Andrew Lemoine expects to see increased digitization as a trend in auto finance, as consumers are “demanding a lot more seamless online buying experiences.” Consumers want that seamless experience in the overall vehicle purchase transaction, and Lemoine, who is founder and CEO of autocorp.ai, said that includes the financing portion. Autocorp.ai provides tools to allow dealerships to sell cars and engage with consumers online. “When it comes to things like pre-approvals and taking the finance deal further in a digital format, I think we can expect to see ... [Read More]

Cherokee Media Group asked Satyan Merchant whether finance companies opened the year with an optimistic outlook, a pessimistic view or something in the middle. The senior vice president and auto and mortgage business lead at TransUnion shared his assessment amid this backdrop: many consumers who are now considering auto financing may be reentering the market with far more complicated credit pictures than they did even just a few years ago. “Cautious optimism is the way I would describe it with auto finance companies. Again, that theme of ... [Read More]

Dealership profits are expected to fall in 2025 – but franchise dealers are still bullish on what’s ahead this year. That’s one finding of a pair of reports issued this month by buy-sell advisory firms based on survey data and projections for the coming 12 months. The 2024 Kerrigan Dealer Survey, a survey of more than 635 franchise dealers conducted by Kerrigan Advisors late last year, found an equal number (43%) believe ... [Read More]

The arrows are pointing up for almost all aspects of the auto retail industry in 2025 – with one notable exception. The supply of used vehicles. In Cox Automotive’s recent 2025 forecast call with industry media and analysts, chief economist Jonathan Smoke painted a rosy picture for what’s ahead. His analysis of economic conditions showed green lights for the overall economy, consumers’ buying ability and auto finance, and no red lights. Interest rates are down and likely to be cut again at least twice this year, providing a little relief from affordability concerns. And car shoppers, who had been ... [Read More]

Roughly once a month, my three siblings and I get together on Google Meet for the “Overby Sibling Book Club.” Yes, we are that cool. It’s a tradition we started in the early days of COVID and have spent the last five years taking turns selecting the book each go-round. As you might expect, the discussion usually morphs from sharing our opinions on the book to ... [Read More]

Normal. Stable. Those are not necessarily words used to describe the used-vehicle market over the last five years, but 2024 closed with analysts calling wholesale price patterns exactly that. Their specific metrics and methodologies differ, but respective monthly used-car value indices from Black Book and Cox Automotive illustrate a wholesale market that’s perhaps as steady as it has been post-COVID ... [Read More]

Anthony Pordon knows that companies can’t stand still when it comes to technological innovation. Pordon is executive vice president of investor relations and corporate development for Penske Automotive Group, and he said the company’s used-vehicle business, CarShop, first started testing artificial intelligence technology in its retail service departments. “By the time you think you’ve got [AI] understood, it’s completely changed,” Pordon said. But AI has helped CarShop customers schedule appointments, which has resulted in ... [Read More]

One thing that never changes in the used-car business is change. Which means dealers must always be ready to adapt. That, of course, includes the certified pre-owned sector. The supply of used vehicles suited for certification is shrinking. Costs have risen for both new and used cars, making affordability a critical issue for consumers. And the rise of used electric vehicles begs the question of how they can find a way into the CPO mix. During Used Car Week 2024 in Scottsdale, Ariz., four industry experts assembled to discuss those issues, their effect on the CPO sector and ways dealers and other stakeholders can ... [Read More]

It’s been almost 30 years since Lexus launched the industry’s first certified pre-owned program, during which CPO has grown into a strong and important sector of the used-vehicle market. But after all those years, car dealers are still learning and finding better ways to sell customers on the CPO experience. In a panel session during Used Car Week 2024 in Scottsdale, Ariz., titled “Best Practices from Best CPO Dealers,” moderator B. Miller of Cars Commerce asked four dealers to discuss what they’re doing at the dealership to give car shoppers confidence about buying a CPO vehicle ... [Read More]

Matt Bradley knew that he would soon become the CEO of Super Dispatch. But few, if anybody, in the Used Car Week exhibit hall did. So, as he walked the expo hall floor last month, “surveying” attendees to get their take on the transportation management company, it was a bit like something out of “Undercover Boss” on CBS.  “I went around the floor and ... [Read More]