There were only so many specifics KAR Global’s executive leadership could provide, pending regulatory approvals, but a conference call Tuesday with the investment community offered a glimpse into the strategy behind KAR’s agreement to buy BacklotCars for $425 million and what the dealer-to-dealer online auction platform may bring to the company. First, the basics. KAR […] [Read More]

While still facing headwinds, recent information from the U.S. Department of Labor, the Conference Board and ManpowerGroup showed encouraging trends associated with jobs — a key indicator for potential dealership retail vehicle sales and finance company portfolio health. Acknowledging on Labor Day that “this has been a year of extraordinary challenges for American workers,” U.S. […] [Read More]

Chicago Automobile Trade Association chairman Kevin Keefe says the instinct to help others “is deeply rooted within local car dealers.” “And they’re among the first to roll up their sleeves and help when people need it most,” Keefe said in a news release. Chicagoland’s new-car dealers for the past seven years have supported hometown heroes […] [Read More]

Back in June, Vroom launched its initial public offering; a move the online auto retailer called both “exciting” and “unusual.” Vroom made its next investment move this week, announcing that it has commenced an underwritten public offering of its common stock. Vroom is offering 9 million shares of its common stock pursuant to a registration […] [Read More]

Volkswagen and Audi dealers that use Darwin Automotive’s digital F&I offerings potentially have some extra incentives to leverage. This week, the  F&I software provider announced that through its preferred provider relationship with Safe-Guard Products International, Volkswagen and Audi dealers offering the Volkswagen Drive Easy and Audi Pure Protection suite of F&I products now can qualify […] [Read More]

After receiving a significant volume of nominations this summer, Cherokee Media Group on Wednesday announced the third collection of honorees included in Women in Auto Finance, presented by American Recovery Service. This industry award program is part of the initiatives that honor the most dedicated and talented professionals from throughout the used-car industry. This year’s […] [Read More]

Less than a month after launching its F&I solution, ZipDeal this week unveiled a free eBook the company said was created to help dealers combat the erosion of front-end profits on new and used vehicles with a customer-driven, digital vehicle delivery experience that. ZipDeal chief executive officer and partner Tony Gomez elaborated about the eBook […] [Read More]

Dealer Owned Warranty Co. recently promoted industry veteran Gene Silas as director of sales. The provider and administrator of F&I products and services said Silas brings a wealth of experience and dealer relationships to his new role at DOWC. Following his service as with the U.S. Marine Corps, Silas entered the automotive space working his […] [Read More]

A musty odor in the interior. Damp carpets. Rust around doors. With the arrival of hurricane season and more waterlogged vehicles showing up around the country, CARFAX is releasing information on various aspects of the situation, such as telltale signs of vehicle flooding. CARFAX is also highlighting statistics such as the fact that 446,836 flood-damaged […] [Read More]

Myers Auto Group of West Palm Beach, Fla. has acquired Mastro Subaru of Tampa, Fla. and Mastro Subaru of Orlando in Sanford, Fla. New car dealership broker George Chaconas of Performance Brokerage Services announced the sale, and Performance said Mastro Subaru is known as “Florida’s original Subaru retailer.” Family-owned-and-operated Mastro Subaru has served the Tampa […] [Read More]