The decline of Canadian wholesale used-vehicle values has slowed to a crawl. Canadian Black Book’s weekly Market Insights report for the week ending Jan. 25 showed the overall market down just 0.10%, following the previous week’s 0.17% decrease. Truck/SUV values nearly broke even for the week, finishing down a mere 0.01%, with five of the […] [Read More]

Perhaps finance companies and dealerships can take solace in the seven-word sentence Federal Reserve chair Jerome Powell said during his opening statement on Wednesday after the Federal Open Market Committee (FOMC) decided to maintain the target range for the federal funds rate at 4.25% to 4.5%. “We are not on any preset course,” Powell said. […] [Read More]

The wholesale car market rang in the year with two major acquisitions involving corporate entities and large players in the space:  On Friday, Cars Commerce announced the acquisition of DealerClub, a reputation-based dealer-to-dealer digital wholesale auction founded last year by ACV founder Joe Neiman, for approximately $25 million, plus additional performance-based considerations.  Just four days earlier, America’s Group announced the purchase of  AuctionVcommerce, a tech platform provider in the auto auction space. That move continues ... [Read More]

Private equity investment firm Sverica Capital Management announced it has closed on a continuation fund transaction for Stream Companies Holdings, a provider of marketing software and services for auto dealers and OEMs. In a news release, Sverica said the transaction marks a milestone in its partnership with Stream and underscores its continued commitment toward supporting […] [Read More]

Autosoft’s owner is stepping down from his role as CEO. The dealership management system technology provider announced Bryce Veon, the sole owner of the family-owned and operated company, will transition out of the top leadership position, effective in February. Anthony Belcher, who joined AutoSoft in April as chief revenue officer and moved to chief operating […] [Read More]

Weltman, Weinberg & Reis recently reinforced its consumer collections group by adding two attorneys to the firm’s office in Columbus, Ohio. Joining the creditors’ rights law firm that boasts more than 94 years of client service are Angela Brown and Thomas Widman. With a unique perspective gained from her six years defending consumers in debt […] [Read More]

In a year filled with regulatory uncertainty, sales of new commercial vehicles soared. Used commercial vehicles … not so much. New-vehicle movement was up 14.2% from 2023, according to the 2024 Annual Commercial Vehicle Market Analysis from Work Truck Solutions, including a massive 19.4% quarter-over-quarter increase in the fourth quarter. Used sales, on the other […] [Read More]

UVeye just picked up another big financial boost. The company announced Wednesday it has received $191 million of funding from investors led by Woven Capital. UVeye said the funding will be used to help it meet “surging global demand” for its AI-driven vehicle inspection technology, which it said is nearing 1 million vehicles scanned every […] [Read More]

Credit Union Leasing of America (CULA) recently filled an executive role in a move the company did not anticipate having to do a few months ago. The provider of indirect vehicle leasing for credit unions for more than 35 years announced the appointment of Chris Harper as director of business development, replacing Mark Chandler who […] [Read More]

Algebrik AI, which offers what the company believes is the first cloud-native, artificial intelligence-powered, digital-era loan origination platform (LOS), announced a strategic partnership with Auto Exam, a provider of vehicle service contracts, GAP insurance, and collateral protection products. The companies said this collaboration aims to revolutionize auto financing by integrating comprehensive protection solutions directly into […] [Read More]