Despite tighter credit availability and one view of delinquencies showing them higher now than before the pandemic, at least one consumer-driven economic reading showed that people are eager to buy a car. In this economic roundup from three different sources, Cox Automotive chief economist Jonathan Smoke on Monday summarized a pair of consumer sentiment readings. […] [Read More]

Consider the landscape for used-only vehicle retailers just three years ago. Vroom, which launched its initial public offering in June 2020, made its Super Bowl advertising debut in February 2021, followed by a return trip a year later alongside rival Carvana, which joined the commercial action for Super Bowl LVI. Shift announced plans to go public through a special purpose acquisition company (or “SPAC”) in June 2020, a move that was completed in October of that year.  CarLotz, a “retail remarketing” platform, would announce its own SPAC plans that same October. Momentum was strong, amid a pandemic-driven white-hot market for pre-owned cars. Some three years later, however ... [Read More]

Fisker’s shift to a dealership model is beginning to take shape. The electric vehicle manufacturer announced it has signed four dealer partners in the U.S. — Mills Automotive Group, Ourisman Fisker, Classic Fisker and Long Island Fisker. The new dealerships will begin selling Fisker’s electric Ocean SUV from seven locations in six states. Mills, which […] [Read More]

Continuing our series of conversations from NADA Show 2024 earlier this month in Las Vegas, Car Pros Automotive Group CEO Matthew Phillips joins the Auto Remarketing Podcast. Phillips and Cherokee Media Group’s Joe Overby discuss the advantages of the franchise dealer model, the move by some EV makers to launch dealerships, standalone used-car stores, the […] [Read More]

Carfluent, a provider of artificial intelligence-driven software to create bilingual vehicle listings for dealerships, has introduced a bilingual car-shopping assistant named Tory. Tory is designed to enhance the shopping experience of Spanish-speaking customers, making it faster and more intuitive. The company said it simplifies vehicle discovery and acts as an entry point to Carfluent’s comprehensive […] [Read More]

Last week, DriveSmart launched its first mobile app — GoDriveSmart — for iOS and Android devices. The vehicle service contract administrator highlighted the app offers users access to all perks of their vehicle service contract in one space, including 24/7 roadside assistance. GoDriveSmart also has a map view of in-network repair facilities that can allow […] [Read More]

CallRevu, a provider of automotive call monitoring systems, announced the launch its Center of Excellence, which the company said will “redefine innovation and customer satisfaction benchmarks in the sector.” CallRevu said the new COE illustrates its mission to blend advanced technology with strategic partnerships with a tech-agnostic philosophy that prioritizes the integration of “top-quality, scalable […] [Read More]

Coming off of tabulating how much into the billions its enforcement actions totaled last year, the Consumer Financial Protection Bureau (CFPB) issued a procedural rule on Friday, updating the process by which financial institutions can appeal supervisory findings. Officials said the updated rule broadens how the bureau evaluates appeals, the options for resolving an appeal, […] [Read More]

While anticipating that 2024 will be a busy year for auto finance companies, Wolters Kluwer announced fourth quarter and end-of-year results and analysis connected with its Auto Finance Digital Transformation Index. The index tracks the rate at which dealers, service providers and finance companies are seeing growth in the evolution from paper-based finance back-office processes […] [Read More]

It was good news, bad news for the retail used-car market in January. Supply softened on both a year-over-year and sequential basis, but so did prices.  Used-car demand fell over 7% from January 2023, but was up almost 14% from December. And both supply of and demand for used EVs is rising, and prices are […] [Read More]