DriveItAway, a U.S.-based mobility platform that offers vehicle subscription-to-purchase services, is expanding to Canada. The company has partnered with Ontario-based Legacy Auto Credit, a dealership offering in-house leasing and auto financing to credit- and debt-challenged customers. “For decades Legacy Auto Credit has helped those who are credit challenged to acquire a new or used vehicle. We […] [Read More]

With another lift of 50 basis points on Wednesday, the Federal Reserve now has pushed the federal funds rate higher by 425 basis points this year to the 4.25% to 4.50% range. While Federal Reserve chair Jerome Powell emphasized the importance of getting inflation under control, Cox Automotive chief economist Jonathan Smoke cautioned that “the […] [Read More]

While a single company influenced the rising number of commercial Chapter 11 bankruptcy filings in November, consumer filings rose more evenly, according to data provided by Epiq’s Bankruptcy Analytics platform. Epiq reported total U.S. bankruptcy filings in November came in at 31,178, which is 6% higher than the 29,335 total filings in November of last […] [Read More]

Continuing an active end of the year within the commercial financing area, First Business Bank’s floorplan financing team this week announced the promotion of Spencer Brink to portfolio manager of floorplan financing. Brink joined First Business Bank in 2016 as a credit analyst intern, moving into a full-time credit analyst role after graduation from the […] [Read More]

Good news for the Canadian used-vehicle market: Prices are considerably steadier, according to Canadian Black Book, which released its Used Vehicle Retention Index for November on Friday. Specifically, the index came in at 158.7 for the month, relatively steady with October’s 158.8 reading. Following a 44% increase in January, the year-over-year increases in CBB’s index […] [Read More]

Last month marked the first year-over-year rise in certified pre-owned sales since September 2021, according to a Cox Automotive Data Point report Tuesday and month-by-month data the company previously sent Auto Remarketing. Beyond snapping a 14-month streak of year-over-year declines, the CPO market also has this positive sign as year-end draws near: annual sales are […] [Read More]

Swickard Auto Group in Gladstone, Ore., has purchased five dealerships representing seven franchises from Anderson Autos in Thousand Oaks, Calif., according to a news release from The Presidio Group, which advised Anderson in the deal. Included in the deal are Acura, Honda, Jaguar, Land Rover, Lexus, Mercedes-Benz and Commercial Van dealerships. Swickard plans to purchase […] [Read More]

Electric vehicle subscription company Autonomy has added a fourth state to its footprint: Texas. Its services are now available in the Austin area and Travis County. This follows Autonomy’s launch in California, followed by expansion to Florida and Washington. Autonomy said in a news release that Texas trails only California and Florida for EV registrations. […] [Read More]

This week, Kinetic Advantage announced more than a half dozen enhancements to its proprietary dealer management portal, Kinetic 360. The independent floorplan provider highlighted the new Kinetic 360 showcases a sleek and responsive design with functionality that can allow users to navigate the portal and manage their account easily. After conducting an extensive study, utilizing […] [Read More]

IAA is rounding out an active year of expansions with the opening of new branches in Minnesota and Maryland. The company said on Wednesday that IAA Minneapolis South is the second branch in Minnesota and provides significant inventory storage and updated facilities to serve the growing needs of the Twin Cities area. And IAA Elkton, […] [Read More]