Atlanta Classic Cars has sold its Mercedes-Benz and Commercial Truck dealerships in Duluth, Ga., to Krause Auto Group, which owns 15 U.S. retail automotive franchises, including nine automotive franchises in the greater Atlanta area. The transaction was completed on Monday. Terms were not disclosed. The Presidio Group LLC, an investment bank that works in retail automotive […] [Read More]

Canadian consumers who might be struggling to maintain their vehicle payments stemming from the consequences of COVID-19 could be receiving a lifeline. According to a news release, Canada’s six largest banks on Tuesday announced plans to provide financial relief to impacted Canadians. Effective immediately, Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, […] [Read More]

As the potential coronavirus impact continually grows, a wide swath of industry associations representing dealerships and repair shops are urging federal, state and local officials to consider the importance of motor vehicle supply and repair facilities in implementing orders to close nonessential businesses as a result of COVID-19.  The actions began with John Bozzella, president […] [Read More]

Similar to the latest reading on defaults, Experian’s Q4 2019 State of the Automotive Finance Market Report showed 60-day delinquencies finished the year in a stable place as the industry braces for potential jumps in these metrics stemming from the COVID-19 pandemic. Experian pegged the overall 60-day delinquency rate at 0.79% as of the fourth […] [Read More]

FIS played a role in compiling critical guidance to help financial services companies handle cyber-risk oversight. Chief risk officer Greg Montana co-authored the incident response section of the seventh edition of the Director’s Handbook on Cyber-Risk Oversight recently released by the Internet Security Alliance (ISA) and the National Association of Corporate Directors (NACD). The guidebook, […] [Read More]

Auto Search Technologies’ transition to becoming VehiclesNETWORK continued on Wednesday as 700 Credit gained certified provider status from VehiclesNETWORK for its consumer pre-qualification (QuickQualify) and full credit application (QuickApplication) platforms. Now dealers who use VehiclesNETWORK to build and manage their websites can elect to add these two solutions to increase the value of sales and […] [Read More]

Steer, a vehicle-subscription start-up that opened for business in May, has a mission that is “very clear and quite simple,” said its chief executive, Sonya Harbaugh, during a presentation in Detroit. “Our mission is to build cleaner communities by accelerating the adoption of electric vehicles and delivering amazing customer experiences,” she said. Steer’s fleet exclusively […] [Read More]

Carvana has seen strong growth in vehicle sales. But the company has also been buying a lot of vehicles from its customers. On the topic of selling, Carvana showed solid fourth quarter sales and revenue growth and strong 2019 overall revenue, as well. The company completed its sixth consecutive year of triple-digit revenue growth. In […] [Read More]

Summertime attendees at Brasher’s Sacramento Auto Auction around the late 1970s might have noticed a 6-year-old boy emptying ashtrays and restocking the soda machines. The youngster was John Brasher, and when he was 7 or 8, he moved up to work at the auction’s snack bar counter, selling popcorn and drinks. “I figured out in […] [Read More]

UPDATE: McConkey Auction Group, whose auctions are members of ServNet, said Wednesday afternoon that all of its sales will be virtual "until further notice." More details can be found in this LinkedIn post.  In an update shared Tuesday, independent auction group ServNet said its members are currently still holding sales as regularly scheduled, though some […] [Read More]