On Wednesday, PAR — OPENLANE’s business unit that oversees asset recoveries, manages cycle times, maximizes returns and reduces risk for banks, captives, credit unions and other auto finance companies — announced the promotion of Jeff Williams to senior director of sales and client relations. In this position, the company said Williams will lead a team […] [Read More]

The newest study from J.D. Power showed how auto finance companies are struggling in the digital space compared to their contemporaries in other industries. J.D. Power explained that auto finance companies need to do everything they can to deliver stand-out customer experiences while reducing administrative costs against a backdrop of shrinking margins and strained profitability. […] [Read More]

REPAY and AKUVO finalized a partnership this week aimed at improving collections. According to a news release, REPAY’s integration with Aperture, AKUVO’s collections management software, can enable financial institutions to accept digital payments, while utilizing a secure, real-time data exchange for streamlined operations, robust reporting and simpler reconciliation. AKUVO clients can now leverage REPAY’s embedded […] [Read More]

Wholesale vehicle prices in Canada continued to fall last week, but the drastic declines of the week prior evened out a bit. According to Canadian Black Book data, wholesale prices fell by 0.96% overall. Cars fell by just 0.46%, while trucks and SUVs dropped by 1.46%. Two segments out of the 22 CBB tracks saw […] [Read More]

Editor’s note: Our report now includes comments from the National Independent Automobile Dealers Association (NIADA). The Federal Trade Commission said its newest rule released on Tuesday will prevent “bait-and-switch tactics and hidden junk fees” when consumers purchase vehicles. The FTC said the Combating Auto Retail Scams (CARS) Rule also includes “clear” protections for members of […] [Read More]

Dealership service departments are not only losing market share to general repair shops — they’re also losing the trust of consumers, according to the latest research by Cox Automotive. Cox’s new study, “Under the Hood: Opportunities and Challenges in the Service Industry,” found that while franchised dealerships are still vehicle owners’ top choice among service […] [Read More]

Digital retail software provider CarNow has hired former BacklotCars and ADESA executive Will Farmer as its chief revenue officer, the company announced Tuesday. Farmer will be responsible for overseeing revenue growth across field sales, national sales and independent sales, with a focus on delivering value to customers and driving results for CarNow’s dealer network. “My […] [Read More]

Perhaps it’s trouble getting parts or finding the labor to get the repair work done. Whatever the reason, Black Book auction observers noticed a distinct trend in the lanes this past week. After recapping price movements that included overall wholesale prices dropping another 1.49%, Black Book said, “One of the things we noticed this week […] [Read More]

Used-car retailing giant CarMax has begun a pilot test of its first all-electric semi-truck as a vehicle hauler in California’s San Joaquin Valley. The truck can travel an estimated 230 miles on a single charge and transport up to seven vehicles at one time, which CarMax said allows it to efficiently service its stores in […] [Read More]

We continue our series on the Auto Remarketing Podcast highlighting some of the panels and presentations from Used Car Week 2023. This episode features a conversation about the certified pre-owned market with perspectives from B. Miller of Cars.com, Nate Myers of the SONS Auto Group and Marc Riley of the Rick Case Automotive Group. Listen […] [Read More]