Think about the old days for a second, Tom Kontos said. If there was a flood of cars from a certain segment (like off-lease) to hit the market, there wasn’t as many choices of business-to-business, competitive-bidding venues for the remarketing industry to sell those cars as there are today. “In today’s world, with the embrace […] [Read More]

Auto/Mate Dealership Systems rolled out four new features for its dealership management system (DMS) accounting suite on Monday. The company said the updates are designed to streamline processes that typically involve “countless” hours of labor by accounting personnel. The company lists the new features as: — Inquiry screen data entry — Automated inter-company accounts payable — Automated […] [Read More]

An online vehicle shopping website set to debut this summer named its chief executive officer on Monday whose previous industry experience includes time at companies such as JM Family Enterprises. Taking over the role effective immediately for GoGoCar is Stanley Thomas, co-founder and managing principal of T3, an automotive consulting firm that helps startups, medium-sized […] [Read More]

Black Book has signed a partnership deal with DRIVIN to be the exclusive vehicle valuation provider for the company’s proprietary inventory trading platform. Also, under the partnership announced Monday, Black Book will power the vehicle valuation function of DRIVIN Insights. That tool, which is currently being piloted, allows dealers to take 100 million data points […] [Read More]

Fitch Ratings pointed to three reasons why delinquencies on U.S. subprime auto ABS have eclipsed 2009 recessionary levels and are now at a level not seen in nearly two decades. On Monday, analysts indicated subprime delinquencies of 60 days or more hit 5.16 percent for February reporting, marking the highest level observed since October 1996 […] [Read More]

Along with the renewal of an $11 billion credit facility, Ally Financial recently announced that it has commenced a consent solicitation from holders of record of its 8.000 percent notes due 2031. The move is being made to terminate the replacement capital covenant entered into by Ally (as successor to GMAC) dated as of Nov. […] [Read More]

The National Independent Automobile Dealers Association announced a new National Member Benefit partner on Friday, bringing Car Brite into the fold. Car Brite provides professional detailing and restoration products. With this move, NIADA members will receive a bonus package for installing the Car Brite SELECT detailing system. “We are delighted to have Car Brite become […] [Read More]

Do you ever wish you could reach out to your former customers, perhaps with something to remind them you’re still available or have deals available for them, when they step onto one of your competitors’ lots? Automotive Mobile Solutions might have just the thing for you. AMS announced the launch of its LeadsBeacon Apple and […] [Read More]

The U.S. Department of Transportation’s National Highway Traffic Safety Administration hosted a media conference call on Friday, outlining its current actions and future plans to prepare for the impending legislative needs of the United States in regards to future automated automobile technologies. NHTSA’s communications director Gordon Trowbridge fielded many questions from journalists and industry analysts, […] [Read More]

The future of making cars? Don't blink. It's here.  Two of the Big 3 made significant vehicle technology splashes on Friday, with Ford launching a Ford Smart Mobility subsidiary and General Motors purchasing Cruise Automation, a developer of autonomous vehicle technology. GM recently rolled out an Autonomous Vehicle Development Team, of which San Francisco-based Cruise […] [Read More]