CARFAX announced this week that its vehicle history database now includes more than 30 billion records. According to a news release, the 30 billionth record loaded into the CARFAX database is an “offered for sale” record on a 2020 Kia Telluride. The company said this Telluride is a one-owner, well-maintained, certified pre-owned SUV that has […] [Read More]

Location Services recently hired eight executives in a wide array of specialties to help strengthen the senior leadership team of the recovery management and loss mitigation service company. Bringing 10 to 20 years of experience with them in some instances, the newest hires include: —Carolynn Huter, vice president of human resources —Peggy Hood, vice president […] [Read More]

Shift’s merger with CarLotz has officially closed, the company announced Friday. The deal for CarLotz, a consignment-to-retail used-car marketplace, to merge with Shift, a used-car ecommerce platform, was first announced in August. CarLotz shareholders at the time of the merger receive roughly 0.705 shares of Shift common stock for each CarLotz common stock they own. […] [Read More]

Jay Maxwell of the Costco Auto Program returns to the Auto Remarketing Podcast this week In this episode, we talk about the program's latest certified pre-owned incentives, the importance of partnerships between dealers, automakers and third parties in CPO, plus much more. To listen to the conversation, click on the link available below, or visit the Auto […] [Read More]

Initial estimates for used-car retail sales in November are down on both a month-over-month and year-over-year basis, but comparisons to pre-COVID numbers are improving. That’s according to analysis from Cox Automotive, which bases its sales estimates on a same-store set of dealership data from its Dealertrack business unit. Cox estimates there was a … [Read More]

AutoVerify has teamed up with Global Warranty, an independent warranty provider in Canada, to help dealers drive F&I profitability. The company has integrated Global Warranty products into its AutoVerify Spotlight digital merchandising solution. “This partnership with AutoVerify is a win for our company and automotive shoppers as a whole,” Global Warranty president and CEO Roy […] [Read More]

While Canadian car shoppers say they’ll hold steady on their decisions around new-versus-used and budgeting regardless of where the economy goes, recent research from AutoTrader.ca also shows they were more willing to consider pre-owned this year. Pushed by microchip shortage-driven new-car supply challenges, 36% of vehicle intenders this year considered buying a used car instead […] [Read More]

Used-vehicle prices are falling, inventory is still difficult to acquire, and economic conditions continue to weaken. These are challenging times for independent dealers. In times like these, inventory management is key to staying profitable. Here are a few tips to improve inventory management in 2023. Stay in your wheelhouse When inventory is scarce, it’s tempting […] [Read More]

Perhaps one segment of the annual report generated by the ombudsman of the Consumer Financial Protection Bureau might be of particular interest to auto finance companies and their compliance departments. During the last fiscal year, the CFPB ombudsman launched its post-examination survey of supervised entities, which was aimed to serve as “a confidential avenue for […] [Read More]

This philanthropic activity roundup includes activities involving EchoPark Automotive, a subsidiary of Sonic Automotive, as well as JM Family Enterprises. EchoPark already collaborated with business mogul, TV personality and motivational speaker Marcus Lemonis to give away one used vehicle in November. This month, the retailer and Lemonis intend to give away three more vehicles. The […] [Read More]