In a separate letter where the firm’s president and chief executive officer acknowledged, “the news will not always be positive,” Kroll Bond Rating Agency (KBRA) compiled a lengthy report this week, examining the potential long-term ramifications of finance companies making contract modifications with their customers because of COVID-19. While analysts applauded the modification efforts finance […] [Read More]

The National Independent Automobile Dealers Association is making a host of modifications for its 74th annual NIADA|NABD Convention and Expo because of the coronavirus pandemic. First, NIADA said the event has been rescheduled for Sept. 21-24 at the Wynn Las Vegas, instead of its original dates this month at the MGM Grand. In addition, NIADA […] [Read More]

“Ups” likely aren’t just walking through the dealership showroom doors now that COVID-19 has impacted so much of daily life. In this episode of the Auto Remarketing Podcast, AutoFi head of digital retail Joe St. John described how some dealers have basic fundamentals in place for a smooth digital retailing process or, conversely, understand they […] [Read More]

Digital marketplace IAA is enhancing its vehicle management system, CSAToday, by integrating data from its Interactive merchandising platform. CSAToday is IAA’s inventory management system that sellers use to manage their vehicle assets. With the enhancement, images, video and vehicle details from IAA’s recently announced interactive merchandising platform flow directly into CSAToday. According to IAA, that provides information toward […] [Read More]

Used-car sales remain a bright spot for many dealers, but it could become challenging for them to get their hands on enough pre-owned supply, said panelists in a LotLinx webinar on Wednesday. In a Weekly Market Update distributed Tuesday, LotLinx dissected used-car trends as of Monday night, indicating that there was a slight slowing in […] [Read More]

CARFAX says a program that it started in 2019 can help dealerships drive service traffic during the current COVID-19 pandemic. Through the program, called CARFAX for Life, dealers can use the CARFAX name with tools such as specially branded service reminders. The reminders still direct customers to the dealership, but unlike typical reminders, the reminders […] [Read More]

Direct Automotive Services has named Steve Watson as chief financial officer. Direct Automotive Services, formerly named Direct Auction Services, serves wholesale auto auctions, retail auto dealerships and final mile logistics companies throughout the lifecycle of vehicles, including local pickup and deliveries, vehicle reconditioning, auction labor and vehicle inspections and production optimization. Watson was previously with […] [Read More]

Back in March when the coronavirus pandemic was beginning to intensify, Ally Financial rolled out a relief package for its consumer contract holders that included the option of deferring payments for as long as 120 days. On Wednesday, Ally Financial unveiled a package of seven initiatives intended to help dealerships in their efforts to return […] [Read More]

CarGurus senior editor Matt Smith says the company intends its Best Used Car Awards to help shoppers as they search for a used vehicle. The company aims for its awards to “provide an extra level of trust during their shopping process,” Smith said in a news release. Smith says this year’s winners and finalists are […] [Read More]

Many automotive lenders face challenges today associated with maintaining compliance in all facets of their business. Automotive loan compliance requires knowledge of federal regulations that govern applications, processes and practices. While it can be assumed lenders strive to remain compliant to the rules and regulations that govern them, remaining compliant can become a struggle if regulations […] [Read More]