Even before the coronavirus pandemic, smoothing the digital retailing and financing processes was a priority for Jennifer Reid at Equifax. For this podcast episode recorded during the Vehicle Finance Conference hosted by the American Financial Services Association back in February, Nick Zulovich shared another conversation with Reid, who offered personal anecdotes about how she responds […] [Read More]

UPDATED: Story has been updated to reflect OpenRoad's new strategy. In light of the COVID-19 pandemic, here is a roundup of how some dealer groups in Canada are responding, AutoCanada, a dealership group with locations in eight Canadian provinces and Illinois, announced Wednesday it would temporarily suspend certain operations at its New Brunswick, Quebec and Illinois […] [Read More]

In an update from president Grace Huang, Manheim said Friday it will “extend our current auction operations, as local, state and national directives allow,” continuing to hold Simulcast-only sales at locations as allowed by such directives. All Manheim auctions remain closed to buyers and sellers on sale and non-sale days; the only visits allowed are […] [Read More]

Automakers and their captive finance companies rolled out generous offers to keep new-vehicle deliveries going during the coronavirus pandemic; efforts such as 0% annual percentage rates for 84 months for well-qualified buyers. Perhaps, not quite to that generous level, some captives and other finance companies launched efforts to help used-vehicle financing, too, especially for certified […] [Read More]

It is possible that KAR Global could reopen some ADESA auctions in early April, chief executive officer Jim Hallett said in a call with the investment community on Friday that detailed a wide range of company updates, including cost-cutting measures, operational statuses and more. On March 20, KAR said it was stopping all ADESA physical […] [Read More]

Anna Maria Chavez of the National Council on Aging, or NCOA, says many families are seeking ways to support their older loved ones during the COVID-19 crisis. “We are grateful to Lyft for stepping in to allow our senior centers to make free rides available to caregivers who need it the most during this crisis,” […] [Read More]

Carvana is enhancing its 100% online shopping experience during the current uncertain times. For customers wanting to buy or trade a vehicle, the company is now offering touchless delivery and pickup. With touchless delivery, customers can acquire a vehicle without coming into contact with the customer advocate delivering the vehicle to their home. Carvana also said […] [Read More]

Car dealer consumer-focused rental and rent-to-own technology provider DriveItAway has found that replacement vehicle demand still exists from consumers, particularly in “stay-at-home” states. “Yet both consumers and dealers want to comply with the social distancing laws and not endanger their health,” DriveItAway founder/chief executive officer John Possumato said in a news release. He continued, “Nor […] [Read More]

The week ending March 22 represented the largest week-over-week decline in wholesale vehicle prices in at least 20 years — and most likely, it’s the largest decline ever, says Larry Dixon of J.D. Power Valuation Series. The 5% drop in wholesale prices last week was the largest in J.D. Power’s data set, which goes back […] [Read More]

Working to support auto dealers that are “seeking financial flexibility while navigating the economic impact” of COVID-19, TRADER Corp. is offering Canadian dealer partners a 50% price reduction on all autoTRADER.ca marketplace products. The nationwide marketplace price reduction plan is effective through April and May of 2020. TRADER Corp., a digital marketing partner for Canadian […] [Read More]