While depreciation is “roughly double” what Black Book often sees in July, analysts are also reporting that the auction conversion rate is staying near 60% so far this month. Those are the primary findings of Market Insights, which Black Book released on Tuesday. Analysts highlighted the wholesale segment sustained a 0.55% overall value decrease and […] [Read More]

AutoCanada’s transition out of the U.S. market has officially begun. The Edmonton-based dealership group announced the closing of its sale of Crystal Lake Chrysler Dodge Jeep Ram in Crystal Lake, Ill., to an undisclosed buyer. AutoCanada said it received approximately $9.9 million (Canadian) in cash — $3.5 million for goodwill and fixed assets and $6.4 […] [Read More]

Dealerships and their network of auto-finance providers are still contending with a huge wave of negative equity connected with consumers wanting a new vehicle. According to new data from the second quarter generated by Edmunds, more than one in four new-vehicle trade-ins are underwater, a four-year high. Analysts indicated 26.6% of trade-ins toward new-car purchases […] [Read More]

FlexPath DXP co-founder and CEO Tarry Shebesta is not necessarily trying to freak out the auto-finance industry. But he did try to alert dealers, lenders and other service providers about a critical fraud pattern he spotted that’s targeting auto, powersports, and RV credit prequalification web apps. “In a recent real-world incident, hundreds of prequal submissions […] [Read More]

This week, PayNearMe, a fintech operation working to optimize the payment experience, announced a strategic integration with Emotive Software, an all-in-one platform with artificial intelligence-driven automation for dealers. According to a news release, the partnership natively integrates PayNearMe’s modern, flexible payments platform directly into Emotive’s Enterprise Resource Planning (ERP) platform, enabling seamless payments without the […] [Read More]

Along with appointing a strategic advisor to its board of directors, OttoMoto recently announced a new integration with Carvant Financial, an indirect lender specializing in deep subprime auto finance. Through this integration, dealers can now submit directly to Carvant Financial via OttoMoto’s digital-first infrastructure, gaining access to flexible credit programs, real-time deal status updates, and […] [Read More]

The Tim Lamb Group is in growth mode, too. The dealership sales and acquisitions firm on Tuesday announced the addition of Mike McMeeken as director of the South Central Region. Based in Houston, the firm said McMeeken will begin his role on Aug. 1. Tim Lamb highlighted McMeeken brings extensive experience and a strong reputation […] [Read More]

The dealership space is a bit of an untapped resource in commercial real estate. But property and real estate matters are crucial areas for dealers to monitor. That’s where Ned Hennessey and the team at Surmount come into play. Surmount is a full-service commercial real estate platform and said it’s the only one focused exclusively […] [Read More]

Two of the industry’s most prominent independent auto auctions will soon fly under the Manheim banner. Cox Automotive, Manheim’s parent, said Tuesday it has signed a deal with BSC America to acquire the company’s Bel Air Auto Auction in the Baltimore area and its Tallahassee Auto Auction in Florida. The acquisition is expected to close […] [Read More]

You might not have to drive your next car from Avis. It might drive itself. Avis Budget Group has announced a multi-year strategic partnership with Waymo, a self-driving technology company owned by Google parent Alphabet Inc., to launch and scale a fully autonomous ride-hailing service in Dallas. According to the agreement, Avis Budget Group will […] [Read More]