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]

TotalCX, a provider of artificial intelligence-driven customer experience management solutions, has added Sandler Partners to its partnership program. Sandler Partners’ network of independent sales experts tries to help organizations manage the complexity of technology solution design and sourcing. “The Sandler Partners community is an ideal outlet for the TotalCX product suite,” TotalCX chief sales officer […] [Read More]

Kinetic Advantage began the week by a revealing a major accomplishment for the 4-year-old company. The national provider of floorplan services for independent dealers announced that it completed its inaugural securitization of floorplan receivables, finalizing the move on Friday. According to a news release, the transaction — led by bookrunners JPMorgan Chase and Apollo Global […] [Read More]

Perhaps the bartender hasn’t yet made the last call, but the spring market might soon be hitting closing time. Black Book reported on Tuesday that wholesale prices moved only 0.14% higher last week. While that’s on par with what analysts noticed during the same week in 2017 to 2019, the movement is 10 basis points […] [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.  When Rich Allen started his job as general manager of Jaguar Land Rover Cincinnati in late 2022, he introduced using videos in the service lane, a practice that had been successful in his previous job. The owner of JLR Cincinnati was skeptical at first, said Allen. That skepticism was short-lived. “He thought it was cheesy,” Allen told Auto Remarketing. “Now he gets stopped when at the club all the time with people complimenting him on the tech video.” Using videos in the service lane is growing fast as new ways to utilize the videos emerge. It is helping dealerships earn customers’ trust more quickly and boosting service lane profits ... [Read More]

The senior editors of this media property ping each other multiple times daily. While most of the messages revolve around editorial content we compile or upcoming industry events our shop orchestrates, I along with fellow bearded one, Joe Overby, sometimes delve into dialogue about sports, food and music. Our behavior made new insights from DTS […] [Read More]

Auto financing was mentioned often by the Consumer Financial Protection Bureau (CFPB) as the regulator published its latest edition of Supervisory Highlights last week. The CFPB shared key findings from recent examinations about continuing accuracy problems in the credit reporting system. Examiners said they found that auto finance furnishers continued to share incomplete or inaccurate […] [Read More]