After a challenging April, certified pre-owned vehicle sales appear to have turned a corner in May. According to the latest “State of the Dealer” report from ZeroSum, dealers moved 182,000 certified vehicles in May, which marks the first time CPO sales have crossed this threshold in more than three years. Dealers also have more access […] [Read More]

Black Book spotted the largest single-week value decline since the middle of January during the stretch that included Memorial Day and the end of May. As depreciation accelerated, analysts also noticed the average auction sales rate last week dropped 2% from the previous week to land at 53%. “These market dynamics are intriguing, particularly when […] [Read More]

A Canadian dealership group is moving into the tropics. Steve Marshall Group, based in British Columbia, has purchased its first U.S. dealerships with the acquisition of Orchid Isle Auto Center in Hawaii, according to Performance Brokerage Services, which brokered the sale. Orchid Isle Auto Center, which had been family-owned and operated for more than 40 […] [Read More]

Online wholesale used-vehicle marketplace OPENLANE has launched a new sale format that enables sellers to signal they are committed to selling a vehicle to the highest offer that day. The Absolute Sale feature is designed to increase buyer confidence and visibility, boosting engagement and optimizing seller returns, the company said. “With just the click of […] [Read More]

Two new reports are challenging consumer perceptions — and doubts — about electric vehicles. J.D. Power’s latest E-Vision Intelligence Report and a new survey by CarGurus addressed consumer concerns about EV charging and range issues and found the perceptions don’t always match reality. The CarGurus survey asked 1,050 car shoppers about three common perceptions — […] [Read More]

The largest portion of Open Lending’s client base consists of credit unions. The company’s newest advisor knows that segment of financial institutions quite well. This week, the auto financing facilitator and provider of risk analytics solutions announced Dan Berger, former president and CEO of the National Association of Federally-Insured Credit Unions (NAFCU) will be a […] [Read More]

Lendbuzz announced on Tuesday that it has closed a $100 million credit facility with MUFG. The fintech company that tries to help consumers obtain better access to credit when purchasing a vehicle said additional warehouse capacity will fuel its continued financing origination growth. The development arrived about a month after the 2023 Emerging 8 honoree […] [Read More]

In March, FlexPath DXP launched patent-pending technology to help users prequalify for real credit options by providing as little information as a phone number. On Tuesday, the provider of financial and digital marketing solutions announced relationship with the Ohio Independent Automobile Dealers Association (OIADA) as a vendor partner. FlexPath CEO Tarry Shebesta said this strategic […] [Read More]

Hudson Cook partner Patty Covington acknowledged the difficult balance dealerships must make with their advertising campaigns. They must create something that catches the attention of potential buyers while remaining compliant with state and federal regulations. To help dealers of all sizes, Covington appeared on this episode of the Auto Remarketing Podcast to share some suggestions. […] [Read More]

Azim Lalani has resigned as chief financial officer of AutoCanada, effective June 30, the company announced. Lalani, who joined the Edmonton-based dealer group in March 2023, cited personal reasons for leaving, and will be relocating to Vancouver. AutoCanada said he will continue to be available to the company for six months after the effective date […] [Read More]