Lithia & Driveway's second quarter results took a hit from the CDK Global software outage. While the company reported its second highest quarterly revenue in company history, net income fell 28% compared to the same quarter in 2023 to $216.6 million. Revenue increased 14% to $9.2 billion. The group faced other headwinds, as well. “Free cash flows were impacted by declining EBITDA due to ... [Read More]

Zest AI is offering another fraud-fighting tool for credit providers. On Wednesday, the technology provider fueled by artificial intelligence rolled out Zest Protect which is designed to identify fraudulent activity during the decisioning process, helping credit unions, banks and other finance companies navigate the rising application fraud environment while safeguarding the consumer experience. Zest Protect […] [Read More]

Here’s some positive news for captives and other finance providers that offer leasing as well as dealership used-car managers looking for inventory down the road. Consumers are beginning to turn to auto leasing once again That’s the primary finding from a new TransUnion study. Analysts found that electric vehicles (EVs) are playing a key role […] [Read More]

Carketa, a provider of automotive data and intelligence software, announced it has closed on a $4.4 million early growth financing round. The round was led by Capital Eleven, a new investor, with participation from new and existing investors including Crosslink Capital, Origin Ventures, Allegis Capital and Peak Ventures. “We believe in Carketa’s vision,” Capital Eleven […] [Read More]

Three dealerships in Texas changed hands recently, according to Pinnacle Mergers & Acquisitions, which brokered the deals. IDEA Auto Group, headed by Julie Herrera, has acquired South Austin Nissan from Central Automotive Group. Herrera founded IDEA Auto in 2022, spinning off from the Cavender Auto Family and naming her company after her vision of inclusion, […] [Read More]

Logan Green, co-founder and chairman of Lyft, has joined venture capital firm Autotech Ventures as a venture partner. In a news release, Autotech said Green’s “experience in leading Lyft from inception through hypergrowth and his vision for more equitable and efficient transportation solutions will be invaluable” as Autotech continues to identify and support startups in […] [Read More]

Pagaya Technologies and OneMain Financial announced a new partnership on Tuesday with the goal of offering consumers responsible access to credit. Through this partnership, OneMain’s nonprime auto finance business will leverage Pagaya’s technology to support the company’s ability to serve more qualified customers that are outside its existing credit criteria. The two firms are also […] [Read More]

Southern Auto Finance Co. (SAFCO) used research from the Consumer Financial Protection Bureau to craft and deploy its rebranding initiative to expand credit access for all consumers, regardless of their credit history. The provider of subprime auto financing and other financial services said the CFPB has found approximately 26 million U.S. adults — or one […] [Read More]

Chaiz, an Austin, Texas-based startup that provides a comparison marketplace for extended car warranties, announced an oversubscribed $3.7 million seed funding round on Wednesday. Leading the round is ResilienceVC, with participation from Anker Capital, Automotive Ventures, Everywhere Ventures, FJ Labs, Monte Carlo Capital, Never Lift Ventures, RedBlue Capital, and Springtime Ventures. Chaiz’s prior investors include […] [Read More]

Impel is bracing for growth by adding to its leadership team. The provider of artificial intelligence sales and marketing automation for the auto industry announced two hires and added three new executive positions in the wake of its recent acquisition of customer engagement platform Outsell. In a news release, the company said the moves are […] [Read More]