The Carlyle Group say that while artificial intelligence is revolutionizing the world around us, the Nvidia stock bubble will eventually burst.

Persons: Warren Buffett, Berkshire Hathaway, Microsoft’s, ”, Jim Smigiel, Louis Navellier, Nvidia’s, ” Jochen Stanzl, Emily Bowersock Hill, Jason Thomas, Carlyle’s, ” Neil Roarty, Stocklytics, —, Levi’s, “, LEVI, ” Read, Ryan Callahan, ” Callahan, CDK, Tom McParland Organizations: CNN Business, Bell, London CNN, Nvidia, Berkshire, Deutsche Bank, SEI, Navellier, Associates, CMC, CNN, Bowersock Capital Partners, The Carlyle Group, ’ Association, Mazda, North America, Automatic Consulting Locations: London, Turkey, Istanbul, Seekonk , Massachusetts

☆ ‘Months to correct, if not years’: Car dealerships and customers feel the impact as CDK outage drags on
▼ + stars: | 2024-06-25 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +7 min

“The financial impact it will directly have on us will take months to correct, if not years,” Callahan said. Tom McParland, the owner of Automatic Consulting, a national car buying service, said the outage was impacting customers because they have fewer dealers to choose from. “It limits the customer’s leverage.”Some dealers also can’t apply factory rebates without CDK’s software, so customers may miss out on money-saving deals. Under normal circumstances, the CDK software allows the dealership to register a vehicle almost instantaneously, but now the process faces heavy delays. He told CNN he was able to buy the car but was unable to sign the title.

Persons: Ryan Callahan, ” Callahan, CDK, Tom McParland, ”, McParland, Michael Deveney, “, ” Deveney, Katelyn Salvato, hasn’t, Salvato, …, We’ve, they’ve, Scott Campbell, Nicolas, CNN they’ve, Don Aycock, Robbie Jacob, Jacob, Tekion Organizations: New, New York CNN, Mazda, North America, Automatic Consulting, Midway Automotive, Massachusetts, of Motor Vehicles, Pride Motor Group, “, DMV, CNN, Massachusetts Department of Transportation, Capital City Buick GMC, Porsche, Buick, Diego —, Kia, Cox Automotive Locations: New York, Seekonk , Massachusetts, Lynn, Berlin , Vermont, Los Angeles, ”, Clay County , Florida, Diego

☆ CDK Global says it won’t be able to come back online until June 30 after massive hack
▼ + stars: | 2024-06-25 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

A systems outage caused by a cybersecurity incident has paralyzed nearly 15,000 car dealerships across North America since last Wednesday. In an automated voice message to clients, CDK said it is making “significant progress” in restoring its core application. Auto dealerships use CDK’s software to manage everything from scheduling to records, said Saturday it has begun restoring its software. Other services, such as state inspections, repairs and parts deliveries, have come to a standstill in some parts of the country. CDK has said it is working to investigate the shutdown after two cyber incidents brought down its systems.

Persons: CDK, CNN’s Eva Rothenberg Organizations: New, New York CNN, CDK, Auto, Bloomberg Locations: New York, North America, Eastern European

☆ U.S. auto sales are expected to slow during the second half of 2024
▼ + stars: | 2024-06-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Cars sit on a Chevrolet dealership's lot on June 20, 2024 in Chicago, Illinois. DETROIT – U.S. auto sales through the first half of the year are expected to be up by 2.9% compared to a year ago, but there are concerns that the auto industry may not be able to continue the momentum during the last six months of the year. Vehicle inventory levels are growing, incentives are increasing and there's growing uncertainty during the second half of the year surrounding the economy, interest rates and U.S. presidential election, according to Cox Automotive. The auto data and research firm expects sales growth to slow during the second half of the year to end 2024 at 15.7 million units, roughly a 1.3% increase compared to 2023. And, unlike in recent years, growth is coming from commercial sales compared to more profitable sales to consumers.

Persons: we're, Cox, Jonathan Smoke Organizations: CDK, DETROIT, Cox Automotive Locations: Chicago , Illinois, United States, Canada, DETROIT – U.S

☆ How has the CDK Global shutdown affected your car dealership experience?
▼ + stars: | 2024-06-24 | by ( Eva Rothenberg | ) edition.cnn.com time to read: 1 min

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☆ CDK Global says software outage will take several days to resolve
▼ + stars: | 2024-06-23 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +4 min

New York CNN —Retail software provider CDK Global says it will likely take several days for its software to be back online and operational, as the company grapples with a system outage that has paralyzed nearly 15,000 car dealerships across North America since Wednesday. The data provider’s software, which dealerships use to manage everything from scheduling to records, said Saturday it has begun restoring its software. Car manufacturer Ford told CNN it is working with dealers to set up alternative software systems and other workarounds. Several dealerships on the East Coast told CNN on Sunday they are manually filling out forms to process sales. One used car dealership told CNN it has been filing paperwork by hand and sending runners to the car registry with the paperwork.

