Santander Consumer USA cleared another legal matter regarding its repossession processes. Connecticut Banking Commissioner Jorge Perez recently announced a settlement with SCUSA, for alleged violations of Connecticut banking law pertaining to its activity concerning repossessed vehicles. In addition to providing $2.9 million in relief to affected consumers, Santander Consumer USA has paid a $100,000 fine […] [Read More]

U.S. Bank is now is leveraging the same technology from AutoGravity being deployed by an array of captives. U.S. Bank recently launched a digital offering on its website that allows consumers to shop for a new vehicle and get pre-approved for financing, all before actually stepping foot in a dealership. U.S. Bank’s digital financing platform […] [Read More]

Hertz Global Holdings announced Wednesday that Paul Stone will join the company on March 6 to serve as executive vice president and chief retail operations officer, North America. Stone, who began his career at Sam's Club/ Walmart as a store manager before transitioning to Western U.S. divisional senior vice president, brings more than 30 years […] [Read More]

Carvana announced that it has is expanded its presence in four new markets on the eastern seaboard Wednesday. Customers in Springfield, Mass., and Connecticut cites Hartford, Bridgeport and New Haven can now shop Carvana’s more than 10,000 vehicles and schedule as-soon-as-next-day vehicle delivery, the company said. “Residents in Hartford, Bridgeport, New Haven and Springfield have […] [Read More]

KAR Auction Services said late Tuesday afternoon that it is pursuing a spin-off of its Insurance Auto Auctions business unit. KAR said in a news release the proposed tax-free spin-off is designed to “increase shareholder value and focus each company’s strategic priorities on its respective marketplace and unique customers” and is likely to close within […] [Read More]

Cognosos, a supplier of enterprise Internet of Things (IoT) services, has introduced an inventory management platform that lets dealers track vehicles wirelessly across both large and multiple lots. The platform, which is called RadioTrax, finished rolling out at four Atlanta-based Hennessy Automobile dealerships in February. With Cognosos' new patented wireless cloud technology that allows dealerships to avoid time-consuming searches, Hennessy […] [Read More]

With dealers likely acquiring vehicles for inventory at all times of the day, NextGear Capital is providing an enhanced path so managers can remain current on their financial commitments to be able to secure those units. This week, NextGear Capital launched what the provider is calling AutoPay, a new feature within the Account Portal, NextGear […] [Read More]

Lithia Motors obviously likes turning metal in the Steel City. On Tuesday, Lithia announced it has acquired Day Automotive Group in Monroeville, Pa., a suburb of Pittsburgh. The Day group is estimated to generate $340 million in steady annual revenue. Day joins Baierl Auto Group as the second acquisition in 10 months in the Pittsburgh […] [Read More]

In some places nationwide, grass is becoming greener and buds are forming on trees and other plants. And the spring market is blooming, too, according to the latest Black Book Market Insights. The latest report released on Tuesday indicated momentum is picking up steam in the early weeks of the spring selling season with prices […] [Read More]

As consumers start to edge away slightly from new-vehicle leases toward financed installment contracts for used vehicles, Equifax Automotive deputy chief economist Gunnar Blix is encouraged by recent payment performance — no matter what type of deal is attached to the unit. The latest Equifax data showed auto finance balances increased by $8 billion in the […] [Read More]