Risk decisioning software provider Provenir announced on Wednesday that automotive financing provider GoFi has selected and implemented Provenir’s data and decisioning platform to assess applicant credit risk quickly for real-time financing approvals. GoFi is an AI-centric, digital-first financing platform. Built on a proprietary loan origination system and powered by its integrated machine learning algorithms, GoFi […] [Read More]

On Tuesday, the nation’s two leading credit union associations announced their intent to merge and form a new organization. According to a news release, the Credit Union National Association (CUNA) and the National Association of Federally-Insured Credit Unions (NAFCU) would unite to form America’s Credit Unions. When the transaction closes, CUNA president and CEO Jim […] [Read More]

Along with recapping the regulator’s notable activities associated with auto financing, the latest Supervisory Highlights report from the Consumer Financial Protection Bureau (CFPB) also touched on debt collection. The CFPB reiterated that it has supervisory authority to examine certain institutions that engage in consumer debt collection activities, including very large depository institutions, nonbanks that are […] [Read More]

Last week, the Consumer Financial Protection Bureau (CFPB) released its latest Supervisory Highlights report. Officials said they found unfair, deceptive, and abusive acts or practices across many consumer financial products, including auto financing. When getting into specific findings, the CFPB said some auto finance companies have originated contracts “above the real value of the car […] [Read More]

The wave of digitalization has washed over all sectors, and auto sales are no exception. Going virtual has completely transformed the auto auction landscape, providing numerous advantages and drastically improving the experience for many buyers and sellers. The industry’s adoption of virtual platforms illustrates the power and potential of digital technologies in reshaping traditional business […] [Read More]

For longer than anyone can remember, Maurice VanCoillie had been selling cars in the Detroit area. In fact, he was such an institution there that in 2021, the city of St. Clair Shores, Mich., placed a historical marker at his dealership. But on July 18, VanCoillie, affectionately known to most everyone as “Mr. Van,” passed […] [Read More]

Black Book reported another wholesale price decline happening at auctions last week, but the decrease wasn’t as significant as analysts spotted earlier this summer. During the stretch that closed on Saturday, Black Book said wholesale values softened another 0.37%, while the estimated average weekly sales rate continued to improve and ticked up to 49%. “After […] [Read More]

Next up on our series of Auto Remarketing Podcast episodes from the NIADA Convention in June is a conversation with Derek Hansen, vice president of operations for the inventory management solutions group at Cox Automotive. Hansen talks with Cherokee Media Group senior editor Joe Overby about how independent dealers can make the most of unpredictability, […] [Read More]

Perhaps if rental car companies aren’t getting quite as much in the auction lanes as they once did, they evidently are raking in notable revenue when those vehicles are in their fleets. On Tuesday, Emburse, a travel and expense management firm, announced the results of its Q2 2023 SpendSmart Travel Trends report. This quarterly report […] [Read More]

America’s Auto Auction has selected Jay Hinchman as general manager of its newly acquired Las Vegas auction. Hinchman has 25 years of experience in the auto industry, most recently as president of High Tech Locksmiths. He has also served as GM of ADESA auctions in New Jersey and Las Vegas, regional vice president of then-KAR […] [Read More]