A regional subprime auto finance company in the Southeast became a little bigger last week. North State Acceptance, a portfolio company of Fourshore Partners, announced a portfolio acquisition from an unnamed lender but one classified as a “premier” specialty finance company that provides auto and personal loans throughout eastern North Carolina. According to a news […] [Read More]

The American Financial Services Association is hoping the latest round of bluster on Capitol Hill quells soon, so the Federal Reserve can stay focused on its purpose of setting interest rates. AFSA shared its views in a blog post last week on the same day the Senate Banking Committee hosted a hearing to question Stephen […] [Read More]

As has become routine, the launch of a Carvana/ADESA integrated auction-reconditioning facility has begotten the expansion of Carvana’s same-day delivery service. The online used-car retailer announced it is bringing the service to the Seattle area in the wake of the July announcement that it was adding an inspection and reconditioning center to the ADESA Seattle […] [Read More]

Lucid Group has reached the next stop on its ride with Uber. The electric vehicle manufacturer said it has closed on a $300 million investment from Uber Technologies as part of Uber’s next-generation premium global robotaxi program, announced in July. The program aims to deploy 20,000 or more Lucid vehicles equipped with Nuro Inc.’s Nuro […] [Read More]

2024 delivered a sharp turn in the trajectory of dealership service revenue. According to industry data, OEM warranty revenue rose nearly 20%, reaching $28 billion, far exceeding WarrCloud’s original forecast of 8.4%. That kind of growth should be welcomed because it comes at a time when customer pay work is stagnating. What’s driving this shift? […] [Read More]

Two of Ohio’s top Lexus dealerships are under new ownership. Ken Ganley Automotive Group has acquired Metro Lexus in Cleveland and Lexus of Akron-Canton — two of the Cleveland area’s three Lexus dealerships — from Ascent Automotive Group, according to Kerrigan Advisors, which represented the seller in the transaction. The advisory firm said Metro Lexus […] [Read More]

Sales are projected to fall in the second of the half of the year, and dealers need to seek ways to optimize operations, reduce costs, and improve customer satisfaction. While much attention is often paid to retention in new car sales, the service lane represents a critical yet usually underutilized profit center through retention. Automating […] [Read More]

Dealers Auto Auction Group has its eyes on expansion and announced a hire on Thursday to facilitate that growth. DAAG said former KAR Global (now OPENLANE) and longtime industry executive Warren Byrd has been appointed vice president of acquisitions and business development. Byrd has spent more than 30 years in the remarketing industry, including leading […] [Read More]

Brice Beard has worked inside finance companies as well as industry vendors. And now Beard is bringing three decades of experience within those segments to Jericho Information Technology, which named him chief revenue officer. During the first half of his professional career, Beard held roles with AmeriCredit and CitiFinancial Auto. Later, he moved into the […] [Read More]

TurboPass acknowledged some dealerships and auto-finance companies prefer to examine stipulations and other underwriting documents through the prism of a 90-day window. So this week, the financial technology software company that provides automation, SaaS, and cloud-based solutions for automotive dealerships, banks, property managers, and finance companies across North America, released a 90-day banking reports option […] [Read More]