This wasn’t the first year Jim Ellis Automotive Group has held its annual CPO Product Presentation Walk-Around competition. However, it was one of the best attended. In its ninth year, the event, held on Nov. 6, was dedicated to veterans, a cause that organizers said drew a sizeable crowd. What began as a walk-around competition […] [Read More]

On Wednesday, the Federal Reserve lowered the federal funds rate for the third time this year, reducing the range to 3.5% to 3.75%. The latest Cox Automotive Dealer Sentiment Index showed the economy remains the top factor holding back business, increasing significantly in the fourth quarter, with 51% of dealers citing it, up from 44% […] [Read More]

There’s a new captain at the helm of AutoCanada. And even with “interim” attached to his title, Sam Cochrane is very clear about the course he’s set for the Edmonton-based dealership group. Having navigated stormy seas as chief financial officer for the past year and a half under former executive chairman Paul Antony, the interim […] [Read More]

Evidently, finance companies are instructing their collections departments to work even harder with customers who are having trouble maintaining their monthly payments. According to S&P Global Ratings’ latest U.S. auto loan asset-backed securities data shared with Cherokee Media Group on Tuesday, extensions as of September exceeded the pre-pandemic level from September 2019 for both subprime […] [Read More]

To borrow from the opening lines of a certain TV franchise, in New York City, sports fans are represented by two separate and often not equally important teams: The Yankees or the Mets. The Rangers or the Islanders. The Giants or the Jets. “But most New Yorkers gravitate to the Knicks, despite the Nets being […] [Read More]

It was arguably the biggest development in auto retail technology this autumn. Maybe the entire year. TrueCar announced in mid-October that founder and former CEO Scott Painter is leading a group that plans to acquire the automotive digital marketplace. Upon close, Painter, who stepped down as  CEO in 2015, will return as TrueCar’s CEO. But not […] [Read More]

On the franchised dealer side of its business, OPENLANE provides private-label programs for automakers, who can sell wholesale vehicles directly to their dealer bodies. “And what that means is the majority of franchise dealers out there are customers of ours through those private-label programs, and that creates a sort of an entry point and a […] [Read More]

Amid “challenging market conditions” during its third quarter, ACV Auctions increased its revenue, gained market share and expanded its dealer network, said the company’s CEO George Chamoun. ACV’s revenue in the third quarter grew 16% to $199.5 million when compared to the year-ago quarter, but the company’s net loss of $24.4 million in the quarter […] [Read More]

One of the highest points in OPENLANE's overall rosy third-quarter performance was a 14% year-over-year increase in marketplace dealer sales volume. This represents the fourth consecutive quarter of double-digit-percentage volume increases in dealer-to-dealer sales for the company. This offset an expected Q3 downturn in commercial volumes. OPENLANE said during its recent earnings call that the […] [Read More]

While announcing that Cars.com’s Accu-Trade used-car appraisal tool surpassed 1 million quarterly appraisals, CEO Alex Vetter said Accu-Trade and the Cars.com digital wholesale auction platform, DealerClub, are increasing in number of users. That is happening as dealers move to “tech-first products that advance the industry’s long-term goal of improving profitability,” Vetter said in the company’s […] [Read More]