CarLotz announced Tuesday it closed on a $30 million round of equity capital funding from TRP Capital Partners. The chain of used-car consignment stores will use the capital to continue its national expansion, as CarLotz seeks to set up retail locations in Florida, Texas, California, the Midwest, New England, and the Mid-Atlantic. “Over the last few […] [Read More]

With some interesting anecdotes about how dealers are handling hurricane fallout, Black Book also highlighted how one specific segment impacted the entire truck segment. This week’s Black Book Market Insights report mentioned compact SUVs increasing their value noticeably, giving the truck segment an overall boost in retention value. Editors noticed the car segment depreciated by […] [Read More]

KAR Auction Services will be building a new 250,000-square-foot corporate headquarters on a 13-acre campus in Carmel, Ind. KAR, which announced the roughly $80 million project Tuesday afternoon, said the new facilities will have space for an additional 400 jobs. Of its 17,400 employees, KAR said close to 1,600 are located in Indiana. The company, […] [Read More]

CarStory launched a product Tuesday that uses artificial intelligence and machine-learning, along with predictive analytics, to gauge when a car will sell and project its sale price. CarStory Insights is designed to predict incoming trends and give dealers guidance based on that predictive insight. Through analysis of a dealer’s lot, it offers alerts, sales predictions […] [Read More]

For dealers who still might be a bit apprehensive about buying vehicles online, Automotive Finance Corp. and TradeRev rolled out a new incentive. AFC and TradeRev on Wednesday announced what they called an “unprecedented” promotion aimed at encouraging dealers to “go digital.” The promotion allows dealers to pay no AFC floorplan financing fees and zero percent […] [Read More]

Edmunds announced Tuesday a new augmented reality (AR) feature for its app will soon be available to help car shoppers determine whether any vehicle will fit in their garages, parking spaces and driveways. With an iPhone, Edmunds said the feature allows car shoppers to conduct “fit tests” virtually, with as many vehicles they want. The […] [Read More]

Two of the highest ranking officials in New York are using the Equifax security breach to intensify actions within the Empire State, bringing Experian and TransUnion into the matter, too. On Tuesday, Gov. Andrew Cuomo directed the New York Department of Financial Services to issue new regulation making credit reporting agencies register with New York […] [Read More]

Of the 21 different training sessions the National Alliance of Buy-Here, Pay-Here Dealers (NABD) is organizing for its next conference, there are a trio of segments that might be most beneficial to operators looking to build a larger and stronger portfolio of paying customers. Along with conference keynote speaker Steve Siebold, it’s all on tap […] [Read More]

Hearst Autos announced Tuesday it will move into the company's new permanent office outside of Atlanta in Chamblee, Ga., on Thursday. The company’s decision to move to Chamblee’s Antique Row district follows strong growth over the last year and a desire to establish a long-standing presence near Atlanta, according to Hearst. To cultivate a sense […] [Read More]

Analysts aren’t panicking, but the auto portion of the S&P/Experian Consumer Credit Default Indices made its largest sequential jump in almost six years. On Tuesday, S&P Dow Jones Indices and Experian released data through August and reported the auto loan default rate rose by 9 basis points as compared to July to land at 0.95 […] [Read More]