This week, Peritus Portfolio Services announced the hiring of Chris Stanley as senior vice president of business development and marketing. The provider of custom bankruptcy solutions said Stanley will join the company to focus on helping clients and prospects improve recoveries through Peritus’ recovery strategies. Peritus highlighted that Stanley is an experienced leader, with 20 […] [Read More]

OpenRoad wants to clean up your act. Or at least your car. The dealership group, which operates 36 locations in the Vancouver metro area, Ontario and Washington state in the U.S. has created a new division: OpenShine, which is bringing the Tommy’s Express Car Wash franchise to Canada for the first time. OpenShine’s first Tommy’s […] [Read More]

Understanding the perspective from the other side of a business transaction — or even the other side of an organization’s operations — can be quite valuable, especially in an industry weaving as many moving parts and niche silos as wholesale automotive. Stephanie Compton, who is vice president of asset remarketing for Exeter Finance, has built an award-winning career on the consignor side of the business, including being named by Cherokee Media Group as the 2023 National Remarketing Executive of the Year and a 2020 Women in Remarketing honoree. But she has also walked a mile (or several miles, on sale days) in the shoes of folks who would now call her a customer: the auto auction ... [Read More]

At this year’s Auto Intel Summit + National Remarketing Conference presented by SmartAuction in Cary, N.C.., a trio of experts discussed how digital auditing is now enabling floorplan and wholesale finance companies to “self-audit” physical auto and equipment inventory, leveraging artificial intelligence, machine learning and API integration. This week, NextGear Capital rolled out that kind […] [Read More]

If you were playing an eating or drinking game based on the number of times policymakers and experts referenced inflation on Wednesday in connection with interest rates holding steady, you would likely have a full belly or an upcoming hangover quite quickly. The Federal Reserve’s Federal Open Market Committee voted unanimously to keep the federal […] [Read More]

When looking at the data on a year-over-year basis, the climb in bankruptcy filings by both consumers and businesses remain upward and notable. According to data provided by Epiq AACER, there were 44,980 total U.S. bankruptcy filings in May, representing a 16% increase from last May’s total of 38,696. Experts determined noncommercial bankruptcy filings registered […] [Read More]

Artificial intelligence seems to be spreading into everything these days. So why not vehicle history reports? Vehicle history report platform Bumper.com’s answer to that question is a new feature called Smart Insights, designed to use generative AI to “analyze and distill” the most important information in a history report. The company said Smart Insights is […] [Read More]

The heartland is in a sweet spot for electric vehicle adoption in some ways, but EV ownership is low in most states in the middle of the U.S. Price is one issue, said panelists at the “What’s it going to take to drive EV adoption in the heartland?” session at the Electrify Expo Industry Day conference in Long Beach in southern California in late May. But other factors play a role, and dealers need to ... [Read More]

Digital auditing is now enabling floorplan and wholesale finance companies to “self-audit” physical auto and equipment inventory, leveraging artificial intelligence, machine learning and API integration. At this year’s Auto Intel Summit + National Remarketing Conference presented by SmartAuction in Cary, N.C.., Marguerite Watanabe of Connections Insights moderated a panel discussion about how these digital audits […] [Read More]

At the beginning of May, new-vehicle inventory was estimated at 2.84 million, which was 51% higher year-over-year and at the highest point since late 2020, according to vAuto Live Market View. And Black Book is saying that automakers are sending more volume to the wholesale market, too, even as analysts saw an accelerated depreciation rate […] [Read More]