Persons: CDK, Mike Stanton, Ford, they’re Organizations: New, New York CNN — Retail, CDK, CNN, Bloomberg, Dealers, National Automobile Dealers Association, East Coast, Sunday, Securities and Exchange Commission, Penske Automotive, Premier Trucking Group, Penske, SEC, Sonic Automotive, Premier Truck Locations: New York, North America, Eastern European, CDK, United States

☆ Can I even buy a car? What to know about the massive auto dealer outage
▼ + stars: | 2024-06-21 | by ( Ramishah Maruf | Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

New York CNN —CDK Global is ubiquitous in the auto dealership world – its software is used at 15,000 dealers. Here’s what the CDK Global outage means for both car sellers and shoppers. Post Memorial Day, “this presents increased opportunities for vehicle sales, service and, of course, revenue. It also means that it’s time to roll out your summer Sales and Service marketing campaigns.”Can I still buy a car? Ford also said its dealerships involved in the CDK outage have alternate ways to take care of customers.

Persons: There’s, it’s, CDK, Lisa Finney, ” Finney, aren’t, Jeff Ramsey, ”, Brian Benstock, Ramsey, Ford, ” Ford Organizations: New, New York CNN, CDK Global, CNN, Service, Ourisman Auto Group, Paragon Honda, Paragon Acura, Kia, Toyota, Dodge, Lincoln Locations: New York, United States, Canada, Maryland, Long Island City , New York, Ford

☆ Cyberattacks Disrupt Car Sales by Dealers in U.S. and Canada
▼ + stars: | 2024-06-21 | by ( Neal E. Boudette | More About Neal E. Boudette | ) www.nytimes.com time to read: 1 min

Thousands of auto dealers across the United States and Canada are suffering disruptions to their operations as a result of cyberattacks on a provider of critical software and data services used in auto retailing. The provider, CDK Global, said it was targeted in two attacks on Wednesday, prompting the company to shut down its systems to prevent the loss of customer data and to allow testing and other measures to restore its services. “We are assessing the impact and providing regular updates to our customers,” CDK Global said in a statement. “We remain vigilant in our efforts to reinstate our services and get our dealers back to business as usual as quickly as possible.”CDK provides services to more than 15,000 retail locations. Its dealer management systems store customer records and automate much of the paperwork and data involved in selling and servicing cars and trucks.

Persons: ” CDK Organizations: CDK, ” Locations: United States, Canada

☆ Car dealerships hit with massive computer system outage
▼ + stars: | 2024-06-19 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

“We are actively investigating a cyber incident,” CDK spokesperson Lisa Finney said in a statement shared with CNN. To protect customer privacy, customer’s details aren’t written out on a piece of paper that’s just sitting on the desk anymore. Instead, information about deals and customer appointments is kept in a server that’s now impossible for his salespeople to access. But it’s a major hassle in the meantime and could cost his dealerships some business. A statement shared by CDK later in the afternoon said some of the company’s system had been restored to operation but not all of them, yet.

Persons: ”, Lisa Finney, CDK, it’s, Jeff Ramsey, aren’t, Ramsey, “, ” Ramsey, Brian Benstock, he’s Organizations: CNN, CDK, Ourisman Auto Group, Paragon Honda, Paragon Acura Locations: Canada, Maryland, Long Island City , New York

☆ Auto execs still don't think the Tesla sales model will catch on
▼ + stars: | 2023-08-09 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Most automakers sell cars with a traditional franchise model, while Tesla sells direct-to-consumer. Auto executives still don't think the Tesla sales model will catch on — despite some pretty substantial shifts in the auto retail space already taking place. Automaker demands put some dealers on the chopping blockBut it's been a huge debate in the industry as auto dealers are a strong lobbying force, so much so that Florida Gov. Ron DeSantis banned direct-to-consumer car sales in the state, with the exception of Tesla and EV startups that never had franchised dealers. Kerrigan experts have suggested this might be one way auto manufacturers are attempting to push out their dealerships amid the EV transition.

Persons: Tesla, Kerrigan, Jim Farley, Ron DeSantis, —, Jessica Caldwell, Edmunds, Dave Thomas Organizations: Morning, Auto, Kerrigan Advisors, EV, Reuters, Florida Gov Locations: Florida

☆ Car dealers fight the threat of extinction as the Teslafication of their industry intensifies
▼ + stars: | 2023-03-24 | by ( Alexa St. John | ) www.businessinsider.com time to read: +7 min

The modern car shopping experience, from initial research to final purchase, can now be done online — and the pandemic accelerated that shift. Others are emulating firms like Carvana and moving some parts of the buying process online. We don't exactly know how the car business is going to look going forward with this EV shift, and how much the EV shift is actually going to take place." Ford has set stringent requirements for its dealers to sell EVs — though some dealers have called its EV certification program unfair and dropped out. Some dealers are having a hard time committing to changes when the return on investment — especially with EVs — isn't yet clear.

☆ Limiting volatility has driven Clarkston Founders fund to outperform in 2022
▼ + stars: | 2022-12-12 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

The Clarkston Founders Institutional Fund has always tried to avoid volatility. The Founder's Fund has lost about 2.8% in 2022, notably outperforming other mid-cap value funds, which are down an average 7.2%, and a Morningstar benchmark index, which is lower by 5.6%, all through Dec. 9. As a result, the $610-million fund has a below average beta — a measurement of volatility relative to the broad market — of 0.85, according to Morningstar, versus 1.08 for all mid-cap value funds. The fund ranks in the 15th percentile of all mid-cap value funds in 2022, and is in the 23rd percentile over the past five years. Clarkston's investment policy emphasizes what it calls "quality value" stocks, regarded as high quality and considered undervalued relative to their long-term cash flows.

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