Solutions by Text (SBT) announced highlights of its upcoming conference focused on accelerating revenue through the convergence of real time payments within rich messaging experiences, preparing finance companies for 2024 regulatory changes and more. Its FinText Conference also includes leading brands in finance, technology and innovation and a full lineup of keynote speakers, breakout sessions […] [Read More]

In an effort to help finance companies and other lenders verify income and employment information, Experian recently announced consumers can now choose to share information directly from their employers’ payroll service through Experian Verify when applying for credit, including auto financing, mortgages and personal loans. The company highlighted that the enhancement introduces Experian’s automated income […] [Read More]

Operating a successful used-vehicle sales operation depends on two things: obtaining inventory for the right price and selling that inventory for the right price. As so many have discovered in recent years, it is not enough just to have used vehicles to sell. Those vehicles must be acquired strategically without paying more than necessary. Then […] [Read More]

Holand Real Estate Group, part of the Holand Automotive Group — one of Canada’s leading luxury automotive retailers — acquired a prominent property in the town of Mount Royal, Montreal. The Holand Real Estate Group owns the Wawanesa Insurance building located at 8585 Decarie Boulevard. The Real Estate Group is headed by businessmen Gad Bitton […] [Read More]

Group 1 Automotive’s second quarter used vehicle business was “challenged,” said president and CEO Daryl Kenningham in the earnings call. The publicly listed auto retailer sold 46,764 used retail units on a consolidated basis in the second quarter, down 4.4% compared to the same quarter last year. Used vehicle gross profit per retail unit dropped […] [Read More]

RK Logistics Group, a provider of warehousing, e-commerce fulfillment and supply chain management services, has promoted Antonio Tejeda to the new position of director of account management for EV services. Tejeda will be responsible for sales and solutions planning, strategy, sales operations and account service for RK clients and offerings in the electric vehicle market. […] [Read More]

Automotive industry veteran Chris Barile has been named new sales manager of Mid Kansas Auto Auction in Wichita, Kan. He will oversee the sales, fleet lease and internet sales departments. “We’re thrilled to add Chris to our leadership staff,” Mid Kansas Auto Auction general manager Trevor Ottley said. “He has a great resume and fantastic […] [Read More]

Carvana announced it has raised $225 million through the issuance of approximately 4.9 million shares through its at-the-market equity offering program (ATM), fully satisfying the public equity requirement of its exchange offer transaction support agreement (TSA). The TSA, which was announced last week, provides significant financial flexibility to Carvana, including reducing required cash interest expense […] [Read More]

Sonic Automotive said Thursday it will be able to “turn the lights on” quickly at its shuttered EchoPark stores if used vehicle wholesale prices continue to drop and market conditions improve, company executives said in its quarterly earnings call. In June, Sonic suspended operations indefinitely at eight of its EchoPark used car stores, 14 related […] [Read More]

Westlake Financial recently shared how much the finance company is using artificial intelligence and machine learning nowadays. According to a news release, Westlake’s proprietary AI and ML tool, Visorbot, computes 800,000 applications per day. In a single month, Westlake said that amounts to 24 million contract computes. Among these applications, Westlake indicated approximately 50,000 contracts […] [Read More]