OpenRoad Auto Group is now in the vehicle subscription game. Late last month, the British Columbia dealer group launched PORTFOLIO by OpenRoad, an all-inclusive luxury car subscription program that includes multiple brands. OpenRoad partnered with Clutch Technologies, a U.S. software platform owned by Cox Automotive that facilitates vehicles subscriptions. Launching initially with high-end luxury cars, the […] [Read More]

Not since the credit pinch triggered by the Great Recession have subprime originations been this low, giving finance companies a clear indication where in the cycle the industry currently sits. With the uptick in average credit scores for vehicle financing across the board, Experian indicated the percentage of subprime contract originations reached its lowest level […] [Read More]

While certain commercial filings spiked, the American Bankruptcy Institute reported that consumer cases ticked lower in November. According to data provided by Epiq Systems, total U.S. bankruptcy filings in November generated a 2-percent decrease year-over-year with the figure coming in at 58,887 cases. The November 2017 total was 60,327. Consumer bankruptcies also decreased in November […] [Read More]

BMO Harris Bank announced this week that it is partnering with AutoGravity in an effort to streamline and simplify the vehicle-buying and financing process for consumers nationwide. AutoGravity can connect potential buyers with finance companies and dealerships to provide consumers with pre-qualified finance offers for their vehicle of choice. Using the AutoGravity app available on […] [Read More]

Sagent Lending Technologies recently announced the appointment of Robert Johnson to the executive leadership team as VP and chief sales officer with the responsibility to lead sales and account management for the full suite of Sagent auto finance solutions. Johnson brings more than 25 years of automotive finance and financial technology expertise to this role […] [Read More]

Zanchin Automotive Group is looking for its customized app to be used by customers as much as those individuals might hit their smartphone button to access Amazon or Instagram. Mobile Einstein, a provider of geo-mobile sales solutions for dealer groups, recently announced that it has partnered with Zanchin Automotive Group, one of the largest dealer […] [Read More]

Black Book’s representative watching a sale in California as November closed shared this observation: “The most common complaint from the dealers was the continued high prices paid to secure inventory.” Reinforcing that dealer claim is the fact that Black Book’s Used Vehicle Retention Index climbed for the seventh month in a row. The November reading […] [Read More]

KAR Auction Services announced two major purchases in November. In this conversation at Used Car Week, we talk with three folks involved in the first of those two: KAR's purchase of Clearplan, which was announced on Nov. 12.  Clearplan is a digital platform for recovery agents, drivers, forwarders and lenders that acts as a centralized, […] [Read More]

When it comes to international expansion strategy, KAR Auction Services has typically emphasized “being asset light,” says chief executive Jim Hallett. But even in its latest international purchase — the planned acquisition of Belgium-based CarsOnTheWeb that was announced late last month — there are parts of KAR’s existing business that it can “layer on” to […] [Read More]

The relentless drive to reduce repossession related costs while, at the same time meeting the demands/expectations of regulators, may be catching up with us. As one of the largest repossession management firms, we stay very close to the dynamics of the marketplace and we have become concerned about the current situation and even more concerned […] [Read More]