CARFAX Canada kicked off March by launching History-Based Value, a vehicle valuation model designed to adjust automatically for the unique history of each vehicle. CARFAX Canada updates History-Based Value every seven days. The company made this product available for dealers last week. “We’re thrilled to finally launch History-Based Value to our dealers,” CARFAX Canada president […] [Read More]

Connected with what one expert said is “the mounting economic challenges they now face,” consumers and businesses combined to generate double-digit increases year-over-year in new bankruptcy filings in February, According to data provided by Epiq Bankruptcy, the 31,889 total new bankruptcy filings in February represented an 18% rise from the 27,006 filings registered last February. […] [Read More]

Cox Automotive chief economist Jonathan Smoke as well as Comerica Bank chief economist Bill Adams and senior economist Waran Bhahirethan offered perhaps some reassuring assessments of what the overall employment landscape looks like. All three shared their perspectives ahead of the next update from federal officials about how many jobs were added or subtracted in […] [Read More]

In the auto industry, it sometimes seems like there is a new merger or acquisition announced every other day. While in recent years that M&A activity has typically involved dealers, the buy-sell frenzy has extended to auto auctions. Bob McConkey, president and CEO of McConkey Auction Group and a member of the NAAA Hall of […] [Read More]

General Motors had a reason to celebrate some of its franchised dealers on Monday. The 2023 Pied Piper PSI Internet Lead Effectiveness (ILE) Study — which measures responsiveness to Internet leads coming though dealership websites — showed Cadillac dealerships ranked highest. Following Cadillac were Infiniti, Volkswagen, Subaru, Toyota and Volvo. “Auto dealers industrywide were quicker […] [Read More]

Toyota has won Kelley Blue Book’s “Best Resale Value: Brand” award for the seventh time in 10 years, while corporate sibling Lexus has earned its fourth overall and second consecutive “Best Resale Value: Luxury Brand” title. KBB, which is part of Cox Automotive, announced 2023 model-year winners of its Best Resale Value Awards on Monday, […] [Read More]

On Monday, Lightico announced an integration with Innovis, a leading provider of fraud prevention solutions, to provide its authentication tool, FailSafe, to manage fraud risk. Executives said through a news release that the phone ID verification tool will assist current and future Lightico customers with fraud detection and prevention. Lightico explained the collaboration will provide […] [Read More]

TransUnion and Sontiq are putting the onus on government agencies after uncovering the latest information about data breaches. According a report that analyzed data from Sontiq’s BreachIQ solution, more than 22 million Americans had personally identifiable information exposed in data breaches during the fourth quarter, including driver’s licenses, passports and Social Security Numbers. TransUnion said […] [Read More]

Point Predictive’s 2023 Auto Lending Fraud Survey showed a record number of finance companies are concerned about increases in fraudulent activity. What concerns survey participants most is income misrepresentation since many believe economic conditions will worsen and continue to drive fraud increases throughout 2023. Point Predictive co-founder and chief strategist Frank McKenna orchestrated the survey […] [Read More]

Just like it had for the past nine years, Carvana entered 2022 positioned for growth. But supply chain issues and a historic rise in interest rates resulted in a dramatic used-vehicle affordability issue. Those and other factors helped lead to ... [Read More]