EDITOR'S NOTE: Updated to include the re-opening of ADESA Assurance on Monday. Among other measures to “help protect the business and its liquidity” amid the negative impact of COVID-19 on its operations, KAR Global said in its earnings release Thursday it furloughed roughly 11,000 employees last month. This news comes on the same day it […] [Read More]

A variety of regulatory developments within financial services arrived this week, ranging from a federal judge siding with a national collections organization, the Consumer Financial Protection Bureau offering guidance involving federal assistance for small businesses as well as the Federal Trade Commission delivering a report to Congress about its ongoing efforts associated with credit-report disputes. […] [Read More]

For its subscribing dealerships in Canada, CarGurus has announced a 20% rate reduction for the month of June. CarGurus said it intends for the reduction to provide extended cost relief, and the company said that with the reduction, Canadian dealers will be able to continue connecting with shoppers on the CarGurus platform and benefit from […] [Read More]

Cox Automotive will furlough over 12,500 employees internationally later this month, roughly 10,000 of which are in the U.S., the company said in a statement provided to Auto Remarketing. Cox Automotive is starting the furloughs May 17. They will last for up to 16 weeks. The company emphasized that, “those furloughed will remain employees of Cox […] [Read More]

Used-car sales hit another bump mid-week, but started to rebound as the weekend approached, according to a Cox Automotive analysis of used-vehicle sales last week, among other metrics. “We estimate that used was down 50% year-over-year last week, as used sales lost some ground at month-end, presumably in competition with new, but then saw an […] [Read More]

CarOffer founder and chief executive officer Bruce Thompson returns to the Auto Remarketing Podcast to talk about what fuels his optimism about the pre-owned car market, the re-opening of automotive markets in Texas, updates on CarOffer and more. Thompson recently wrote an Op-Ed story for Auto Remarketing about his "8 reasons for pre-owned optimism."  That column […] [Read More]

North American F&I provider Sym-Tech Dealer Services has taken its F&I Performance product and developed a full turnkey virtual F&I product that dealers can use in an entirely online environment. Sym-Tech has developed the product while noting that the shift to remote sales has increased the urgency for dealers to seek new ways of serving […] [Read More]

Innovative Funding Services (IFS) has been in operation for 13 years. On Wednesday, the fintech firm specializing in auto finance changed its name. According to a news release, the company will begin operating under a new name and, effective immediately, will be known as Tresl. Company leaders explained the new name and rebranding reflect the […] [Read More]

DealerSocket’s DealerFire website and PrecisePrice digital retail platforms earned acceptance into the Genesis Dealer Website Certification Program, marking the 19th OEM certification for DealerFire. Eight months earlier, the two platforms earned acceptance into Hyundai’s Dealer Website Certification Program. With the new certifications, the DealerFire website and PrecisePrice digital retail platforms are now available to Hyundai’s […] [Read More]

An Asian automaker now is leveraging the financial technology provided by defi SOLUTIONS through a project that took less than a year to complete. According to a news release distributed on Tuesday, defi SOLUTIONS announced the live launch of its end-to-end solution for the private label Mazda Financial Services (MFS) business delivered through Toyota Motor Credit […] [Read More]