Before 2019 closed, another Software-as-a-Service (SaaS) company targeting buyers in the automotive retail industry released its proprietary search engine fueled by artificial intelligence (AI). And it’s a solution that’s designed to function similar to how music might flow through your favorite streaming service. The leadership team at myautoIQ said its technology can provide targeted customer […] [Read More]

While most used-vehicle financing metrics closed 2019 at a steady pace, Edmunds noticed the average interest rate for a new-vehicle retail installment contract fell for the third month in a row in December, dropping to its lowest point since February 2018. Edmunds reported the annual percentage rate (APR) on new financed vehicles averaged 5.4% in […] [Read More]

Dealertrack Registration and Title Solutions is now a participant in the CDK Global Partner Program, which Dealertrack says will provide dealers with data sharing capabilities between their Dealertrack in-state and out-of-state services and the CDK Drive DMS. Dealertrack says that dealers as a result can now push a deal from the CDK Drive DMS into their […] [Read More]

Just days after Thoma Bravo completed its purchase of J.D. Power, resulting in a merger of the latter with Autodata Solutions, J.D. Power made another move on the software front. On Dec. 20, the company announced it had acquired Trilogy Automotive, which is the automotive software division at Trilogy Enterprises and a provider of Software-as-a-Service […] [Read More]

Rodo chief executive officer and founder Nathan Hecht likes iHeartMedia’s “unique understanding of their on-the-go audience, especially with relation to automotive sales and branding.” With that in mind, Rodo, which says its app “empowers consumers to lease a car in minutes,” has entered into a multi-platform marketing partnership with audio company iHeartMedia. Through the new […] [Read More]

Becky Sheehan, who has served as chief financial officer of Cars.com since January 2017, has resigned her position to pursue a new opportunity with a private equity portfolio company. The company appointed vice president of treasury and investor relations Jandy Tomy to serve as interim chief financial officer. Sheehan’s resignation is effective Jan. 10. CARS […] [Read More]

XLerate Group Auctions’ Charleston Auto Auction in Moncks Corner, S.C., has hired Nichole Brannon as executive sales director, noting that Brannon brings 13 years of auto remarketing industry expertise. Brannon was previously senior manager of client services for Manheim Darlington, overseeing the auction’s client-facing departments. “Her practical knowledge of auctions and affinity for customer service relationships […] [Read More]

Just before Christmas, Santander Consumer USA Holdings wrapped up the purchase of  a $1.1 billion indirect vehicle loan portfolio from Gateway One Lending & Finance, the finance company announced. Also included in the deal is an additional conversion of $0.5 billion in indirect auto loan assets. Santander plans to sub-service those assets for Gateway One, […] [Read More]

Westlake Financial and Nowcom Corp. say that their new strategic partnership with Source One Financial Corp. allows Westlake expansion to continue in what they say is a large and growing Canadian non-prime automotive finance market. Through the partnership, Westlake will provide backing for Source One to originate and service loans to near-prime customers in Canada.  The companies note […] [Read More]

Sonic Automotive and EchoPark Automotive chief executive officer David Smith says the company’s EchoPark business is experiencing rapid nationwide growth, and he described that as “a great testament to our model and the value of exceeding customer expectations.” The company announced the latest example of that growth on Dec. 16 with the grand opening of […] [Read More]