Opportunity Finance Network (OFN) this week announced a strategic, five-year partnership with the MassMutual Foundation to launch the CDFI Innovation Initiative, a new effort designed to drive innovation, scale impact and build new infrastructure for the Community Development Financial Institution (CDFI) industry. Officials said the initiative will be funded by a $25 million grant from […] [Read More]

This week, KeyPoint Credit Union — an institution based in Silicon Valley — launched an auto financing program specifically designed for individual taxpayer identification number (ITIN) holders. According to the Internal Revenue Service, an ITIN is a tax processing number only available for certain nonresident and resident aliens, their spouses and dependents who cannot get […] [Read More]

The past three months have been good to Lithia & Driveway. In this week’s news release of third-quarter financial results, the global automotive retailer and finance provider reported the highest third quarter revenue in company history at $9.2 billion, up 11% from Q3 2023. For the first nine months of 2024 revenues rose to $27 […] [Read More]

When it comes to where they buy a car, consumers trust dealers far more than their peers — but they still have concerns about dealers. A new nationwide survey by AppraisalPRO, a recently launched FIXD Automotive brand, found 68% of the respondents said they trust dealerships more than private sellers, while just 4.6% felt the […] [Read More]

Penske Automotive Group is continuing its expansion in Australia. The global automotive giant announced it’s adding another location Down Under with an agreement to acquire Porsche Centre Melbourne from Porsche Retail Group Australia Pty Ltd. The new addition will be Penske’s third Porsche store in Melbourne and its 25th worldwide. In a news release, Penske […] [Read More]

Azar Allasvandi said her brother, Sia Allasvandi, started a luxury used-car dealership because of the variety involved. “He wanted to be able to get his hands on different cars, BMW, Volkswagen … he didn’t want to do just one,” Azar Allasvandi said. In 2011, Sia Allasvandi achieved his goal, starting Northline Motors in Woodbridge, Ontario. […] [Read More]

The latest numbers from Cars Commerce show a new-car market in flux, with prices falling as excess inventory builds up. In the used-car world, on the other hand, all is calm and steady. Car Commerce’s September Industry Insights Report paints a serene picture of the used-car market, with prices having stabilized over the past six […] [Read More]

Used-car profits soared during the pandemic. But as the market turns the corner toward the end of 2024, “used vehicles may be finding their new normal on profitability.” That’s just one key finding from the latest quarterly Presidio-NCM Average Dealership Performance Benchmark Report, which found that, pre-owned or otherwise, “the downward spiral in profitability for […] [Read More]

What is this thing called love? It’s a question that’s been asked by philosophers, poets and songwriters throughout the ages — and everyone’s answer is different. iSeeCars’ solution — at least when it comes to car owners’ feelings about their vehicles — is to look at it by the numbers. When a car’s original owner […] [Read More]

WarrCloud — which has an automated warranty processing platform and was the winner of the NAVIcon Cup during Used Car Week 2022 — announced this week that it has raised $20 million in Series B funds. According to a news release, WarrCloud will use the funds to further develop its artificial intelligence capabilities with a […] [Read More]