Consumer Portfolio Services chairman and chief executive officer Brad Bradley described how the subprime finance company is going through what he called a “painful process.” While the company’s originations are down from last year, its delinquencies didn’t spike to alarming levels. Rather, Bradley is leading CPS with patience even though Q2 originations edged up slightly […] [Read More]

Drive Motors, which provides ecommerce solutions for car dealers, has completed a $5.2 million round of seed funding. Bullpen Capital led the round and was joined by existing investors Y Combinator, Khosla Ventures, Perkins Coie LLP and Emagen Entertainment Group, among others. Drive Motors began providing online checkout options for dealer websites last year after […] [Read More]

Porsche Cars Canada recently moved its corporate headquarters to a new facility in Toronto that will also house the company’s first training center for personnel nationwide. The company's former head office had been in Mississauga since 2009. “Our new Canadian headquarters now incorporate a dedicated training facility, which will enhance the level of service we provide […] [Read More]

PCG Companies recently became the National Independent Automobile Dealers Association’s newest National Member Benefit partner, and now provides discounts to association members. NIADA members can receive discounted rates on PCG's suite of online specialist certification courses and its library of published works, and they also have access to digital marketing packages.  "This end of our business is moving at […] [Read More]

LeasePlan USA has brought Michael Croft on to its to business development team, where he will work with companies in the Southwestern region. Croft most recently served as vice president of sales for Element Fleet. He joins LeasePlan while it is expanding its business development team in preparation for smart growth and future endeavors, according to the […] [Read More]

As dealers looked to accelerate sales to close July, Black Book noticed vehicle depreciation moved in a similar way to finish the month. The latest Black Book Market Insights report indicated most vehicle segments increased in depreciation during late July. Out of all car and truck segments, editors determined full-size pickups retained their value the […] [Read More]

Carvana announced Wednesday it has brought its online retail platform to Phoenix, home of the company’s headquarters. This is Carvana's 33rd market. “As the home of our headquarters – and nearly 500 of our employees – launching in Phoenix is particularly meaningful for us,” said Carvana founder and chief executive officer Ernie Garcia in a news release. […] [Read More]

Certified pre-owned vehicle sales fell more than 3 percent in July, but year-to-date numbers still remain slightly ahead of the 2016 pace. That’s according to numbers released Tuesday by Autodata Corp. There were 227,045 CPO sales for the month, which was off 3.2 percent year-over-year but up 2.3 percent from June. Through seven months, there […] [Read More]

Both consumers and dealers likely want to know potential buyers’ credit standing in order to facilitate delivery, and a new product fueled by CoreLogic and Equifax rolled out on Wednesday aims to accomplish that objective. Analytics and data-enabled solutions provider CoreLogic launched BuyerConnect; a solution powered by Equifax that can be posted on a dealer’s […] [Read More]

With contract holders’ ability to pay paramount, 700Credit now is offering Income PreCheck, an instant income and employment verification solution that can help dealerships verify buyers' stated income and employment. The verification is derived by accessing The Work Number, a database of employer-provided income and employment information from Equifax Workforce Solutions. To help dealers gain […] [Read More]