OPENLANE has taken another step in its consolidation. The operator of digital wholesale used vehicle marketplaces has launched the new OPENLANE US digital marketplace, combining off-lease inventory from U.S. commercial sellers with the dealer-to-dealer inventory of BacklotCars. In OPENLANE’s third quarter earnings call on Nov. 1, CEO Peter Kelly revealed the company’s plan to consolidate […] [Read More]

The Consumer Financial Protection Bureau (CFPB) made serious allegations against Toyota Motor Credit Corp., and ordered the captive on Monday to pay $60 million in consumer redress and penalties. The bureau said Toyota Motor Credit received these penalties for operating an “illegal scheme to prevent borrowers from cancelling product bundles that increased their monthly car […] [Read More]

There’s a good probability that individuals will remain current on their installment contracts for electric vehicles. A new TransUnion study conducted in collaboration with S&P Global Mobility found that as the share of new-vehicle registrations for EVs rose, the credit makeup of these buyers continued to remain strong. Analysts discovered the average credit score for […] [Read More]

Consumer-focused car shopping app CoPilot has launched what it calls the market’s first “comprehensive artificial intelligence-assisted car-shopping experience.” The company said consumers can search through its app and receive AI-curated, ranked recommendations with detailed analysis on which vehicle is the best fit for them, based on their personal preferences and geographic location. CoPilot also includes […] [Read More]

Automotive subscription company Autonomy has joined with financial services firm Deloitte in a strategic agreement to accelerate the adoption of electric vehicles by making them more accessible and affordable. In a joint news release, the companies said the collaboration expands Deloitte’s service offerings for clients seeking to bring mobility subscription models to market in less […] [Read More]

The world of car dealerships is a dynamic and ever-evolving industry that operates in tandem with economic cycles. In a down market, car dealerships face unique challenges that test their adaptability and resilience. Having insight at CarOffer into thousands of dealerships nationwide, it is interesting to see what some of the best dealers are doing […] [Read More]

Tekion wants to make F&I easier for dealerships to complete while generating more potential profit. This week, the provider of a cloud-native platform serving the entire automotive ecosystem, announced a partnership with Service Payment Plan (SPP), a provider of 0% payment plans for vehicle service contracts and protection products. Through this partnership, dealers can access […] [Read More]

This week, Allied Solutions further expanded its industry relationships and portfolio of growth-focused solutions for credit unions. The latest partnership is with Rhyze Solutions, a newly formed credit union service organization (CUSO) to support lending and capital market operations. Allied Solutions joined Everwise Credit Union as a co-founding investment partner in Rhyze Solutions. The partnership […] [Read More]

Shortly after announcing its third-quarter financial results and walking through its next five-year plan, AutoCanada announced it has received approval to open a Porsche Classic & Service Centre in Windsor, Ontario. This is the first of its kind in Canada, the press release said. The center is expected to complete construction in the fourth quarter […] [Read More]

America’s Group has grown into an industry giant with an aggressive series of acquisitions. Now it has a new leader in that area. America’s Group, which includes America’s Auto Auction and floorplan provider AXLE Funding, has added Chris Elliott as vice president of mergers and acquisitions. “Along with his exceptional background with M&A, Chris has […] [Read More]