The deadline for Cox Automotive’s tender offer for Dealertrack Technologies has been extended for a third time in a move to finalize the all-cash $4.2 billion acquisition. On Monday, Cox Automotive extended the offering period of its previously announced tender offer to purchase all of the outstanding shares of common stock of Dealertrack for $63.25 […] [Read More]

For the first time in 2015, monthly auction volume was down on a year-over-year basis. That’s according to the latest Economic Dashboard from the National Auto Auction Association released Monday. Citing AuctionNet data, the report indicates that August auction volume was down 2.0 percent against comparable weeks of 2014. However, year-to-date volume is still up […] [Read More]

There’s a growing understanding within the dealer community that social media advertising is a worthwhile endeavor with benefits to reap. Unfortunately, the social media ad space can be a bit tricky to navigate for many just starting out. Dominion Dealer Solutions, however, says its new tool can help facilitate those social media vehicle sales. DDS, the […] [Read More]

The July dealer survey conducted by KeyBanc Capital Markets showed that 88 percent of respondents enjoyed a used-vehicle sales increase year-over-year. Half of the stores that participated generated a used sales lift of less than 5 percent, while a quarter of the dealers told KeyBanc that they had a sales gain between 5 and 10 […] [Read More]

Dealers in the Carolinas and Florida now have another Web-based dealer-to-dealer auction platform to choose from. Toronto-based dealer-to-dealer auction provider TradeRev announced Monday the company is expanding into these areas. Since KAR Auction Services business unit ADESA acquired a 50-percent stake in TradeRev last August, the company has been planning expansion into the U.S. TradeRev […] [Read More]

Wholesale prices fell by almost 2 percent on a monthly basis in August, and depreciation is expected to ramp up even more this month. According to the latest Guidelines report from NADA Used Car Guide, prices fell at auction by 1.9 percent last month. And looking forward to the end of September, NADA UCG forecasts […] [Read More]

Operators now have a clear guide on how to avoid getting into trouble with the Federal Trade Commission. Cindy Liebes, director of the FTC’s Southeast region, shared what she deemed to be the “seven deadly advertising sins” buy-here, pay-here dealers commit that place them in the center of her regulatory radar. “No doubt, one of […] [Read More]

Perhaps auto finance companies will know more about interest rates this week since Stifel Nicolaus & Co. chief economist Lindsey Piegza called the upcoming meeting of the Federal Open Market Committee “arguably the most widely anticipated event in the aftermath of the Great Recession.” Piegza recapped recent remarks by Federal Reserve president William Dudley, who […] [Read More]

In honor of local students going back to school, Ally Financial recently announced that it will be donating 3,000 new library books to schools in the Detroit Public School district. Officials highlighted elementary and middle school libraries throughout the district will receive 50 new books that focus on various financial literacy skills and concepts with […] [Read More]

NextGear Capital’s growth is blossoming beyond North America. Executives from NextGear Capital joined representatives from their NextGear Capital UK subsidiary and the Society of the Irish Motor Industry in Dublin on Monday to commemorate the company’s launch into Ireland. Officials highlighted this expansion is the result of the Cox Automotive company's rapid success of its […] [Read More]