When KAR Global spun off its Insurance Auto Auction business this year, that was about 35% to 40% of its total business. “We’ve become a much smaller company,” said Jim Hallett, who is chairman and chief executive officer of KAR Global. “We have to continue to look for ways to take costs out of this […] [Read More]

Investment firms evidently like the prospects they see in dealerships as a pair of wealth-driven operations recently made acquisitions — with one transaction involving a member of the Top 100 Independent Dealers previously highlighted by Auto Remarketing. Cerberus Capital Management, which currently possesses more than $42 billion in assets, recently acquired an 80% interest in […] [Read More]

Two familiar names in the F&I technology world — Dealertrack and CDK Global — announced an expanded integration on Monday. The companies explained their latest development brings together the CDK Drive DMS and Dealertrack uniFI platforms to enable faster funding for more dealers. Through the integration, dealers leveraging both systems can now seamlessly import their […] [Read More]

Lithia Motors has named a chief operating officer. Promoted to the position is Chris Holzshu, who was most recently executive vice president, where he led regional platforms and operations teams. Holzshu was Lithia’s chief financial officer from 2010 to 2016. His tenure with the group also includes time as chief human resources officer.  “Throughout his […] [Read More]

Subprime, near-prime and prime year-over-year origination growth all saw year-over-year declines for the first time since a six-quarter pullback that lasted from the third quarter of 2016 to the fourth quarter of 2017, according to a new report from TransUnion. But even with those declines, according to TransUnion’s Q3 2019 Industry Insights Report released on Wednesday, […] [Read More]

ACV Auctions said it has secured $150 million in Series E funding, noting that the new capital will go toward ACV Auctions’ investment in technology and data-driven products that it says will help dealerships source and sell used vehicles. Wellington Management Company and Fidelity Management & Research Co. led the investment in ACV Auctions, a […] [Read More]

When Mindy Holman joined family-owned Holman Enterprises in 1986, she followed in the footsteps of her grandfather Steward and father Joseph, who currently serves as Holman Enterprises’ chairman emeritus. Today, Mindy Holman is Holman Enterprises’ chairman of the board. On Nov. 6, fleet services provider ARI, which is a subsidiary of Holman Enterprises, announced that the […] [Read More]

Autodata Solutions president Craig Jennings says obtaining timely and accurate rates, residuals, rebates and incentives “continues to be a challenge for partners across the industry. “Dealers need to be able to accurately market, price and desk their vehicles both in-store and online,” Jennings said in a news release. With that in mind, vehicle data provider […] [Read More]

Veteran paratrooper and Army Sgt. First Class Centra “Ce-Ce” Mazyck’s military career took a turn for the worst when she became paralyzed from the waist down after a crash landing during a parachute jump. Doctors told her she would never walk again, but Mazyck was determined and can now walk with the help of forearm […] [Read More]

A new National Independent Automobile Dealers Association member benefit program helps participating association members incorporate their independent dealerships. The new program is titled, NIADA Business Incorporations. On behalf of association members who participate in the new program, NIADA, in partnership with Deluxe Corporation, will handle 100% of the filing, updates and paperwork. Incorporation is one […] [Read More]