Informed.IQ, a technology company providing artificial intelligence powered software to streamline verifications and underwriting, announced the launch of CollectIQ. The company said this AI-powered tool can enable auto finance companies to obtain consumer documents digitally to verify financing requirements. Through accurate income calculations and validation of applicant data, Informed.IQ expects that contracts can be processed […] [Read More]

New vehicles might still be out of reach for many customers who land in the subprime credit tier. But the latest data from Kelley Blue Book showed that perhaps the prospects for putting a subprime consumer into a new model might be improving. KBB reported on Wednesday that the average transaction price (ATP) of a […] [Read More]

This week, Lisa Ginter, chair of the board of Credit Union National Association (CUNA), along with Gary Grinnell, chair of the board of the National Association of Federally-Insured Credit Unions (NAFCU), announced 15 members who will serve on America’s Credit Unions’ transition board of directors, should members vote in favor of the merger initially revealed […] [Read More]

Wholesale vehicle prices have declined double-digit percentages for two consecutive months, but it’s important to “put some perspective on that,” according to analysis around Cox Automotive’s latest Manheim Used Vehicle Value index. Last month's 11.6% year-over-year decline in the Manheim index  (adjusting for mix, mileage and seasonality) — which followed June’s 10.3% drop — is a far cry from ... [Read More]

Black Book reported wholesale values dropped 1.10% last week, the largest decrease analysts spotted during a single week in 11 months. The movement prompted Black Book to ask, “Is this a wakeup call or just a blip in the market in this wild world of the car business?” The price drop during the week that […] [Read More]

Consolidation appeared in the buy-here, pay-here industry on Tuesday. Buckeye Dealership Consulting announced the acquisition of Berkshire Risk Services in a merger bringing together two industry service providers committed to empowering dealers and finance companies with innovative risk management tools and customized solutions. “Buckeye’s customers expect best-in-class risk management strategies backed by unparalleled expertise,” Buckeye […] [Read More]

Jeremy Cunningham has been named general manager of Tallahassee Auto Auction, one of two ServNet auctions operated by BSC America. BSC president R. Charles Nichols said Cunningham comes to Tallahassee with more than 20 years of industry experience and skills gained in both the auto auction and fleet/lease/repo arenas. “He has a keen understanding of […] [Read More]

With the average age of U.S. vehicles at a record-high 12.5 years — and older cars being driven more miles than traditionally expected — strong growth is anticipated for the aftermarket in repair and maintenance work, according to analysis by S&P Global Mobility. While two years of short supply of new vehicles has driven consumers […] [Read More]

Automotive logistics platform ACERTUS is expanding into the realm of personal vehicles. The company has launched a new platform aimed at individuals shipping their personal vehicles. The click-to-ship tool is designed for consumers to obtain a quote, place a secure order and track shipments in real time, with the goal of helping reduce stress, saving […] [Read More]

While softening sequentially, bankruptcy filings rose notably in July. According to data provided by Epiq Bankruptcy, total bankruptcy filings came in at 35,716 in July, representing a 15% increase from last July’s total of 30,862. Epiq reported individual bankruptcy filings totaled 33,755 in July, registering a 16% jump above the July 2022 filing total of […] [Read More]