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]

AutoNation announced Monday that it is gearing up to host hiring events in Central and South Florida on Dec. 13 from 7:00 a.m. to 2:00 p.m. (ET). The company said hundreds of open sales and service positions are currently available in both South and Central Florida. Management representing more than 20 locations will be extending offers for […] [Read More]

Ally Financial announced Monday that it has chosen 47 U.S. dealers as nominees for the 2018 TIME Dealer of the Year award. Each year, the award recognizes several successful dealers who show a strong commitment to community service. In addition to a $1,000 contribution from Ally for each dealer's charity of choice, the 47 nominated dealers will […] [Read More]

The streamlining of financing is happening in the subprime space, too. RouteOne announced on Monday that Exeter Finance is now an available eContracting finance source for dealers utilizing the RouteOne platform. Officials reiterated eContracting can enable the digital exchange of critical contract documents and data between dealers and finance sources to increase efficiency and reduce […] [Read More]

Back in October, New York Mayor Bill de Blasio signed a package of legislation giving the city’s Department of Consumer Affairs (DCA) additional regulatory muscle to combat what officials described as “predatory financing practices in the used-vehicle industry.” While those new laws go into effect in February, DCA already showed it’s ready to flex its power, […] [Read More]

The National Auto Auction Association’s Standards Training Program will host two days of hands-on vehicle inspections and arbitration training in Orlando, Fla., on Thursday and Friday. Classes will be instructed by Manheim director of arbitration Matt Arias, who will cover damage analysis on day-one and arbitration on day-two. Day-one will center on how to inspect […] [Read More]