Financial

According to Experian’s State of the Automotive Finance Market report, Michigan continued to pace the nation during first quarter with 61.5% of new-vehicle financing originated in that state being a lease. Two other states known for heavy leasing activity weren’t far off that mark, as Experian reported last week that ... TO READ THE FULL STORY […] [Read More]

ACV said Monday it has launched a self-service portal for dealer customers using ACV Capital’s floor plan services. Dealer customers will be able to access a seamless post-auction financing solution through the floor plan program in the portal, which is now available. The self-service portal, which is located in the top navigation bar on the […] [Read More]

CreditIQ founder Bill Liatsis sits down with senior editor Joe Overby at NADA Show 2022 and shares a bit more about the company's business model, which offers a fintech platform providing instant online auto finance screening and approvals to facilitate online vehicle buying. Liatsis also discusses how CreditIQ, which was purchased by the CARS group […] [Read More]

Longtime auto industry analyst Jesse Toprak, whose background includes time with Edmunds, TrueCar and Cars.com, is now the chief analyst at Autonomy, the electric vehicle subscription platform from Scott Painter and Georg Bauer. Toprak was most recently the chief executive officer of CarHub. His auto analyst roles included being the chief analyst at Cars.com, the […] [Read More]

Following its acquisition of America's Auto Auction, XLerate Group has brought the Auction Credit Enterprises (ACE) and XL Funding (XLF) floor plan finance companies under common leadership. XLerate — which is the parent company of America’s Auto Auction and XLerate Auctions, Liquid Motors as well as the two aforementioned floor plan providers — has named […] [Read More]

A new department several months in the making now is a part of NextGear Capital. To strengthen its business relationships with the auction partners that support the inventory needs of its independent dealer clients, NextGear announced on Wednesday that has created an auction services department. The company explained through a news release that planning for […] [Read More]

In this episode of the Auto Remarketing Podcast, Scott Painter and Georg Bauer return to the show to discuss their venture called Autonomy, which has launched an electric vehicle and zero-emissions vehicle subscription program, starting with the Tesla Model 3. Initially, the program will be available to consumers in California. The company plans to expand […] [Read More]

Coinciding with Wisconsin-based First Business Bank making headway in the South with its floorplanning, digital auto auction marketplace EBlock announced a key partnership with Kinetic Advantage, a provider of floorplan technology. With soft wholesale volume and high prices in the lanes, EBlock and Kinetic Advantage said this week through a news release that their partnership will […] [Read More]

Shift has lined up a new $100 million floorplan facility with Ally Financial, the automotive ecommerce provider said Monday. The deal expands the companies’ existing relationship. The two-year term on the facility expires Dec. 9, 2023. “Our business is rapidly scaling, with 2021 sales expected to more than triple compared to 2020. As a result, […] [Read More]

Swapalease.com determined the approval rate in September for site users taking over a vehicle lease came in at the same level as it was a year ago. Site officials said last week that the September rate approval stood at 67.6%. While maintaining the pace year-over-year, Swapalease reported that the rate actually softened a bit on a […] [Read More]