NextGear Capital on Tuesday announced the recent closing of its $1.95 billion securitized bank facility. Led by The Bank of Tokyo-Mitsubishi, the company highlighted the two-year securitized facility is designed to provide “flexibility and tremendous lending capacity” through a large, six-bank syndicate. The company added the amended bank facility complements the existing privately placed AAA […] [Read More]

As widely reported on Monday, the Securities and Exchange Commission and the Department of Justice want to know exactly how Fiat Chrysler Automobiles is reporting its new-vehicle sales. The automaker released a statement confirming reports that first arrived from Automotive News and Bloomberg, reiterating its procedure for how the company shares metrics within its financial […] [Read More]

DealerRater recently announced that LotShot, previously a web-only photo review application, is now available as a feature in the DealerRater for Dealers app for iOS. Considered to be easier to use than ever before, LotShot can allow salespeople at DealerRater Certified Dealerships — which currently stands at more than 5,600 stores in the U.S. and […] [Read More]

NADAguides, a provider of pricing and shopping information for new and used vehicles, has welcomed Hana Shanaa as partner optimization manager. Shanaa brings almost two decades of digital marketing, e-commerce and integrated partner optimization experience. Her experience with and strategic approach to integrated digital campaigns will be used to enhance current product and service offerings […] [Read More]

MAXDigital announced a partnership with CarGurus that gives its MAX Ad users the ability to advertise their vehicle inventory on CarGurus for free. MAX Ad is a digital merchandising tool that enables dealers to build formatted, customer-friendly vehicle descriptions for both dealerships and third-party websites. “In our continuing effort to maximize our customers’ vehicle exposure, […] [Read More]

Dealer Marketing Services, the makers of ProMax Unlimited, recently released the third solution in a line of three consumer credit soft pull products. The latest addition is the Instant Auto Credit App, an Equifax-powered version of the popular online soft pull solution. Since the entire trio is now available, ProMax Unlimited indicated the three products […] [Read More]

With the recent release of the Reynolds LAW Michigan F&I Library, Reynolds and Reynolds now offers a comprehensive catalog of standardized, legally reviewed finance and insurance (F&I) documents for franchised new-vehicle dealerships in 23 different states. The latest to come online was, the Reynolds LAW Michigan F&I Library, was jointly developed by Reynolds Document Services […] [Read More]

Aside from surging numbers from 2016 model-year vehicles, auction sales volumes slowed in June, according to the latest Guidelines report from NADA Used Car Guide. But year-to-date volume is still on the rise, particularly for late-model vehicles. NADA Used Car Guide data indicates that there have been 2.29 million auction sales of vehicles up to […] [Read More]

Copart announced the expansion of its location in China Grove, N.C., one of three locations in the state. “This expansion provides additional land and accommodations for more inventory,” Jay Adair, chief executive officer of Copart, said in a news release. “We are proud of our team’s dedication to providing an unmatched experience for our members […] [Read More]

As the California Air Resources Board (CARB) rejected a proposal from Volkswagen on how to modify some of the vehicles included in “Dieselgate,” the newest consumer survey from buyer intelligence firm Autolist.com indicated 50 percent of impacted owners are satisfied with the reparations payments. Autolist.com also highlighted 49 percent of scandal-affected owners plan to take […] [Read More]