Lightico conducted a customer survey this past weekend and found an overwhelming majority of its auto-finance users — 90.1%, to be exact — currently prefer digital or remote interaction with their provider stemming from the ongoing coronavirus pandemic. Meanwhile, Lightico also discovered that 40% of respondents either already have or are seeking modifications to their installment […] [Read More]

The impact of the COVID-19 to the auto industry is complex, widespread and trickle-down in nature, impacting everything from manufacturing and supply chains to retail/wholesale sales and ancillary services.  Scot Wingo, co-founder and CEO of Spiffy, joined the Auto Remarketing Podcast on Tuesday to discuss how the panedmic has impacted his company's area of expertise: […] [Read More]

One of the founding members of the Automotive Intelligence Council is tackling perhaps one of the most daunting challenges ever — how collections will proceed once the coronavirus pandemic subsides. SubPrime Auto Finance News is hosting a free webinar featuring DRN executive vice president and general manager of fintech Jeremiah Wheeler, who will delve into […] [Read More]

What will the impact of the COVID-19 pandemic ultimately have on used-car prices in 2020? That hinges on a number of factors. Depending on which of two scenarios play out, used-car prices could decline about 10% in coming months and then recover in the fourth quarter or fall by as much as 15% before starting […] [Read More]

Finance company Exeter says its auction partners “are a vital part of Exeter’s servicing arm.” “They are asked to perform transportation of thousands of units, reconditioning, redemptions and most important, market to our dealer base,” the company said in an emailed statement Exeter continued, “The stronger the marketing of our brand, the more dealers that […] [Read More]

Auction Academy’s current two-year class group, Class 6, met Feb. 27-29 for the fourth of eight training and education sessions. Auction Academy is a career-continuing education program from TPC Management Co. for auto auction industry professionals. The sixth class group launched last May in Birmingham, Ala. Tom and Cathy Adams hosted the group for dinner […] [Read More]

With the spread of COVID-19, General Motors says it has sought to use its talents and resources to help in the shared fight against the pandemic. The pandemic created a shortage of face masks, and GM on March 20 launched what it described as a “rapid-response project” to produce masks at scale to help protect workers […] [Read More]

Black Book generated a wide-ranging update as both the wholesale and retail segments grind to nearly a halt in many places because of the coronavirus pandemic. Analysts also offered both short-term and long-term projects about when activities and values might rebound, depending on severity of a recession. Black Book began by noting that Manheim was […] [Read More]

For many dealership employees, working from home might be a bit unknown since so many regular activities happen at the showroom. To help store managers and their employees during the coronavirus pandemic, Dealer Profit Pros founder and president Kenny Atcheson produced a free, downloadable tip sheet to help dealers who find themselves in the unusual […] [Read More]

Ally Financial is continuing to expand its commitments to online-only vehicle retailers as the coronavirus pandemic cripples the economy. On Monday, Vroom announced a $450 million inventory financing relationship with Ally Financial, broadening the floorplan financing it has provided to Vroom since 2016. Executives said the new agreement — finalized earlier this month — doubles […] [Read More]