CreditApp Technologies wants to give car dealers the credit … for providing credit. The Calgary-based provider of indirect lending software has introduced a branded dealer financing portal for Canadian automotive and powersports dealers, a tool it’s touting as the first of its kind. CreditApp said the portal enables dealers to fully personalize their buyers’ finance […] [Read More]

Plug, which is an online wholesale auction platform exclusively for electric vehicles, said Tuesday it has secured $6.7 million in seed funding and launched an EV-focused trade-in solution for dealers. Starting with the funding, the round’s leaders were Floodgate, Autotech Ventures and A*. Also participating were Leap Forward Ventures, Renn Global, Cleo Capital, Toba Capital […] [Read More]

Fleet managers are struggling to properly use total cost of ownership metrics when it comes to electric vehicles, according to a new study by EVAI. The provider of data analytics and artificial intelligence-driven fleet management technology said its online survey of more than 2,500 fleet executives, conducted in March, “highlights the challenges and frustrations faced […] [Read More]

FM Capital, a venture capital firm focused on early-to-mid stage technology companies in automotive and transportation, announced it has completed its largest fund close to date. FM said its Fund IV raised $240 million. The oversubscribed round included new and existing investors including dealers, distributors, OEMs, suppliers, insurers and other industry-related entities. “We’re elated that […] [Read More]

The basketball court wasn’t the only place for “madness” last month. With tariffs on the horizon and automotive uncertainty swirling, March produced a flurry of activity in the wholesale car market. The Trump administration’s 25% tariffs on imported vehicles — which became effective Thursday — led to “increased urgency” from consumers to buy new cars […] [Read More]

defi MANAGED SERVICING Remarketing, the remarketing services of the defi SOLUTIONS platform, has named Manheim Pennsylvania as its 2024 Auction of the Year. In a news release, the company said Manheim Pennsylvania, along with rest of Manheim’s more than 100 locations and mobile auctions, “continues to achieve the highest standards of performance and customer service […] [Read More]

Tariffs are creating complex situations for companies inside and outside of automotive, so Bloomberg is turning to artificial intelligence to sort through them. On Monday, Bloomberg launched AI-Powered Document Insights, which uses generative AI to make it easier for research analysts and corporate decision makers to quickly find details from a company document by asking […] [Read More]

Nanette Graviet began her career at Mountain America Credit Union 31 years ago as a part-time teller. Her journey with the credit union that has more than 1 million members and $20 billion in assets is continuing, as Mountain America recently promoted Graviet to be its senior vice president and chief risk officer. In her […] [Read More]

With an eye toward national expansion among other growth objectives, Veros Credit on Monday announced a strategic investment from ITOCHU International, a global leader in trading and investment. According to a news release, the investment may result in ITOCHU acquiring a minority ownership stake in Veros Credit, underscoring both companies’ shared commitment to long-term growth […] [Read More]

America’s Group has added its third auction in the Peach State, announcing Monday that it has acquired South Georgia Auto Auction in Albany. This continues a flurry of buy-sell activity for the auction company, which also announced purchases of Car-Tech Auto Auction in February and auction tech platform auctionVcommerce in January. The acquisition of Car-Tech […] [Read More]