“Off leases” helped Crevier BMW sell a lot of used autos last year.
Those are vehicles that come back to the dealership when a lease is up. The autos then can be sold as used, with many qualifying for Crevier’s certified pre-owned program. That’s where the dealership inspects used autos, makes repairs and extends the automaker’s warranty.
There have been more off leases because Crevier BMW sold a lot of new vehicles in the years running up to 2007.
“This year is going to be a huge off-lease year,” said Donnie Crevier, owner of the Santa Ana-based dealership.
Crevier BMW was one of the few dealers to increase sales last year. Crevier’s sales were up 7% to $312 million. The dealer sold 5,545 autos altogether.
Used autos helped boost overall sales. Crevier sold 1,328 used autos in 2007, up 24% from a year earlier.
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Used cars at Crevier BMW: “This year is going to be a huge off-lease year,” Donnie Crevier says |
Bad Co. Yachts
Crow’s Nest Yachts in Newport Beach recently sold a couple of its fresh from the factory Viking Bad Company Edition yachts. The yachts range from $2.3 million to $3.3 million.
The Bad Company Edition yacht is named after a sportsfishing team, sponsored by Crow’s Nest.
Crow’s Nest owner and sports fisherman Anthony Hsieh worked with Viking to make the boat turnkey ready for West Coast waters.
Hsieh started Irvine’s HomeLoanCenter.com and sold it to LendingTree LLC in 2004. After running LendingTree’s mortgage lending arm for three years, he left in 2007 and bought Crow’s Nest last summer.
The Bad Company Edition yacht will be on display April 5 at Crow’s Nest Yachts. It will also be at the Lido Boat Show in Newport Beach in September.
New Westminster
Westminster Mall is set for a major overhaul.
The work is expected to begin next month and should be finished by November.
The mall is beautifying to keep up with the competition, said Lindsay Hermance, director of marketing. She declined to disclose the specific investment but said that it’s more than $10 million.
Westminster Mall is one of Indianapolis-based Simon Property Group Inc.’s handful of Orange County malls, which include Laguna Hills Mall and Shops at Mission Viejo.
The work mostly will be done in the evenings or when the mall is closed.
The mall is set to get new carpet on the lower level, replacing terrazzo tiles. On the upper level, the terrazzo tiles will be refurbished. New railings with solid-pane panels will go in. The seating will be more comfy and the department store courts will be redesigned.
The mall’s entrances will get a new look. The parking lot will get new landscaping. The food court will get high tables and a children’s play area will be added near JCPenny on the lower level.
The mall will redo the food court restrooms and it will be adding a new men’s, women’s and families’ restroom.
Retail Confab
The New York-based International Council of Shopping Centers is hosting an event on April 10 at the Hyatt Regency in Irvine.
Three speakers are set to talk about the slowing economy’s effects on stores, landlords and developers.
The speakers: Mike Elmore, senior vice president of NorthMarq Capital Inc.; Phil Voorhees, senior vice president of CB Richard Ellis Group Inc.; and Nelson Wheeler, partner in Strategic Retail Advisers.
Information is at icsc.org.
Segerstrom Honored
Henry Segerstrom has picked up another award: the Arbuckle Award from the Stanford Graduate School of Business. Last year he received a few awards, including a Costa Mesa’s planning directors Visionary Leadership award.
Segerstrom, managing partner of Costa Mesa-based C.J. Segerstrom & Sons LLC, developed South Coast Plaza.
The Arbuckle award, presented to Segerstrom last month, recognizes graduates for management and leadership. Segerstrom graduated from Stanford University with a master’s in business administration in 1948. He is the 38th business school graduate to receive the award.
South Coast Plaza is looking to do about $1.5 billion in sales this year.
Luxury Caution
Luxury retailers Saks Inc. and Neiman Marcus Group sounded the warning bell this month for tough times ahead. The chief executives of both companies said sales haven’t been hit that much but the number of shoppers has been decreasing, according to a story in Women’s Wear Daily.
The “aspirational” shopper has pulled back. Those are middle-income shoppers who wouldn’t be characterized as wealthy. The wealthy, or “pure luxury” shopper, will continue to shop.
