It’s sort of like expanding your property by buying the house next door. Ourisman Automotive Group has acquired Hendrick Honda Woodbridge, which is adjacent to its existing Toyota and Chrysler Jeep Dodge Ram stores in Woodbridge, Va. Ourisman’s purchase of the Northern Virginia dealership from Hendrick Automotive Group was facilitated by The Presidio Group, which […] [Read More]

Wholesale vehicle prices in Canada continued to decline last week, though at a slightly less steep rate than the week before, with most segments showing less than a $100 change. Sales rates, however, showed much more volatility. That’s according to the latest Market Insights report from Canadian Black Book, which said that overall values were […] [Read More]

Kinetic Advantage is finding ways to achieve its goals amid a business scene that’s becoming more challenging as evident by bankruptcies being filed by consumers as well as automotive operations. About a week after the independent automotive floorplan financing company announced that it had received a strategic investment from Carlyle, Kinetic Advantage on Tuesday highlighted […] [Read More]

If there’s a theme to what AutoIMS has observed in commercial consignor sales at auction this year, it’s “deliberate steadiness.” Conversion rates have stay north of 66% and above year-ago levels, sales volumes have largely remained ahead of 2024 numbers and the metrics gauging vehicle quality are stable. That’s according to the company’s Q3 Industry View, […] [Read More]

Perhaps there’s a certain amount of chaos at your dealership or finance company, especially if vehicles aren’t turning or contract holders aren’t paying. But at least based on Black Book’s newest observations, the wholesale market is relatively “orderly,” as overall prices softened a bit more than seasonal trends, but conversion rates stayed steady. Black Book […] [Read More]

Boardwalk Auto Group has sold its four ultra-luxury dealerships in Texas to US Auto Trust, according to a news release from NBB, which was the exclusive transaction advisor to Boardwalk. Included in the transaction were Boardwalk Ferrari, Boardwalk Lamborghini, Boardwalk Maserati, and Boardwalk Pagani. This is the third major sale from Boardwalk that NBB has […] [Read More]

Weltman, Weinberg & Reis hired two more attorneys this month, as the full-service creditors’ rights law firm bolstered its offices in Detroit and Pittsburgh. Joining the firm in the Motor City is Tyra Page, who was born and raised in Detroit. And coming aboard the firm’s Steel City location is Byron Blevins. “I am excited […] [Read More]

As a founding member of the eSTART Coalition in 2024, Carvana has been an integral part of the auto industry’s work to modernize the vehicle title and registration process over the last two years. And now, the online used-car retailer is also aiming to help tackle what it considers another key component of technological innovation: […] [Read More]

Consumers aren’t the only ones seeking bankruptcy protection nowadays. PrimaLend Capital Partners and Good Floor Loans announced on Wednesday that they are pursuing what the floorplan provider called “a value-maximizing sale” through a voluntary Chapter 11 proceeding in the U.S. Bankruptcy Court for the Northern District of Texas. “The Chapter 11 filing reflects a strategic […] [Read More]

Collaboration is developing again in connection with payments where auto finance and car insurance intersect. Last week, One Inc., a leading digital payments network for the insurance industry, today announced a collaboration with Copart to integrate One’s ClaimsPay platform with Copart’s Title Express and Loan Payoff system. The intentions are to modernize and expedite lienholder […] [Read More]