Automotive tech startup Carmigo announced this week it has reached a significant milestone: 4,000 vehicles sold on its online used-car marketplace. Carmigo launched in January 2021 and sold just over 1,000 units its first year, before picking up significant momentum in 2022. “Last year was an exciting ride, seeing the used car market reach stratospheric […] [Read More]

If franchised dealerships didn’t retail as many used and new vehicles in January as they anticipated, perhaps their service drives helped to keep the store finances on a positive path. While still a mixed bag, the latest Cox Automotive analysis of Xtime metrics showed service activity decreased but service revenue increased month-over-month at U.S. franchised […] [Read More]

The next step in building what the Consumer Financial Protection Bureau is calling its auto finance data pilot put the onus on nine finance companies. According to a bureau blog post pushed online Thursday, the CFPB said it issued orders to nine “large” auto finance companies to provide information about their portfolios. The blog post […] [Read More]

After a successful debut at Used Car Week in November, Cherokee Media Group is bringing its podcast stage to April’s Auto Intel Summit and NRC Spring Summit in Raleigh, N.C. The podcast stage, which is sponsored by Ship Your Car Now, is a space for podcasters and other media to conduct interviews and record episodes […] [Read More]

Calling her an “exceptional business leader,” PureCars on Wednesday announced Lauren Donalson has been promoted to chief operating officer. Donalson joined PureCars in 2015 and most recently served as senior vice president, client experience and strategic partnerships. In Donalson’s new role, she will oversee PureCars’ client and partner teams, including digital strategy, OEM programs, digital […] [Read More]

Toronto-based WeeL, a tech startup in the automotive aftermarket space, announced a $750,000 (CAD) round of funding on Wednesday, marking its first external fundraising. WeeL began with at-home vehicle maintenance in the Greater Toronto Area and is now raising capital to bolster its predictive pricing modeling and “demystify the costs of car repair” for consumers. […] [Read More]

Experts from Cox Automotive, The Conference Board, iLending, S&P Global Ratings recently articulated several ingredients that could create headwinds for the auto finance market during the rest of the year. The ingredients ranged from the bandied about trends connected with employment, inflation and interest rates as well as consumer confidence. Beginning with S&P Global Ratings, […] [Read More]

An online auction for dealers to buy vehicles directly from consumers that has operated for two years in the Salt Lake City and Phoenix markets now has more financial resources to use for its plans to open in 10 additional markets during the next 24 months. Gauge announced on Wednesday that it closed an oversubscribed […] [Read More]

As more dealerships changed hands, the Greater New York Automobile Dealers Association (GNYADA) wrapped up its annual charity project in collaboration with Operation Warm as member stores raised more than $100,000 for a coat drive and donated thousands of coats to more than 30 schools and charitable organizations throughout downstate New York. The campaign finished […] [Read More]

Jonathan Jordan, director of retail strategy at JM&A Group, believes we are in a “crucial time in CPO history.” And JM&A’s name has been in the headlines recently for new CPO offerings. JM&A and J.D. Power joined forces last year and released the J.D. Power Edge program, a third-party CPO program for franchised and independent dealers. JM&A developed a strategic alliance with J.D. Power in 2022 to develop co-branded F&I products, and the first product to ... [Read More]