Here’s some encouraging news amid all of the economic turmoil caused by COVID-19. The auto segment of the S&P/Experian Consumer Credit Default Indices showed a significant decline in February. On Tuesday, Dow Jones Indices and Experian released their data through February and reported that auto defaults dropped 10 basis points on a sequential basis to […] [Read More]

Like most great entrepreneurial success stories, the auto auction industry has its roots in a simple but bright idea: If auctions could be successful selling livestock or machines or farm products, why not sell cars to a competitive bidding audience at the urging of an auctioneer and his gavel? That’s just the idea that J.M. […] [Read More]

To support its customers affected by the uncertain financial environment created by the coronavirus pandemic, Hyundai Motor America is reinstating its Assurance Job Loss Protection program. Hyundai will make up to six months of payments for new owners who lose their jobs and have purchased or leased their vehicle between March 14 to April 30, […] [Read More]

The rise of e-commerce has enabled companies to better understand consumer behaviors in the digital age and reevaluate their marketing spend to provide a more personalized shopping experience. This situation is illustrated in the following example. Consumer No. 1 opens website A and the products advertised to them are not of interest, so they exit […] [Read More]

For all U.S. military members and government employees renting vehicles for personal needs, Enterprise Holdings is reducing its minimum age to rent a vehicle from 21 to 18 years old. Enterprise said that with the move, military and government employees will experience easier access to rental vehicles as they might need transportation during a time […] [Read More]

UPDATED with KAR Global clarification that ADESA will move to simulcast-only through April 3. Amid the COVID-19 pandemic, ADESA auction locations in the U.S. and Canada are moving immediately to simulcast-only sales through April 3, parent company KAR Global said in a statement Monday afternoon. Simulcast success fees for buyers and sellers are being waived through […] [Read More]

The auto-finance industry and related service providers are taking an array of steps to handle the implications of COVID-19. Cherokee Media Group reached out to several firms to collect updates. If your company would like its announcement to be added to this news roundup, please send your material to nzulovich@cherokeemediagroup.com. Here is the latest rundown: 700Credit […] [Read More]

Alexi Venneri said Digital Air Strike understands how the coronavirus crisis is changing the way consumers want to engage with businesses. “In response to that, we are helping our dealers and the automotive industry thrive while concurrently assisting to flatten the curve of this outbreak,” said Venneri, who is co-founder and chief executive officer of […] [Read More]

In light of COVID-19 concerns, Manheim is shifting to Simulcast-only sales at all of its auction locations. The move was effective Monday and runs through April 3. Manheim, which said in a letter from president Grace Huang that there are currently “no known confirmed cases of COVID-19” among its workforce, said its physical auctions and […] [Read More]

With circumstances changing so quickly, the Federal Reserve on Sunday afternoon cut interest rates to zero percent and announced it would purchase $700 billion in bonds and securities to help stabilize the financial system in light of COVID-19. Policymakers were on tap to meet later this week for its regularly scheduled gathering but chose to […] [Read More]