Hendrick Automotive Group is returning to South Carolina’s capital. The Charlotte, N.C.-based dealer group, which is the largest privately held auto retailer in the U.S., said Thursday it will be acquiring Love Automotive. Hendrick said the acquisition is expected to happen in June and close by July. The purchase of the Columbia, S.C.-based group would […] [Read More]

According to Experian’s State of the Automotive Finance Market Q4 2024, the outstanding balances connected to auto financing grew from $1.106 trillion at the close of 2018 to $1.485 trillion at the end of last year. And to finish 2024, TransUnion reported that outstanding credit card debt hit $1.11 trillion and personal loan commitments reached […] [Read More]

Subaru Canada and Safe-Guard Products International announced a multi-year partnership this week that’s designed to broaden the automaker’s vehicle protection programs throughout Canada. As part of the partnership, Safe-Guard — which is a platform provider of private-label protection products in the automotive, RV, marine and powersports industries — will take on administration of the Subaru […] [Read More]

On the same day it launched a new electric offering, Carvana announced its latest auction and reconditioning Megasite. The company said Wednesday it will bring the Carvana Inspection and Reconditioning Center capabilities (IRC) to its ADESA Colorado Springs auction, which will continue to host digital and in-lane auction services. This is Carvana’s ninth Megasite. “After […] [Read More]

There might be several used-car managers or buyers for a dealership or group who began a sentence recently with some salty language followed by, “This feels like 2021.” Black Book reported all 22 vehicle segments that analysts monitor in the wholesale market increased in value last week. It’s the first time that’s happened since November […] [Read More]

Call them the bus driver, because ServNet Auction Group is taking folks to school. Or at least creating an easier path for them to get there. The auction group announced this week that it has awarded $44,500 in scholarships to 14 students pursuing higher education opportunities as part of the ServNet Scholarship Program. The program […] [Read More]

The merger of XLerate Group and America’s Auto Auction — announced in late 2021 and completed in early 2022 — to form what’s now known as America’s Group was “about more than just a business transaction,” CEO Chuck Tapp says. “It was an opportunity to create a more robust, capable network that would ultimately serve our customers better,” Tapp said in a news release earlier this year. “Our goal was to build a stronger company that could not only meet the demands of today’s automotive market but also adapt to its evolving needs.” Some 40 months into that merger, America’s Group has ... [Read More]

Odessa has a new chief executive officer. On Tuesday, the provider of technology solutions for asset finance announced the appointment of software services veteran Joe Juliano as CEO. In a career spanning more than 30 years, Odessa highlighted Juliano has launched, led and scaled numerous successful software companies serving national and international customers in complex […] [Read More]

When you examine the trajectory of digital adoption of workflows throughout the automotive sector over the past four years, the growth rate is in the triple digits. That’s one of the highlights of the Q1 Auto Finance Digital Transformation Index based on analysis by Wolters Kluwer Compliance Solutions. Wolters Kluwer reported the four-year trend tracking […] [Read More]

Fitch Ratings predicted on Friday that the Federal Reserve likely won’t trim interest rates again until the fourth quarter, while U.S. credit trends are likely to deteriorate during the second half of the year. And on Tuesday, Fed Governor Adriana Kugler said the U.S. economy is still growing at a “solid pace,” but acknowledged that […] [Read More]