Car dealer consumer-focused rental and rent-to-own technology provider DriveItAway has found that replacement vehicle demand still exists from consumers, particularly in “stay-at-home” states. “Yet both consumers and dealers want to comply with the social distancing laws and not endanger their health,” DriveItAway founder/chief executive officer John Possumato said in a news release. He continued, “Nor […] [Read More]

The week ending March 22 represented the largest week-over-week decline in wholesale vehicle prices in at least 20 years — and most likely, it’s the largest decline ever, says Larry Dixon of J.D. Power Valuation Series. The 5% drop in wholesale prices last week was the largest in J.D. Power’s data set, which goes back […] [Read More]

Working to support auto dealers that are “seeking financial flexibility while navigating the economic impact” of COVID-19, TRADER Corp. is offering Canadian dealer partners a 50% price reduction on all autoTRADER.ca marketplace products. The nationwide marketplace price reduction plan is effective through April and May of 2020. TRADER Corp., a digital marketing partner for Canadian […] [Read More]

As everyone reading this is well aware, the world is currently experiencing extraordinary circumstances that have upended daily life — now, there’s no such thing as “business as usual.” One question being posed by banks, finance companies and other lenders everywhere is, “How do we best care for our customers during this time of unprecedented […] [Read More]

In light of how collections are being impacted by the coronavirus pandemic, FICO is hosting a free webinar on Tuesday to help the financial services community. Set to be a part of the session are Leah Dempsey, vice president and senior counsel for federal advocacy at ACA International, and Daniel Nestel, senior director of government […] [Read More]

The COVID-19 pandemic is already impacting the used-vehicle retail market, with sales for March — usually the year’s strongest month for pre-owned — expected to fall dramatically. And some expect full-year used-car sales could be 9% to 34% lower than original projections, depending on how the crisis plays out. At Edmunds, analysts are forecasting 2.5 […] [Read More]

Hertz is looking to make sure medical personnel in one of the U.S. locations hardest hit by the coronavirus pandemic have reliable transportation. This week, Hertz started to provide free vehicle rentals to New York City healthcare workers via a program set to run through April 30. The company said healthcare workers can reserve a […] [Read More]

Saying it designed the new program to help consumers and dealers remotely navigate vehicle buying in response to COVID-19 social distancing guidelines, TrueCar has launched “Buy from Home” badging. As dealers start to provide more remote retailing services, the program identifies TrueCar Certified Dealers offering three features to consumers. Those three services from dealers badged with “Buy […] [Read More]

Saying that it is committed to providing the support dealers need to get the best results possible during the COVID-19 crisis, CarGurus is giving its U.S. customers 50% off of fees for listings and display services provided in April, and for Canadian customers, 50% off fees for listings services provided in April. In separate e-mails […] [Read More]

The Canadian Black Book analyst team released a comprehensive look at the country’s automotive wholesale and retail landscapes as auctions, dealers and finance companies all navigate the business challenges brought on by COVID-19. Analysts began their report by recapping last week’s auction activities at Manheim and ADESA that moved online without in-person bidding in the […] [Read More]