It might very well be the case that a 97-year-old consumer is applying for financing to take delivery of a $97,000 luxury SUV. Or it could be someone with illegal intentions trying to take advantage of that elderly individual. Last week, five federal financial regulatory agencies, the Financial Crimes Enforcement Network (FinCEN), and state financial […] [Read More]

Super Dispatch has a new CEO. The transportation management platform said Tuesday that founder Bek Abdullayev has moved into the role of executive chairman of the board of directors and replacing him as CEO is Matt Bradley. Bradley was most recently the CEO of Cloudsnap, following his time as chief strategy officer of Rackspace. Abdullayev […] [Read More]

The Greater New York Automobile Dealers Association wants people to know how important car dealerships are to the metropolitan area’s economy. GNYADA’s 2024 Economic Impact Report highlights “the significant and often overlooked” contributions of Metro New York’s franchise car and truck dealerships, including their role in creating jobs, generating tax revenue and supporting local communities […] [Read More]

KeySavvy, a platform designed to simplify and secure private-party car transactions, announced an investment of $4.25 million in venture capital funding led by Bonfire Ventures — the second major financing round for the startup. The company said it also secured strategic partnerships with three online vehicle marketplaces, including Experian’s AutoCheck. KeySavvy said the moves indicate […] [Read More]

A new program to help injured veterans and first responders is taking flight. DARCARS Automotive Group and DARCARS Toyota announced the launch of the DARCARS Heroes Home for the Holidays campaign, in partnership with Luke’s Wings, to help reunite wounded service members, veterans and first responders with their families during the holiday season. Luke’s Wings, […] [Read More]

Having spent 35 years in the automotive industry, it is my experience dealer principals are generally concerned about “being in debt,” though debt, when managed properly, can be a powerful tool for dealership principals to enhance liquidity and profitability. Leveraging debt allows dealerships to access capital needed for growth, manage cash flow effectively, and take […] [Read More]

Let’s take a worldwide economic outlook courtesy of S&P Global Ratings, which touched on both domestic and international trends that could eventually impact automotive financing and retailing. Analysts said last week that economic soft landings in many major economies and further policy rate cuts should continue to support global credit conditions in 2025. With easing […] [Read More]

The wholesale vehicle market appears fairly healthy entering the final stretch of the year, with prices relatively steady and “robust activity in the auction lanes,” according to reports from market observers. On Wednesday, Black Book said its Used Vehicle Retention Index came in at 147.8 for November, which beat October by 0.5% and trailed the […] [Read More]

Sonic Automotive has taken the old saying that everything’s bigger in Texas to heart. The dealership group announced it has moved its EchoPark Houston Southwest Freeway used-car store to a new, larger “experience center” in suburban Stafford, Texas. Having outgrown its original location, which opened in 2020, the dealership now operates from a new 16,825-square-foot […] [Read More]

If your dealership managers and salespeople are wondering why they cannot attract customers who are Gen Z or millennials, perhaps new data from GoDaddy might explain why. GoDaddy indicated 80% of 1,000 Gen Z and millennial U.S. consumers surveyed in September shared they research small businesses like dealerships online before shopping with them for the […] [Read More]