Car-as-a-service provider Fair announced a $385 million Series B financing round on Thursday that is led by SoftBank. Also participating in the round were Exponential Ventures, Munich Re Venture’s ERGO Fund, G Squared and CreditEase. The round, Fair said, “is subject to receipt of regulatory approvals and satisfaction of other customary closing conditions.” Fair plans […] [Read More]

Online dealer-to-dealer wholesale marketplace ACV Auctions announced a $93 million Series D funding round on Wednesday, bringing its total funding raised since 2015 to more than $145 million. Bain Capital Ventures and Bessemer Venture Partners led the round, which also included Future Fund, Tribeca Ventures and Armory Square Ventures. This round gives ACV the ability […] [Read More]

DriveItAway, which focuses on dealer-focused shared mobility, said Wednesday it has bought the technology and assets of Whip Inc., while also announcing it has ended its association with HyreCar. Regarding the latter move, DriveItAway explained that it allows the company to “fulfill its mission of working exclusively with automotive retailers.” Through the acquisition of Whip, […] [Read More]

KAR Auction Services chief economist Tom Kontos easily explained the notable wholesale price decline he and his analyst team spotted after compiling November data. According to ADESA Analytical Services’ monthly analysis of wholesale used vehicle prices by vehicle model class, Kontos noted wholesale used-vehicle prices in November averaged $10,599 – down 4.2 percent compared to […] [Read More]

Ally Financial specifically targeted locations in Florida, North Carolina, California, Michigan and New Jersey where its holiday cheer could be most impactful. The finance company is showing its appreciation for its dealer customers this holiday season with a series of donations across the country aimed at dealership employees and communities facing adversity. In all, Ally […] [Read More]

With SubPrime Auto Finance News wrapping up its online endeavors for the year on Friday, it presented the opportunity to delve into the metrics of our website activity, using the capabilities of Google Analytics to uncover what you the reader — our customers — found to be the most noteworthy developments of 2018. While a […] [Read More]

In a quarter that showed a “notable negative turn in overall dealer sentiment,” even the used-car side of the dealership is seeing a bit less optimism these days, according to the Q4 2018 Cox Automotive Dealer Sentiment Index released this week. “The fourth quarter represented a notable negative turn in overall dealer sentiment and their […] [Read More]

A finance company your buy-here, pay-here operation might leverage enhanced its relationship with the National Independent Automobile Dealers Association. According to an announcement distributed this week, Lobel Financial has improved its longstanding affiliation with NIADA by becoming the association’s most recent Bronze-level National Corporate Partner. Lobel Financial is a source of full spectrum auto and […] [Read More]

Here is some cautiously optimistic projections dealerships and finance companies can take into the new year as Canadian consumers continue to prioritize their auto-loan commitments. Despite a potential slowdown in the Canadian economy over the next year, TransUnion Canada said the Canadian consumer credit market is expected to see continued growth in consumer-level debt and […] [Read More]

A pickup truck took a familiar spot as the No. 1 most-searched vehicle on autoTRADER.ca’s annual list, but moves by utility vehicles illustrate the growing “love affair” Canada has with the segment. And that comes as Canadians are losing a bit of interest in sedans, minivans and some (but not all) luxury models. According to autoTRADER.ca's […] [Read More]