Ally Financial has its next chief executive officer who said he admires the company’s “leading position in automotive finance.” Late on Wednesday, Ally announced Michael Rhodes will be its new CEO, starting at the company on April 29. Rhodes will also be appointed as a member of Ally’s board of directors at that time. Ally […] [Read More]

Canadian wholesale auto prices continued to slide down last week, falling by an average of almost a quarter percent (down 0.23%). According to Canadian Black Book weekly data, car prices dropped by 0.35%, while trucks and SUVs dropped by 0.11%. And an increasing number of segments saw prices rise last week in the lanes: four […] [Read More]

Otolane reinforced its team this week with another industry professional who previously worked for Manheim Canada. The latest veteran to join the online wholesale automotive marketplace solution is Gerry Johnson, who will serve as Otolane’s vice president of sales. Otolane highlighted Johnson brings more than 25 years of experience in automotive remarketing and wholesale business […] [Read More]

While demand for dealerships remained strong in the fourth quarter of 2023, dealership profits and blue sky values fell significantly year-over-year, according to research from Haig Partners. The Q4 Haig Report, which tracks trends in auto retail and their impacts on dealership values, showed 528 dealerships changed hands in 2023 — the third-highest annual volume […] [Read More]

Cox Automotive wants dealers to have confidence in the battery health of the electric vehicle they acquire through Manheim. So, on Wednesday the company launched a solution that will measure the EV battery health for each specific VIN across Manheim. In addition, Cox Automotive said it is expanding LotVision’s capabilities of reporting battery health for […] [Read More]

I don’t mean to alarm anyone with the title. Then again, maybe I do. The truth is I’m discouraged, and today I hate my job. Why? Because it happened again. A dealer reached out because they’ve been hit with a class action lawsuit. Once again, the claim surrounds post-repossession Article 9 letters, specifically the notice […] [Read More]

Electric vehicles have been the hottest topic in the automotive industry for years now. In that time, consumers have seen and heard a seemingly endless stream of messaging regarding EVs. But a recent survey conducted by Edmunds found there is still a disconnect between what consumers want and what is currently available in the EV […] [Read More]

Deal jackets sometimes can prompt auto finance professionals to think they might need a straitjacket because of the frustrating pitfalls that can arise. The quandaries created by deal jackets and other parts of building compliant and profitable portfolios were among the topics highlighted by Informed.IQ, which recently commissioned an industry-wide survey of auto finance executives. […] [Read More]

This week, Nordis Technologies named Mark Seltzer as its chief financial officer. As part of the executive leadership team, the omnichannel customer communications management and payments technology solutions provider said Seltzer now is responsible for the company’s financial planning and analysis as well as all financial and accounting operations and procurement activities. During his career, […] [Read More]

Individuals often give a phone number when waiting for a table at a busy restaurant. Now giving a phone number can begin the path to identity verification and credit prequalification for auto financing. This week, FlexPath DXP launched VeriQual, which uses patent-pending technology to help users prequalify for real credit options by providing as little […] [Read More]