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]

Darwin Automotive introduced Tuesday an exclusive Darwin Online algorithm for automotive parts solution RevolutionParts that is designed to give auto dealers a competitive edge in eommerce auto part sales. The newly developed algorithm uses a vehicle’s VIN to find three top accessories that can be presented to consumers at checkout. This process closely reflects that […] [Read More]

If the latest projections from Edmunds are any indication, look for an improvement in retail used-car sales this month. Edmunds expects February will end with 3.5 million used-car sales, which would beat January’s 3.1 million pre-owned sales. That would translate to a seasonally adjusted annualized rate of 39.1 million used cars, up from the 38.9-million […] [Read More]

Much like the multi-layered benefits from greater off-lease volume for KAR Auction Services, the company’s recent purchase of STRATIM has several prongs of opportunity. KAR announced in early February that it had purchased STRATIM, a mobility and fleet management software company. It’s a move that gives KAR a strong foothold in the world of on-demand […] [Read More]

DriveTime chose a leader with plenty of experience in the franchised dealer group world to be its new chief executive officer. According to an announcement distributed on Monday, Don Reese will join DriveTime as its new CEO beginning in late March. Reese will also be appointed to the DriveTime Automotive Group and Bridgecrest Acceptance boards […] [Read More]