STELLA Automotive AI, a provider of automotive artificial intelligence technology, has closed an oversubscribed Series A financing round that raised $19.7 million, according to the Presidio Group, STELLA’s exclusive financial advisor for the Series A financing. STELLA said the funds, which include both newly invested capital and outstanding convertible notes that converted into this Series […] [Read More]

EFG Companies has added three senior executives with more than 70 years of experience in retail automotive sales and F&I management combined. Joining the firm recently named as a USA Today National Standard Top Employer are: —Adam Fifield as vice president of business development —Gabe Sanchez as regional vice president of dealer services —Brittany Isenhour […] [Read More]

Agora Data CEO Steve Burke was named an Entrepreneur of the Year 2024 Southwest Award finalist by Ernst & Young. Now in its 38th year, the company highlighted the Entrepreneur of the Year program is a competitive business award endeavor for “audacious” leaders who disrupt markets, revolutionize sectors and have a transformational impact on lives. […] [Read More]

Rachel Richards, Sonic Automotive’s first-ever chief marketing officer, is retiring from her role as Sonic CMO, effective Wednesday. Moving into to that role will be Dino Bernacchi, who is CMO of the retailer’s EchoPark Automotive used-car store program. Richards joined Sonic in 2006 as vice president of retail strategy. She became CMO in 2014. Bernacchi […] [Read More]

The 2024 World Automobile Auctioneers Championship produced a feel-good moment for a hometown kid — and his son. Richard “TJ” Freije won the event’s most coveted prize — the title of world champion auto auctioneer — last week at ADESA Indianapolis in Plainfield, Ind., a quick 20-minute drive from Clayton, Ind., where Freije & Freije […] [Read More]

While the used-car market for CarMax’s fiscal year 2024 was slightly less volatile than the previous year, the market still faced affordability challenges, negatively impacting the company’s results, CarMax president and CEO Bill Nash said in a press release. “We believe vehicle affordability challenges continued to impact our fourth quarter unit sales performance, with ongoing headwinds due to widespread inflationary pressures, higher interest rates, tightened lending standards and low consumer confidence,” Nash said. He put a more positive spin on the situation during the fourth quarter earnings call on April 11, however ... [Read More]

Repairify, a provider of remote diagnostics, calibrations, programming and automotive intelligence for the collision and mechanical repair industries, has named Ben Johnson as vice president of general automotive repair markets to lead its expansion into the mechanical market. The company said Johnson’s primary mission is leading the strategic growth and product launch and development of […] [Read More]

You have to delve deeper into the newest Black Book data to find much movement in the wholesale market. Black Book said last week’s auction scene was characterized as “stable,” and for good reason, because prices ticked up only 0.01%. And analysts indicated the conversion rate — the percentage of vehicles sold at auctions — […] [Read More]

CARFAX has earned GM’s seal of approval. The company announced its CARFAX Car Listings has been approved by General Motors for its in-Market Retail Turnkey program. CARFAX said the designation means GM dealers, which includes the Chevrolet, Buick, GMC and Cadillac brands, can now use iMR Turnkey for CARFAX Car Listings. In a news release, […] [Read More]

Automotive services company Holman has hired veteran Canadian business leader Brent Scowen as managing director of its fleet management division in Canada. Scowen joins Holman following four years as vice president of sales for Canadian organic food brand Prana, leading the company’s business development strategy. He has also held executive leadership roles in sales, client […] [Read More]