Amid concerns that 2019 will be a volatile year for new-car sales and that rising interest rates will erode profitability, Sonic Automotive reduced its employee headcount by 6 percent in the first quarter and is reining in capital expenditures, company executives said. So far, the company has identified around $20 million of reductions in selling, […] [Read More]

Black Book executive vice president of operations Anil Goyal made the call. “The spring market is here,” Goyal said in a segment of this week’s Black Book Market Insights report that illustrates the strength of the spring market where several midsize cars and van segments posted a notable increase. “Led by midsize cars and minivans, […] [Read More]

For the second time this month, PassTime finalized another relationship to help buy-here, pay-here dealerships and finance companies that participate in the subprime space. After solidifying a relationship with AFS Dealers, the automotive GPS solutions provider recently announced it has completed an integration with Solutions by Text (SBT), a division of Marketing Response Solutions, focused […] [Read More]

With all of the recent hubbub over delinquencies, auto finance defaults are remaining stable so far this year. S&P Dow Jones Indices and Experian released data through February for the S&P/Experian Consumer Credit Default Indices, and the auto component remained unchanged at 0.99 percent. In fact, the latest reading is actually 10 basis points lower […] [Read More]

UPDATED: Headline and story text corrected to show that new vending machine location is in Pittsburgh.  Carvana notes that its new 130,000 square-foot vehicle inspection center in Indianapolis will increase the company’s production in the Midwest with annotation, full paint facilities, mechanical repair and patented 360-degree, high-definition photography. Located in Greenfield, Ind., an Indianapolis suburb, […] [Read More]

Enterprise dealer management system company DealerBuilt has partnered with private equity firm ParkerGale Capital, a move that DealerBuilt says will accelerate the release of in-demand technologies such as an F&I e-signature platform and a corporate electronic document management system. DealerBuilt, formed in 2008 to bring to market an enterprise DMS for automobile dealer and dealer […] [Read More]

Service and software company AutoTec has promoted Charlie Adams to senior vice president and chief operating officer of AuctionACCESS. Adams, who joined the AutoTec team in 2011 and most recently served as vice president of business development for the AuctionACCESS product, will manage daily operations of the AuctionACCESS platform including its sales and customer support […] [Read More]

A new report from eLEND Solutions asks the question: Is digital retailing promising more than it can deliver? And Nick posed more questions to eLEND Solutions chief executive officer Pete MacInnis about this report and more for this Auto Remarketing Podcast episode recorded during NADA Show 2019. MacInnis explained during the conversation that although digital […] [Read More]

National Automotive Finance Association executive director Jack Tracey nicely summarized developments coming from the Federal Reserve last week. After making multiple upticks in interest rates last year, the Federal Open Market Committee (FOMC) decided to maintain the target range for the federal funds rate at 2.25 percent to 2.50 percent. And Fed chair Jerome Powell […] [Read More]

College students from across the country are heading to Detroit this Friday through Sunday for a chance to make their entrepreneurial dreams come to life. Ally Financial has teamed up with fellow Motor City native, entertainer and entrepreneur Sean “Big Sean” Anderson and the Thurgood Marshall College Fund (TMCF) to create Moguls in the Making […] [Read More]