With the motivation being on empowering OEMs, LotVantage recently announced the addition of Dave Yeargin as vice president of strategic initiatives. The company indicated Yeargin will assist in the growth of LotVantage’s Brand Manager customer footprint, with a particular focus in the powersports vertical where he has participated for the past 20 years. LotVantage’s Brand […] [Read More]

Frost & Sullivan’s mobility team pegged how much the automotive industry is expected to invest in blockchain technology during the next eight years. As the digitization trend sweeps across industry verticals, analysts acknowledged blockchains have begun to capture a bigger share of IT budgets. By 2025, Frost & Sullivan projected the total automotive industry's spending […] [Read More]

Frontier Car Group, a new global company that builds and runs marketplaces for used cars in five countries, recently announced the closing of a $22 million investment made by a portfolio of global investors led by Balderton Capital. With operations in Chile, Mexico, Nigeria, Pakistan and Turkey, the group said it will put the funds toward growing […] [Read More]

Used-vehicle sales across the industry may move down sequentially this month, but the seasonally adjusted annualized rate should maintain, according to a forecast released Thursday by Edmunds.  The company is calling for 3.3 million used-car sales this month, following April sales of 3.4 million used units and 10.2 million in the first quarter. Meanwhile, ALG is […] [Read More]

Flexdrive is now a joint venture.  Cox Automotive has entered into a joint venture with Holman Enterprises that, essentially, takes its Flexdrive vehicle subscription platform from an incubator to the mainstream, the company explained Thursday. With the joint venture, each will have a 50-percent ownership stake in Flexdrive, a business model that was created at Cox […] [Read More]

Canadian auto lenders who don’t want to miss out on a dealer’s business are wise to, well, helping to make sure that the dealer doesn’t miss out on business because of the inability to get the shopper financed. While that may sound simple, the J.D. Power 2017 Canadian Financing Satisfaction Study finds that the happiest […] [Read More]

Copart recently announced a new agreement with Promutuel Insurance, which provides coverage across the provinces of Quebec and New Brunswick, allowing Copart Canada to better serve the Eastern Canada market and expand its footprint throughout the region. “We are thrilled to welcome Promutuel Insurance. This agreement gives us more diversity and coverage in the Eastern […] [Read More]

Westlake Financial Services this week finalized a partnership with eOriginal in an effort toward what the companies classified as the path to digitally transform the finance companies' dealer management system into an eContracting solution. The move is geared to improve the customer experience, and increase efficiency and accuracy, while accelerating the financing process from days […] [Read More]

This week, mobile collections and payments app provider Payix announced that Priscilla Zarate has joined the company’s executive team as its finance & accounting leader. In this role, Zarate will serve as the firm’s controller and lead the financial planning, accounting and payment processing functions, reporting directly to Payix president Chris Chestnut. Zarate has worked […] [Read More]

During this week’s National Conference hosted by the National Alliance of Buy-Here, Pay-Here Dealers, Spireon mingled with hundreds of dealers and rolled out the latest version of its GoldStar GPS solution, offering dealers and finance companies that specialize in deep subprime underwriting what the provider says is an easy and efficient approach to mitigate risk […] [Read More]