Along with a move involving a lender in Australia, SBS and Vero Technologies expanded their collaborative efforts in floorplan financing this week to forge a new partnership with Auto Use, a U.S.-based provider of commercial auto financing solutions. With more than 50 years of experience serving auto dealers and its customers across the Northeast, Auto […] [Read More]

Another widely used dealership system that contains personally identifiable information (PII) has been infiltrated by fraudsters, compromising consumers’ profiles and creating significant headaches for store managers and the service provider. Separate statements from 700Credit and the National Automobile Dealers Association confirmed the provider of credit reporting and compliance solutions for the automotive industry was hacked […] [Read More]

Imagine an excited individual who financed and took delivery of a used vehicle on Labor Day. Perhaps it was a gently used, older car or maybe even a certified pre-owned model. There’s a possibility that contract won’t reach its payoff date until Nov. 1, 2032. That’s because Experian reported on Thursday that 1.06% of all […] [Read More]

The fire that erupted at Novelis’ aluminum production facility in Oswego, N.Y., represents a sharp, immediate shock to the global automotive supply chain. According to Reuters, this will instantly throttle new vehicle production for major automakers such as Ford Motor Co., Stellantis, Toyota Motor Corp., and Volkswagen Group. This material shortage precipitates a massive, immediate […] [Read More]

Last week’s trends connected with wholesale prices and conversion rates reflected how auctions, consignors, and dealers probably spent at least part of the timeframe celebrating Thanksgiving. That’s the summation from Black Book’s latest installment of Market Insights, that covered the week including time for good food enjoyed with family and friends. Analysts reported on Tuesday […] [Read More]

One of the purposes of Used Car Week is bringing various industry segments together for constructive conversations. An example of that outcome surfaced when the Georgia Association of Licensed Repossessors (GALR) announced that it had “productive and forward-looking industry dialogue” with MVTRAC. According to a news release, GALR members and MVTRAC engaged in substantive discussion […] [Read More]

The nationwide shortage of automotive technicians has been an ongoing issue in the industry for years. So auto industry training platform RockED and communication technology provider TruVideo are teaming up to do something about it. The companies have partnered to bring a video inspection training and certification program to automotive schools and colleges throughout the […] [Read More]

HGreg’s Orlando dealership is now two dealerships. The Canada-based dealership group has opened its newest HGreg Lux pre-owned luxury car boutique — inside its existing flagship used-car store in Orlando, Fla. The dealership-within-a-dealership is the fifth HGreg Lux location, joining Miami, West Palm Beach and Pompano Beach in Florida and Costa Mesa, Calif. Like the […] [Read More]

Here’s a deal bringing together artificial intelligence, predictive credit analytics, blockchain infrastructure and investment funding with the goal of boosting performance in auto finance. On Wednesday, ETHZilla Corp., a technology company bringing decentralized finance infrastructure to traditional finance, announced the acquisition of a 20% fully diluted interest in Karus, which is a leading artificial intelligence […] [Read More]

One of this year’s Emerging Companies honored by Cherokee Media Group’s Automotive Intelligence Awards announced a new round of funding Tuesday to support its rapid growth as well as a new CEO to lead the way. The automotive artificial intelligence company, which provides predictive lending insights for dealerships, acknowledged in a news release that its […] [Read More]