FrogData rolled out its second new tool of the summer to help dealerships navigate through warranty claims. On Tuesday, the provider of artificial intelligence and decision analytics solutions for the automotive industry launched WarrantyMind AI, an end-to-end remote warranty administration service designed to optimize the warranty claims process for dealerships. As consumer demand rises for […] [Read More]

Agora Data announced last week that it closed a $160 million private term financing on Aug. 11, marking the fourth privately placed term financing for the company that offers low-cost capital along with performance data and analytics for independent and buy-here, pay-here dealerships. Agora said each of the company’s first three term financing deals performed […] [Read More]

Along with taking a deep look at the banking sector, S&P Global Ratings also published its latest views on U.S. auto loan asset-backed securities (ABS). Analysts arrived at four assertions when looking at ABS performance for June. They included: —Performance weakened for the month of June with prime and subprime annualized losses increasing month-over-month and […] [Read More]

Service department activity at franchised dealerships fell significantly in July, according to analysis of Xtime metrics cited in a Cox Automotive Data Point report. The report showed service revenue down slightly for the third consecutive month after reaching record highs in March and April, while the Repair Order Volume Index decreased compared to the previous […] [Read More]

The softening in the Manheim Used Vehicle Value Index at August’s halfway point has slowed from July’s declines, according to an analysis released by Cox Automotive last week. The mid-month reading of the index was 212.0, which was up 0.1% from July and a 7.8% decrease from the full month of August 2022, when adjusting […] [Read More]

More than 4,000 Tesla drivers in California are using an electronic license plate on their vehicle, according to the creator of the RPlate digital license plate. Reviver, a technology company that developed the RPlate technology, said Tesla is the No. 1 vehicle brand among users of the digital plate. “Tesla is a truly iconic brand […] [Read More]

Longtime SaaS executive and entrepreneur Ben Chodor has been named CEO of automotive communications intelligence platform CallRevu. “Ben’s dedication to empowering both our team and clients underscores his suitability for the CEO role,” CallRevu executive chairman Brendan Reidy said in a news release. “His leadership will undoubtedly steer CallRevu toward continued success.” Chodor comes on […] [Read More]

Vehicle subscription company Flexcar is now offering delivery to customers in Massachusetts. The company said its delivery service covers more than 75% of the state’s ZIP codes and is immediately available for drivers in the region who currently use Flexcar as well as new customers. “Massachusetts drivers love Flexcar’s subscription-based alternative to car ownership, and […] [Read More]

Paul Lips had a long, successful career with ADESA and its former parent company (then KAR Global, which rebranded as OPENLANE this year) that spanned more than 25 years and included numerous accolades. But in the midst of all that, Paul Lips actually had a different career goal in mind, an aspiration he confessed one day while talking to Frank Hackett, then CEO of the National Auto Auction Association. “I told Frank probably 10 years ago, ‘Hey, if the timing works out, I’d love to run the association if you ever retire,’” Lips said. That dream ... [Read More]

After a slow 2022, the certified pre-owned vehicle market is “hotter than expected” and continues to outpace year-ago figures by 7% so far in 2023, according to a Data Point report from Cox Automotive. July was particularly hot for CPO, as the monthly tally of 231,128 sales eclipsed July 2022 figures by 12% and marked […] [Read More]