AutoFi announced on Wednesday that it has extended its partnership with Santander Consumer USA, bringing to market digital products that are geared to “meaningfully improve” the ability for consumers and dealers to interact with the finance company and simplify the vehicle buying experience.  The Emerging 8 honoree and SCUSA first formed their partnership last year. […] [Read More]

In an effort to handle “explosive growth,” TurboPass announced the hiring of Zahid Kassem as chief product/technology officer on Tuesday TurboPass, an Emerging 8 honoree that offers an electronic multi-verification solution for credit, fraud and compliance, has increased its user base to 3,000 dealerships with plans to expand to more than 7,000 users by the […] [Read More]

Electric vehicle sales are the talk of the town — or at least the auto industry at large and even in the auction lane. Overall new- and used-vehicle sales fell as 2022 ended, but EVs followed a different path. During a recent call with the auto industry and media, Cox Automotive cited data from its […] [Read More]

Less than two weeks after announcing a merger with Auction Direct Transport, Montway Auto Transport made another move in the wholesale auto sector on Tuesday. The third-party logistics company announced a partnership with digital remarketing technology provider Auction Edge, through which more than 55,000 dealers and more than 175 auctions can order transportation services from […] [Read More]

While Black Book shared its usual wholesale price trends, perhaps what intrigued analysts most during the second week of 2023 was the quick impact Tesla’s price decision involving new models left on the OEM’s used electric vehicles. Black Book said in the newest installment of Market Insights released on Tuesday that “the big news will […] [Read More]

Group 1 Automotive said Tuesday it has hired a chief legal officer as well as a chief marketing officer. Joining the company as CLO and senior vice president is Gillian Hobson, who comes over from Vinson & Elkins in Houston. She was part of the firm’s management committee and was Group 1’s primary relationship attorney. […] [Read More]

Experian determined that 40.45% of used vehicles retailed during the third quarter of last year included financing. To make sure that potential buyers who might fall into that category have plenty of options, CarMax on Tuesday nationally launched pre-qualification capability for shoppers on its website and app. The retailer highlighted this new online financing experience […] [Read More]

Perhaps reflecting what Polly discovered about car insurance availability at dealerships, EchoPark made a move in that space on Tuesday. The Sonic Automotive division focused on retailing used vehicles announced a long-term partnership with Matic, a leading digital insurtech platform, to provide property and casualty insurance products to EchoPark guests. Under the partnership, Matic’s innovative insurance […] [Read More]

Cox Automotive acknowledged that by nearly every measure, 2022 was a difficult year for independent dealers, who were challenged by historically low vehicle inventories, high prices and the ongoing risk of an economic recession. With predicting the year ahead will be one of transition, as both consumers and the industry move past the remains of […] [Read More]

Auto defaults closed 2022 with the first double-digit rise in the default rate in more than five years. On Tuesday, S&P Dow Jones Indices and Experian released data through December for the S&P/Experian Consumer Credit Default Indices. The auto rate came in at 0.87%, representing the first of increase 10 basis points since … [Read More]