Last Friday, NextGear Capital announced the passing of John Fuller, company founder and a pioneer in automotive dealer financing. The company described Fuller as a “true innovator” in the field of floor planning; a segment of the automotive industry that provides dealers with funding to purchase vehicle inventory. He founded the top two independent floor […] [Read More]

The Consumer Financial Protection Bureau indicated that it took a deep look at what it called “unfair and deceptive practices” regarding rebates for certain ancillary products after examining the protocols executed by at least one captive finance company. CFPB officials recapped through its latest Supervisory Highlights that vehicle buyers sometimes also finance the purchase of […] [Read More]

Lithia Motors and Shift are getting into big data. The dealership group and e-commerce retailer said Wednesday they have started a national data-sharing partnership, the latest “milestone” in their work together that began in 2018. They are collaborating to mine lifecycle data sets from U.S. auto transactions. The thinking is, leveraging Lithia’s transactional data with […] [Read More]

A giveaway of a new 2018 Tesla Model 3 AWD was one of the highlights of an 18th-anniversary celebration and sale on March 13 for Dealers Auto Auction of Idaho. In other auction news, Copart added 44 acres to its Chicago South facility, located at 89 E. Sauk Trail, Chicago Heights, Ill. As a result […] [Read More]

Auto dealer software company DealerSocket notes that it uses a “customer-centric approach” to build enhancements to its software. On Aug. 21 to 23 in Anaheim, Calif., the company will hold its annual User Summit with that same theme in mind. “We have designed the DealerSocket User Summit with the same customer-centric approach we use to […] [Read More]

Lynnway Auto Auction and its president James Lamb have each been indicted by a Massachusetts grand jury on five counts of manslaughter, stemming from a fatal 2017 crash at the Billerica, Mass., auto auction. That’s according to a news release from the office of Middlesex District Attorney Marian Ryan, which said the Middlesex Grand Jury […] [Read More]

Auto refinance startup MotoRefi announced $4.7 million in seed funding on Tuesday, with funding led by seed-led venture capital firm Accomplice. QED Investors and Motley Fool Ventures also participated in the funding. MotoRefi is a digital platform designed to connect consumers with lenders, credit unions and banks to help them save on auto financing. The […] [Read More]

Perhaps for about the same amount as the fee you might have incurred using the ride-sharing service during your most recent business trip, you, too, can secure a public share offered by Lyft. In hopes of generating more than $2 billion, Lyft on Thursday announced the pricing of its initial public offering of its Class […] [Read More]

Two more service providers are joining forces to help finance companies navigate the complicated protocols associated with upcoming changes implemented by the Financial Accounting Standards Board (FASB). Equifax and Wolters Kluwer’s Finance, Risk & Reporting (FRR) business are teaming up to provide an end-to-end current expected credit losses (CECL) solution. The companies are combining their respective CECL […] [Read More]

BillingTree created a new executive position and appointed a new chief operating officer this week. Taking on the role is Terri Harwood. In this newly created position, the company highlighted Harwood will lead BillingTree operations during a period of rapid growth. Her experience and extensive expertise complement the company’s continued success in the target verticals […] [Read More]