This feature is part of Auto Remarketing’s upcoming “Beyond the Transaction” edition, which is the May print issue of the magazine. It is available for Cherokee Media Group Premium subscribers now.  For consumers, the greatest concern when it comes to buying a car can be summed up in one word. Affordability. While the price of cars has dropped over the past year, they remain substantially elevated compared to before the COVID pandemic. Currently, the average price of a used vehicle is in the $25,000-$28,000 range, depending on which analyst’s data you’re looking at — well above the sub-$19,000 average of early 2020. And with interest rates soaring to their highest point in ... [Read More]

This feature is part of Auto Remarketing’s upcoming “Beyond the Transaction” edition, which is the May print issue of the magazine.  It is available for Cherokee Media Group Premium subscribers now.  There are still times, Justin Osburn said, when he can see the wheels spinning in a car dealer’s head as he explains to them how reinsurance works. “When you understand it, it’s a no-brainer,” said the founder and CEO of Automotive Reinsurance Concepts, “but it can be complicated to explain to somebody how it works, which can create fear. Because anytime you start using words like ‘offshore company tax advantages’ and ‘IRS,’ you can get this thing running through a dealer’s head like, ‘Well, what does that mean? And who are you?’” Fortunately, those sorts of conversations are ... [Read More]

It was March momentum for the retail used-car market. In a month were days-to-sell plummeted (more on that later), franchised and independent dealers combined to sell an estimated 1.66 million used vehicles, which was a 10.9% gain from March 2023 and up 18.5% from February, according to Cox Automotive. Through three months of 2024, dealers […] [Read More]

Five industry associations recently sent a 14-page letter to the Consumer Financial Protection Bureau (CFPB), pushing back against the regulator’s request for more information regarding collections and vehicle repossessions by auto finance companies. Part of what troubles these associations is that the CFPB is now seeking information for its Auto Finance Data Project from providers […] [Read More]

During its annual event this week, FICO gave out its Decision Awards to recognize organizations that are achieving remarkable success using FICO solutions. The analytics and technology company said a panel of independent judges with deep industry expertise evaluated nominations based on measurable improvement in key metrics demonstrated use of best practices project scale, depth […] [Read More]

AutoPayPlus recently expanded its enterprise solution for F&I managers with the launch of AutoPayPlus Reporting, powered by VisionAST. The tool can provide real-time reporting and analytics, empowering decisionmakers with precise data integration into their DMS. AutoPayPlus said the move reinforced its commitment to delivering tech-driven solutions by offering a SaaS platform so F&I managers can […] [Read More]

According to data Cox Automotive chief economist Jonathan Smoke shared on Tuesday, subprime auto finance portfolios might not be doing so well. Smoke reported that the subprime severe delinquency rate for March was 50 basis points higher year-over-year, as 7.25% of subprime contracts were severely delinquent in March. While that’s down from 7.99% in February, […] [Read More]

After Tuesday, CarNow has a bit more “runway” for growth. The automotive technology platform has landed a $40 million investment from Runway Growth Capital and plans to put the funding toward continue market expansion and product development. Tim O’Toole, who is CarNow’s chief financial officer, said in a news release: “This investment from Runway Growth […] [Read More]

This feature is part of Auto Remarketing’s upcoming “Beyond the Transaction” edition, which is the May print issue of the magazine.  It is available for Cherokee Media Group Premium subscribers now.    Artificial intelligence is popping up everywhere these days and the dealership service department is no different. From assigning a technician with the right […] [Read More]

Auction Management Solutions (AMS) shared this week that the firm has something notable brewing in Wisconsin. AMS announced that Greater Milwaukee Auto Auction (GMAA) has partnered with the firm for business development consulting. “We are very excited to be a part of the AMS Group of independent auctions,” GMAA owner Kristie Letizia said in a […] [Read More]