In just over two years since launch, The Appraisal Lane has surpassed $100 million in used-car transactions for both live trades and aged units, the company announced Tuesday. This news comes just a month after reaching up to over 100,000 live trade submissions from dealers via The Appraisal Lane app. With over 60,000 vehicles that have […] [Read More]

J.D. Byrider recently celebrated with the buy-here, pay-here corporation’s 54 owners at the company’s annual convention in Hollywood, Fla. At the event, three Midwestern dealers won top honors as a part of J.D. Byrider’s annual award program. The Franchise of the Year winners were chosen in three categories based on size of their franchise holdings: […] [Read More]

Huntington Bank looked within its ranks to fill a position set to be open because of a retirement as the institution has promoted industry veteran Rich Porrello to president of its auto finance business. Since 2010, Porrello has served as managing director of the auto finance division where he oversees day-to-day operations and 180 professionals […] [Read More]

More service providers are working together to help dealership finance departments. This week, Dealertrack and DealerCenter announced a strategic integration partnership delivering a more connected F&I workflow. Independent dealerships using DealerCenter's DMS platform can seamlessly connect customer information to Dealertrack’s open F&I platform, allowing for a smoother workflow with credit application processing. The companies highlighted […] [Read More]

Each of the five metrics involving used- and new-vehicle financing that Edmunds tracks each month moved higher in November. That collection includes averages for terms, monthly payment, the total amount financed, APR and down payment. Edmunds manager of industry analysis Jeremy Acevedo pinpointed a reason why the metrics edged higher year-over-year and are all well […] [Read More]

Carvana made another big investment move on Monday, this time involving Santander Consumer USA founder Tom Dundon. The online retailer announced an agreement to raise $100 million of Class A Convertible Preferred Stock in a private placement with Dundon Capital Partners, which was founded by Dundon. The proceeds will be used for growth opportunities, including […] [Read More]

A Western chapter of AAA said Monday it has launched a peer-to-peer service for used-car sales. AAA CarConnect, provided by AAA Northern California, Nevada & Utah, is making its debut in San Jose, Calif., and aims to provide some “neutral” ground in the used-car sales process between individuals. It is currently available at the AAA […] [Read More]

Certified pre-owned vehicle sales in November were steady with year-ago figures, and year-to-date numbers remained slightly above the pace from 2016. According to Autodata Corp., CPO sales climbed 0.1 percent year-over-year, reaching 202,824 units for the month. Through 11 months, there have been 2.42 million certified sales, which is 0.6 percent stronger than year-ago figures. […] [Read More]

Franchised dealerships have seen scores of customers arrive at their service departments to have defective Takata airbags replaced. Now, it’s the automakers’ turn to be compensated for the matter. The special master in the criminal case involving Takata announced that he launched the $850 million restitution fund for OEMs that purchased airbags with PSAN inflators from […] [Read More]

Avis Budget Group announced Monday it has launched a “Mobility Lab” comprised of several locations and a fleet of 5,000 connected vehicles to test fully connected cars and operations in the greater Kansas City, Mo., area. The new Mobility Lab features more than 20 Avis Car Rental locations, including the Kansas City International Airport, Nebraska’s […] [Read More]