As the Federal Reserve approaches its next opportunity to modify interest rates on Wednesday, findings from a new survey orchestrated by Santander Holdings USA perhaps reinforced perceptions already held by auto finance leaders. Santander reported on Monday that American consumers are optimistic about their futures despite mounting financial pressures. The survey results found 68% of […] [Read More]

Ravin AI, a provider of artificial intelligence-driven vehicle inspection tools, has been granted a U.S. patent for its DeepDetect car inspection system. The newly patented technology uses advanced deep learning AI algorithms to significantly enhance the accuracy of vehicle reports, fostering greater transparency among vehicle owners, service providers and businesses. The company said DeepDetect, which […] [Read More]

AutoNation’s used-car business remained challenging in the third quarter, so the publicly listed auto retailer chose to focus on sequential improvement in used- vehicle sales during its earnings call. Used-vehicle unit sales increased by 5% in the third quarter compared to the previous quarter to 72,517 units, “which would not be possible without a daily focus on vehicle sourcing,” said CEO Mike Manley He acknowledged continuing difficulty obtaining enough used inventory and highlighted AutoNation’s ... [Read More]

Many Americans are behind on vehicle maintenance such as regular oil changes and tire rotations, according to research from CARFAX. The company said information compiled from the alerts and service records of the 35 million vehicles in the CARFAX Car Care program showed 29% of those vehicles are behind on oil changes, 44% haven’t had […] [Read More]

Holman, one of the largest integrated automotive service companies in North America, has signed on as an official partner of the National Hockey League’s Philadelphia Flyers. The deal makes Holman the presenting sponsor for two of the team’s major community initiatives — Flyers Learn to Play and Next Shift: Mentoring the Next Generation of Female […] [Read More]

For the second time this month, CarGurus added a new, high-level executive. On Monday, CarGurus announced the appointment of Elisa Palazzo as its chief financial officer in a move that’s effective Dec. 4. The news surfaced a little more than a week after CarGurus named former OPENLANE and Cox Automotive executive Zach Hallowell as the […] [Read More]

GrooveCar Direct, which offers credit unions their own, white-labeled vehicle shopping platform, recently announced seven new partnerships. The credit unions now using this technology are: —El Monte Community Credit Union, based in El Monte, Calif., with assets of $34 million and serving 2,730 members —Greater Cleveland Community Credit Union, based in Cleveland with assets of […] [Read More]

Investors not only are pushing resources into fintechs fueled by artificial intelligence. They’re now using AI more often to make their financial decisions with the expectation the usage will intensify. Those assertions and more surfaced on Monday when Invesco Advisers released findings of its eighth annual Invesco Global Systematic Investing Study, which is based on […] [Read More]

Dealerships, finance companies and other service providers connected to automotive had to begin compliance with the Safeguards Rule in June. On Friday, the Federal Trade Commission approved an amendment to it, instructing non-banking institutions to report certain data breaches and other security events to the agency. To recap, the FTC’s Safeguards Rule requires non-banking financial […] [Read More]

According to a news release and statement sent to SubPrime Auto Finance News, Relentless Recovery, one of the largest collateral recovery and remarketing companies servicing Ohio, entered into a settlement agreement with Digital Recognition Network (DRN), which is a subsidiary of Motorola Solutions. The agreement related to a non-compete contract between the companies. On Dec. […] [Read More]