The federal funds rate set by the Federal Reserve currently sits at 4.75% to 5.00% after policymakers reduced it by 50 basis points in September. Last week during a public appearance at Stanford University, Fed governor Christopher Waller said he and many of his fellow members of the Federal Open Market Committee (FOMC) anticipate rates […] [Read More]

Spiffy is giving dealers a way to “efficiently launch and scale mobile services,” providing them the backend infrastructure to take their service departments on the road. The mobile automotive service provider said Tuesday it has launched a digital servicing platform and integrated that platform with Reynolds and Reynolds. What this means is that dealers across […] [Read More]

Overall wholesale vehicle volumes are expected to increase more than 7% this year before dipping slightly in 2025 then resuming a climb toward an annual pace of 12 million units, according to a Cox Automotive forecast. The company projects 11.4 million wholesale units this year, up from 10.6 million in 2023, when volumes rose 19.1% from the trough of 2022. Cox Automotive anticipates a slight dip to 11.3 million in 2025, followed by increases the next four years, with the wholesale market reaching 12.1 million by 2029. And much of that will continue to ... [Read More]

he used-car business is tough for many dealers these days. Volume is down across the board. Economic conditions are far from ideal, and consumers are feeling anxious. The competition to acquire the right kind of inventory is intense. Steven Toyota isn’t immune to that pressure, but its used-car business is thriving thanks to ... [Read More]

Gubagoo has been selected as part of the Audi Digital Program, a hub available to Audi dealers across the U.S. Dealerships can now sign up for Gubagoo Chat and Digital Retailing, a service designed to allow website visitors to connect with the store 24/7/365 for an improved shopping experience. “It’s an honor and thrill to […] [Read More]

The last Beyer was the seller in a transaction that marked the end of the Beyer Automotive Group. Mike Beyer has sold the Virginia-based dealership group’s eight stores in two separate transactions in a span of six weeks, according to Haig Partners, which served as Beyer’s advisor in the sales. The group’s five dealership locations […] [Read More]

JM Family Enterprises will begin the new year with new leadership. On Monday, the company announced current president and chief operating officer Dan Chait has been named president and CEO, effective Jan. 1. Chait is succeeding Brent Burns as CEO. JM Family said Burns will retire but remain on the company’s board of directors to […] [Read More]

After strengthening its presence in this sector earlier this year by joining the American Bankers Association (ABA), DataScan on Monday introduced Chelsey Snyder as its new banking account manager. The provider of dealer commercial lending solutions said the appointment is key to its continued commitment to the industry. With more than a decade of experience […] [Read More]

On Monday, Reynolds and Reynolds announced it has extended an agreement with Worldpay as its exclusive payments provider. According to a news release, this long-term extension positions Worldpay as the sole provider of all payment processing activities for the integrated payment solution, ReyPAY, which is designed to provide fast, convenient and contactless payment options for […] [Read More]

Car dealers aren’t the only ones experiencing significant fraud incidents nowadays. Experts at 700Credit found that motorcycle retailers are getting hit by fraud, too. The provider of credit reports, compliance solutions, soft pull and identity verification products recently announced results of an industry-wide survey of motorcycle dealerships that reveals “alarming” trends in synthetic fraud and […] [Read More]