What will the impact of the COVID-19 pandemic ultimately have on used-car prices in 2020? That hinges on a number of factors. Depending on which of two scenarios play out, used-car prices could decline about 10% in coming months and then recover in the fourth quarter or fall by as much as 15% before starting […] [Read More]

Finance company Exeter says its auction partners “are a vital part of Exeter’s servicing arm.” “They are asked to perform transportation of thousands of units, reconditioning, redemptions and most important, market to our dealer base,” the company said in an emailed statement Exeter continued, “The stronger the marketing of our brand, the more dealers that […] [Read More]

Auction Academy’s current two-year class group, Class 6, met Feb. 27-29 for the fourth of eight training and education sessions. Auction Academy is a career-continuing education program from TPC Management Co. for auto auction industry professionals. The sixth class group launched last May in Birmingham, Ala. Tom and Cathy Adams hosted the group for dinner […] [Read More]

With the spread of COVID-19, General Motors says it has sought to use its talents and resources to help in the shared fight against the pandemic. The pandemic created a shortage of face masks, and GM on March 20 launched what it described as a “rapid-response project” to produce masks at scale to help protect workers […] [Read More]

Black Book generated a wide-ranging update as both the wholesale and retail segments grind to nearly a halt in many places because of the coronavirus pandemic. Analysts also offered both short-term and long-term projects about when activities and values might rebound, depending on severity of a recession. Black Book began by noting that Manheim was […] [Read More]

For many dealership employees, working from home might be a bit unknown since so many regular activities happen at the showroom. To help store managers and their employees during the coronavirus pandemic, Dealer Profit Pros founder and president Kenny Atcheson produced a free, downloadable tip sheet to help dealers who find themselves in the unusual […] [Read More]

Ally Financial is continuing to expand its commitments to online-only vehicle retailers as the coronavirus pandemic cripples the economy. On Monday, Vroom announced a $450 million inventory financing relationship with Ally Financial, broadening the floorplan financing it has provided to Vroom since 2016. Executives said the new agreement — finalized earlier this month — doubles […] [Read More]

CARFAX Canada knows that the COVID-19 crisis is having a profound effect on its customers and employees. The company said it is committed to supporting its partners and listed several steps it is taking in that area. First, the company said it is available to help its partners through email and phone. Because its team […] [Read More]

Late on Monday, crucial updates from the U.S. Department of the Treasury and the Internal Revenue Service arrived about programs aimed to help both businesses and individuals through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Furthermore, the U.S. Chamber of Commerce created a guide to help small businesses, independent contractors and gig economy workers […] [Read More]

Dealer groups continue to keep busy with activities and announcements during the COVID-19 pandemic. Purdy Mobility, which owns and operates Bryan College Station Toyota, Huntsville Toyota and South Toyota in Texas, said on Monday it would not terminate or lay off any of its associates as a result of the pandemic. Bob Moore Auto Group […] [Read More]