Michael’s Auto Plaza in East Greenbush, N.Y., accepts bitcoin — a perhaps more well-known, but still very little understood cryptocurrency — as payment for vehicle purchases. The reason is simple, said Michael Severance, the used-car store’s sales manager. If his customer has bitcoins and wants to buy a vehicle, he wants to sell it to […] [Read More]

Amid the heat stemming from rising summer temperatures, consumers are flocking to sports and performance brands like Porsche, says Brian Miller, senior web analyst, strategic insights at Jumpstart Automotive Media. Jumpstart Automotive Media recently announced new insights into the top fastest growing brands after taking a close look at which brands experienced the largest boost […] [Read More]

Tricolor, one of the nation’s largest used-vehicle retailers designed to serve Hispanic consumers, recently announced the addition of veteran financial services executive Jason Hutton as its chief innovation officer. Hutton, who will report directly to chief executive officer Daniel Chu, is responsible for broadening the mission-driven platform to serve thin and no-file Hispanic consumers in […] [Read More]

In some circles, 1990s fashion is back in style nowadays, and S&P Global Ratings is seeing trends within the subprime auto ABS market that resemble the time when Umbro shorts, the discman and tight-rolled pantlegs became popular. According to a commentary shared with SubPrime Auto Finance News this week, analysts said the current innovation of […] [Read More]

One hundred and forty-eight Cox Automotive Canada executives, vendors and customers from Southern and Southwestern Ontario teed off this summer for the annual joint fundraising tournament hosted by Manheim and the Used Car Dealers Association of Ontario (UCDA). Not only did Cox Automotive Canada recently announce that this year’s Manheim and UCDA Ruth Hart-Stephens and Bob […] [Read More]

Flexdrive announced Wednesday that the Florida Fine Cars dealerships will be using the car subscription and technology provider’s platform for its AmeriDrive vehicle subscription service in South Florida. The program will be available at the independent dealership’s four stores in Hollywood, Margate, Miami and West Palm Beach. Flexdrive, led by chief executive Jose Puente, is […] [Read More]

The used-car market is trending toward 3.2 million sales this month, with a seasonally adjusted annualized rate of 39.2 million, according to an analysis from Edmunds. That’s down from May, when 3.3 million used cars were sold for a 39.3 million SAAR, Edmunds said, but the volumes of pre-owned cars coming out of leases this year […] [Read More]

Dealers Auto Auction Group continues to spread its reach throughout the Southeast. The company announced that it has purchased Tri-Cities Auto Auction in Bluff City, Tenn. A news release indicated the auction will be renamed Dealers Auto Auction of East Tennessee.  The facility operates with four lanes along with detail and mechanical departments and offers […] [Read More]

An unattended or unsecured workstation or mobile device showing a customer’s personal information could be the gateway that creates potentially significant data breach problems at your dealership or finance company. Shred-it recently released its annual State of the Industry Report that exposes information and data security risks currently threatening Canadian enterprises and small businesses and […] [Read More]

When it comes to tackling burdensome operational costs, the updated automotive auction management system from Xcira can help auctions access valuable streamlined, mobile operations at auction sites. Version 6.5 of Xcira’s Cubed AMS product has been integrated into Xcira’s Cubed Platform with added features such as new mobile interfaces, reports and an accounting module, the […] [Read More]