Preferred Warranties Inc. (PWI) is looking to give dealers more tools as they resume used-vehicle sales in the face of a COVID-19 retail slowdown. The KAR Global business unit on Wednesday announced comprehensive enhancements and savings on protection plan offerings. “Many dealers are feeling the pain as COVID-19 takes its toll on the auto remarketing industry,” […] [Read More]

Roughly two months after revealing new branding for its cloud-based consumer platform to buy, sell, lease and trade vehicles, PowerBand Solutions continued to develop its automotive technology portfolio — this time with an announcement on Tuesday involving MUSA Auto Finance. PowerBand controls 60% MUSA’s leasing platform in the United States and is expecting to begin lease […] [Read More]

On Tuesday, Carzato, a leading automotive online services provider, announced its integration with RouteOne, a leading F&I technology provider, in an effort to furnish an optimal experience for consumers and dealers in North America. With the collaboration, Carzato explained its online retailing experience (ORE) platform integrates with RouteOne’s credit aggregation system to present indirect auto-financing […] [Read More]

After being one of the experts who participated during a webinar orchestrated by DRN in April, Receivables Management Association International executive director Jan Stieger discussed collections and more during this special episode of the Auto Remarketing Podcast. Stieger also touched on how well auto-finance companies and other creditors have worked with their customers who have […] [Read More]

Wells Fargo closed 2019 by holding 3.67% of the auto-finance market, according to data from Experian Automotive shared exclusively with SubPrime Auto Finance News. That market share positioned the bank to rank sixth in Experian’s data set. But the decision Wells Fargo made to stop accepting financing applications from many independent dealerships might make it […] [Read More]

After announcing its plans to go public last month, online auto retailer Vroom said Tuesday it has launched the initial public offering of 18.75 million shares of its common stock. Vroom said the expected price for the shares is between $15 and $17 per share. It is expected that underwriters will have 30 days to buy […] [Read More]

Black Book representatives are seeing and hearing a wide array of stories from auctions and dealerships, and the firm gathered up the best ones to include with its latest wholesale pricing information for its latest COVID-19 Market Update released on Tuesday. From only $100 derailing some wholesale transactions to stores getting concerned about inventory — […] [Read More]

Group 1 Automotive has appointed Daniel McHenry as chief financial officer. Since 2007, McHenry has served as Group 1’s U.K. finance director. McHenry will replace long-time Group 1 chief financial officer John Rickel, who after almost 15 years of service will retire from the company at the end of the year. McHenry’s appointment is effective […] [Read More]

UPDATED to include analysis/data from LotLinx. Recapping used-vehicle sales from May shows a bit of a mixed bag. The month appears to have been much stronger than April, but hit a speed bump the final week. There was a 20.7% year-over-year decline in used-car sales the final week of May, according to Cox Automotive. “Like […] [Read More]

iRecon has revamped its reconditioning platform, with tool and capability enhancements for dealers including a Recon Dashboard. With the Recon Dashboard, dealers can view the status of any vehicle and take action based on reconditioning metrics that can be tailored to a dealership’s unique workflow. iRecon said its revamped reconditioning platform can help dealers gain […] [Read More]