The big just got bigger. A lot bigger. Asbury Automotive Group, one of the America’s largest automotive retail and service companies, announced Friday morning it has signed a definitive agreement to acquire Jim Koons Automotive Companies, the ninth-largest privately-owned dealership group in the U.S. The transaction — for a purchase price of approximately $1.2 billion, […] [Read More]

This week, Informativ announced that Kimberly Lang has joined the company as chief operating officer. The provider of credit-focused lead generation, credit report and compliance solutions to automotive dealers, finance companies and other clients said Lang is assuming the position previously held by Darin Larsen, one of the company founders who is taking on a […] [Read More]

AutoPayPlus by US Equity Advantage made its second executive move in the past two months, announcing this week that David Lee has joined the company as director of finance and controller. In this role, AutoPayPlus said Lee will be responsible for overseeing the company’s finance and compliance departments, ensuring the necessary resources and disciplines are […] [Read More]

DealerBuilt, a software provider to franchised dealerships, announced its third acquisition in the past 15 months. This week, the company purchased iService Auto, a key piece in what DealerBuilt called its “comprehensive” M&A strategy to offer the ability for its customers to run all their departments on one integrated platform without switching between systems. The […] [Read More]

The auto dealership buy/sell market continues to gain momentum toward a record-breaking year, according to the latest data from Kerrigan Advisors. Kerrigan’s Blue Sky Report for mid-year 2023 showed 211 transactions representing 357 franchises were completed in the first half of the year. That’s up 26% from 2022, a faster pace than the typical full-year […] [Read More]

A new startup company has launched, with the goal of revolutionizing vehicle title transfers. Cario Inc. is a blockchain-based platform that founder and CEO Nathan Hecht said is designed to solve one of the auto industry’s most difficult pain points. “There are over 276 million vehicles on the road today in the U.S.,” he said. […] [Read More]

With at least one expert explaining expectations are “becoming a reality,” buy-here, pay-here dealerships and finance companies that still will book paper with consumers in an active bankruptcy are getting a deeper potential customer pool. According to data provided by Epiq Bankruptcy, August marked 13 consecutive months that total, individual and commercial bankruptcy filings have […] [Read More]

Two experts from the Federal Reserve Bank of Chicago published a paper this week explaining why they think policymakers raising interest rates not only will curb inflation but will steer the economy away from a recession. Stefania D’Amico and Thomas King, who are both senior economists and economic advisors at the Chicago Fed, explained the […] [Read More]

Late last week, Unifor selected Ford Motor Co. as the “target” for Detroit 3 negotiations in relation to pending auto strikes in Canada. Negotiations with Ford as the target automaker will set the pattern agreement for the process. As to why Ford was selected, representatives from Unifor said Ford is situated to come to an […] [Read More]

Canadian used-car prices continued to drop this past week by over a quarter of a percent. Many segments saw a change in average value of more than $100. The average drop came in at 0.26%, according to Canadian Black Book’s weekly analysis of the market, with car segments only seeing a decline of 0.09%. On […] [Read More]