KeySavvy, a platform designed to simplify and secure private-party car transactions, announced an investment of $4.25 million in venture capital funding led by Bonfire Ventures — the second major financing round for the startup. The company said it also secured strategic partnerships with three online vehicle marketplaces, including Experian’s AutoCheck. KeySavvy said the moves indicate […] [Read More]

A new program to help injured veterans and first responders is taking flight. DARCARS Automotive Group and DARCARS Toyota announced the launch of the DARCARS Heroes Home for the Holidays campaign, in partnership with Luke’s Wings, to help reunite wounded service members, veterans and first responders with their families during the holiday season. Luke’s Wings, […] [Read More]

Having spent 35 years in the automotive industry, it is my experience dealer principals are generally concerned about “being in debt,” though debt, when managed properly, can be a powerful tool for dealership principals to enhance liquidity and profitability. Leveraging debt allows dealerships to access capital needed for growth, manage cash flow effectively, and take […] [Read More]

Let’s take a worldwide economic outlook courtesy of S&P Global Ratings, which touched on both domestic and international trends that could eventually impact automotive financing and retailing. Analysts said last week that economic soft landings in many major economies and further policy rate cuts should continue to support global credit conditions in 2025. With easing […] [Read More]

The wholesale vehicle market appears fairly healthy entering the final stretch of the year, with prices relatively steady and “robust activity in the auction lanes,” according to reports from market observers. On Wednesday, Black Book said its Used Vehicle Retention Index came in at 147.8 for November, which beat October by 0.5% and trailed the […] [Read More]

Sonic Automotive has taken the old saying that everything’s bigger in Texas to heart. The dealership group announced it has moved its EchoPark Houston Southwest Freeway used-car store to a new, larger “experience center” in suburban Stafford, Texas. Having outgrown its original location, which opened in 2020, the dealership now operates from a new 16,825-square-foot […] [Read More]

If your dealership managers and salespeople are wondering why they cannot attract customers who are Gen Z or millennials, perhaps new data from GoDaddy might explain why. GoDaddy indicated 80% of 1,000 Gen Z and millennial U.S. consumers surveyed in September shared they research small businesses like dealerships online before shopping with them for the […] [Read More]

This week, the Michigan Department of State (MDOS) suspended the license of LaFontaine Hyundai of Livonia for what officials called “imminent harm to public.” After articulating six alleged violations involving used vehicles, MDOS said it is reviewing the case for possible referral to the state attorney general as the dealership was summarily suspended for alleged […] [Read More]

Why is vehicle titling and registration so complicated? While that’s a common question, to Tony Hall and Shane Bigelow the better question is: How can we make it simpler? Hall, Carvana’s head of policy, title and registration modernization, and Bigelow, CEO of CHAMP Titles, are both affiliated with the eSTART Coalition, a consortium of auto […] [Read More]

STELLA Automotive AI received a nice gift from its investors this holiday season. The provider of automotive artificial intelligence technology announced a new round of convertible loan financing that raised $11 million. The Presidio Group, which advised STELLA in the financing, said the raise was led by Reynolds and Reynolds, a previously existing investor and […] [Read More]