The used-car retail sales environment last month didn’t improve from May, but showed year-over-year growth in June, according to reports from industry observers. According to the latest “State of the Dealer” report from ZeroSum, dealers moved 1.29 million used vehicles in June, which was steady with May, but up from 1.14 million in June 2023. […] [Read More]

Asbury Automotive Group has promoted Dean Calloway, a longtime attorney for the company, to the position of senior vice president, general counsel and corporate secretary. The promotion is part of the company’s transition plan following the retirement of senior vice president, chief legal officer and secretary George Villasana, which became effective June 30. Villasana will […] [Read More]

CRM provider DriveCentric is collaborating with inventory acquisition and management platform VINCUE to integrate VINCUE’s appraisal into the trade-in features of its platform. The partnership is designed to allow dealers to pull appraisals from VINCUE into DriveCentric alongside the existing trade-in vehicle push feature. In a news release, the companies said the new “push and […] [Read More]

Two elements of auto financing clearly surfaced when Edmunds reviewed its second-quarter data. Analysts found that negative equity is still a notable factor, and consumers are often seeking elongated terms as a result. Edmunds reported on Wednesday that nearly one in four consumers who financed a new-vehicle purchase with a trade-in were underwater on their […] [Read More]

DigniFi, a fintech company specializing in automobile repair financing, announced the addition of two new strategic funding partners on Tuesday. In moves finalized on May 14, DigniFi said Encina Lender Finance is providing up to a $150 million credit facility while Brigade Capital Management is contributing an additional $25 million in debt financing. “DigniFi is […] [Read More]

Open Lending Corp. is looking to help consumers land both auto financing and car insurance. The provider of risk analytics solutions for financial institutions announced on Wednesday a partnership with Securian Financial Group in a move designed to enable Open Lending to provide insurance coverage through its flagship Lenders Protection program, as market volatility potentially […] [Read More]

Two service providers now are collaborating to help finance companies build originations with “invisible prime prospects.” On Tuesday, Trust Science and Conecta Marketing Group announced a strategic partnership. The companies explained Trust Science’s artificial intelligence-powered credit decisioning platform will enhance Conecta’s unified marketing platform to enable clients to find “invisible prime prospects” and gain a […] [Read More]

For the second time in the past decade, Fifth Third Bank is facing a multi-million-dollar penalty from the Consumer Financial Protection Bureau (CFPB) involving its activities with auto financing. The CFPB said on Tuesday that it’s taking enforcement actions against Fifth Third Bank for a range of illegal activities. The bank has been told to […] [Read More]

A longtime Cox Automotive executive has a new title and new responsibilities. The company announced it has promoted Joe Kichler from vice president and general manager of Cox Automotive logistics to senior vice president of digital inventory and supply chain solutions. Kichler, who has been with Cox at the VP level since 2012, will now […] [Read More]

Carvana wants to make it easier to buy an electric vehicle — and take advantage of the federal government’s EV tax credit — online. The online used-car retailer has launched new features designed to make the purchase of EVs and plug-in hybrids more accessible to its customers. The new process highlights vehicles that qualify for […] [Read More]