Phil Hanks spent more than 17 years in corporate positions associated with the recovery industry. Much of that time was with Manheim, but Hanks also held leadership positions with Primeritus Financial Services and MBSi. Then in April 2013, Hanks established Connect 1 Recovery, a repossession operation based in Nashville, Tenn. Acknowledging the dozen years has […] [Read More]

CarMax and its leadership have developed a modernized used-car retailing experience in recent years, with a strong, fundamentally sound foundation — it is the nation’s largest used-car retail business, one that’s trusted by consumers and provides a “simple, transparent and personalized” buying and selling process with “unmatched physical and digital infrastructure.” For the last nine […] [Read More]

Holman has its hand in just about every aspect of the auto industry. Now it’s branching out — into the robot business. The dealership group/global automotive services company announced the launch of Holman Robotics, a new division that aims to deliver end-to-end robotic management systems. The company said it’s offering solution design, flexible financing and […] [Read More]

The wholesale market turned the calendar to November on Saturday, and wholesale values are cooling similarly to the deep autumn temperatures. Black Book reported that overall wholesale prices decreased by 1.04% last week, with vehicles less than 2 years old dropping slightly more, sliding by 1.07%. The newest installment of Market Insights also mentioned last […] [Read More]

RPM has hired Mario Paluzzi as chief product and strategy officer, an addition the non-asset-based vehicle and freight logistics provider called a cornerstone of its technology-based vision and a sign of its “focused drive” to unify its product strategy and scale its digital platform. Paluzzi’s resume includes 15 years of executive leadership in product management, […] [Read More]

Auto loans and retail installment contracts are often referred to by industry executives as paper. When Craig Paterson began his career in automotive, many of the tasks he had to complete were done on paper, too. Much has changed in collections and other parts of auto finance since Paterson began with World Omni Finance in […] [Read More]

ADESA is powering up its vehicle valuations. The auto auction chain, a subsidiary of online auto retailer Carvana, announced it has expanded its CarValue valuation guide to include retail market value estimates and retail-bid spread calculations. The company said the updates provide bidders on its digital auction platform with added transparency, confidence and convenience. CarValue, […] [Read More]

Sonic Automotive generated a record quarter for franchise dealer revenues of $3.4 billion, representing a 17% year-over-year increase and an 11% rise on a same-store basis. Fixed operations was a bright spot, helping to drive this success in the publicly traded dealer group’s latest quarterly report, with same-store gross profit up 8%, while same-store customer […] [Read More]

Allied Solutions is certainly in investment mode. Less than three weeks after committing a “major” investment in PortX, a leading AI-powered integration and data platform, one of the presenting sponsors of Used Car Week and provider of insurance, financial services, and risk management solutions for financial institutions made a strategic investment in TecAssured, a provider […] [Read More]

Imagine you’re this close to getting a car deal completed. Then, the potential buyer rears back and exclaims, “Wait! My monthly payment is going to be HOW much?” The scene is why findings from a new report by eLEND Solutions might intrigue dealerships and lenders. The report detailed the negative impact that mismatches between initial […] [Read More]