With the auto-finance market among its targets, KredosAi, an artificial intelligence-powered collections platform that enhances revenue recovery by leveraging behavioral intelligence, recently announced the close of a $7 million Series A funding round led by BMW i Ventures. According to a news release, the round was oversubscribed, with strong demand from both new and existing […] [Read More]

Odessa is bringing a do-it-yourself technology value proposition to asset finance organizations. On Tuesday, the software provider launched Configurable Attributes, a new capability that can allow clients to adapt to the Odessa platform by themselves without custom code or vendor involvement. Odessa highlighted Configurable Attributes is designed to go beyond basic data capture. The company […] [Read More]

SBS — the global financial technology company that more than 1,500 financial institutions including AutoUse, NextGear Capital and Soda Capital use to digitally transform the way they operate — is launching SBS AI Foundation. The new development embeds enterprise artificial intelligence directly into the core banking, lending, and digital banking products its clients already run. […] [Read More]

The newest credit evaluation scoring tool from VantageScore launched Wednesday and is designed in part to benefit auto financing. VantageScore announced the availability of its newest tri-bureau credit score model, VantageScore 5.0. Building on VantageScore’s history of credit score innovation, VantageScore 5.0 utilizes the company’s all-new, patent-pending attributes to offer enhanced insights on consumer creditworthiness. […] [Read More]

Lobel Financial has a new chief information officer. The consumer finance company specializing in the purchase and servicing of automobile contracts on Monday appointed Ram Krishnan to this role. As its CIO, Krishnan will lead the company’s technology strategy, digital transformation initiatives, information systems, cybersecurity, and IT operations as Lobel Financial continues to invest in […] [Read More]

With the second half of the year underway, one of the used-car metrics that CarGurus is watching is the expected surge in off-lease volumes of electric vehicles. And it could be a double-edged sword. “A wave of off-lease EVs is heading into a market where demand is rising, which could be a welcome supply boost,” […] [Read More]

Repairify and Opus IVS have completed the combination of their automotive diagnostics businesses. The merger, which was first announced in January, combines Repairify’s diagnostics brands asTech and BlueDriver with Opus IVS In a news release, the companies said, “the combined organization is positioned to further strengthen support for repair and collision shops, dealership collision shops […] [Read More]

Steve Peterson is director of data engineering at Ken Garff Automotive Group, which is a family-owned automotive retailer with more than 70 dealerships across nine states. “I think of us as a data company that sells cars,” Peterson said in a news release from Domo, which is an artificial intelligence and data products platform that […] [Read More]

Perhaps this acquisition could help dealerships of all sizes that need technicians to complete work in their service drives and reconditioning shops. Just before Fourth of July, the National Institute for Automotive Service Excellence (ASE) announced the acquisition of WrenchWay. Under the agreement highlighted in a news release, WrenchWay’s co-founders and employees will join the […] [Read More]

The fact that public auto retailers saw their gross profit per used vehicle retailed dip only about 1% in the first quarter — while used-car profit margins inched downward — isn’t “alarming.” However, Haig Partners says in a report, the used-car market is leveling off a bit. “Dealers who expanded used-vehicle operations during the post-pandemic […] [Read More]