As if hurricanes don’t already cause enough destruction, experts see these wicked storms adding more fuel to the ongoing rise in bankruptcies. According to data provided by Epiq AACER on Monday, total bankruptcy filings through the first three quarters of the year rose 15% year-over-year to 383,182, up from the 332,213 total filings during the […] [Read More]

BizzyCar has closed on a $15 million oversubscribed growth funding round, led by Dealer Tire with participation from existing investors Avenue Growth Partners and Cequel III. In a news release, BizzyCar, whose platform is designed to increase service revenue by automating recalls, said the investment will be used to accelerate growth and scale its artificial […] [Read More]

For El Monte, Calif.-based Longo Lexus, which has ranked among the automaker’s top 10 stores for certified pre-owned sales the past two years and three of the last five, a key driver of success is training the dealership staff on the value of CPO. “Especially Lexus — they have one of the best CPO programs around,” said James Nguyen, the store’s preowned manager. “So, we’re building value, and that’s one of those things that can help us sell the car much easier.” That staff training starts with a philosophy that runs through Penske Motor Group, which ... [Read More]

AutoCanada, fighting to bring itself back to profitability, and CDK, recovering from the financial and reputational sting of a devastating cyberattack, are in it together. The dealership software provider announced a long-term extension of its agreement with AutoCanada, which operates 83 franchised dealerships and six RightRide used car stores in eight Canadian provinces and the […] [Read More]

The Consumer Financial Protection Bureau published a special edition of its Supervisory Highlights on Tuesday focused solely on auto finance. The regulator found numerous “illegal practices,” including vehicle repossessions even when the customers caught up on monthly payments or received an extension. The CFPB said it also found other “illegal conduct” associated with providing inaccurate […] [Read More]

Joe Phelps has been promoted to general manager of America’s Auto Auction Richmond, America’s Group announced. Phelps, who has worked in the auction industry for more than 25 years, had been serving as national institutional operations manager for America’s Group, which includes America’s Auto Auction and AXLE Funding. “I’ve spent nearly three decades in this […] [Read More]

Group 1 Automotive made two acquisitions in the United Kingdom last week: a dealership and a CEO. The U.S.-based dealership group added Soper of Lincoln BMW/MINI in the county of Lincolnshire, north of London, to its extensive U.K. holdings. Group 1 said the acquisition is expected to generate approximately $125 million in annual revenue. Group […] [Read More]

DealNow launched last week to provide services that can enable secure and seamless online transactions for any vehicle, especially for private-party transactions. DealNow said its platform addresses the growing concerns surrounding person-to-person vehicle sales by providing escrow-like safeguards without the need for intermediaries. DealNow acknowledged traditional escrow services, while helpful, rely on human intervention to […] [Read More]

In North Carolina, particularly the half west of Greensboro, no sport outside of college basketball has as deep of roots as NASCAR. And in the aftermath of deadly and devastating Hurricane Helene, from those roots comes support as solid as an oak — thanks to two homegrown giants of the sport and the respective Charlotte-based […] [Read More]

Gubagoo, provider of digital retailing and conversational commerce for auto dealerships, has launched of Guba IQ, the latest enhancement of its ChatSmart tool. In a news release, the company said the artificial intelligence-powered Guba IQ was built in-house using OpenAI tools and is “fully trained” based automotive data from Gubagoo and its parent company, Reynolds […] [Read More]