Carvana is now projecting a stronger third quarter in certain key metrics, the online used-car retailer said Wednesday. The company had initially projected positive adjusted EBITDA for the third quarter, and has now updated that to an outlook for adjusted EBITDA above $75 million. Carvana also now anticipates non-GAAP total gross profit per unit of […] [Read More]

Cox Automotive has added another brand to its collection. The industry giant acquired onsite fleet maintenance provider Corcoran’s Mobile Services, further expanding Cox’s nationwide fleet maintenance coverage. “We thrive on delivering a seamless experience 24/7, powered by our more than 1,400 elite technicians, ensuring customers’ fleets keep moving,” said Ted Coltrain, vice president of operations […] [Read More]

Davis+Gilbert announced that the law firm has achieved Mansfield Certification Plus status as part of its ongoing commitment to diversity, equity and inclusion (DEI). The firm highlighted its Certification Plus status indicates that, in addition to meeting the consideration and transparency requirements successfully, Davis+Gilbert has achieved at least 30% representation of historically underrepresented lawyers in […] [Read More]

Informed.IQ, a technology company providing artificial intelligence powered software to streamline verifications and underwriting, announced the launch of CollectIQ. The company said this AI-powered tool can enable auto finance companies to obtain consumer documents digitally to verify financing requirements. Through accurate income calculations and validation of applicant data, Informed.IQ expects that contracts can be processed […] [Read More]

New vehicles might still be out of reach for many customers who land in the subprime credit tier. But the latest data from Kelley Blue Book showed that perhaps the prospects for putting a subprime consumer into a new model might be improving. KBB reported on Wednesday that the average transaction price (ATP) of a […] [Read More]

This week, Lisa Ginter, chair of the board of Credit Union National Association (CUNA), along with Gary Grinnell, chair of the board of the National Association of Federally-Insured Credit Unions (NAFCU), announced 15 members who will serve on America’s Credit Unions’ transition board of directors, should members vote in favor of the merger initially revealed […] [Read More]

Wholesale vehicle prices have declined double-digit percentages for two consecutive months, but it’s important to “put some perspective on that,” according to analysis around Cox Automotive’s latest Manheim Used Vehicle Value index. Last month's 11.6% year-over-year decline in the Manheim index  (adjusting for mix, mileage and seasonality) — which followed June’s 10.3% drop — is a far cry from ... [Read More]

Black Book reported wholesale values dropped 1.10% last week, the largest decrease analysts spotted during a single week in 11 months. The movement prompted Black Book to ask, “Is this a wakeup call or just a blip in the market in this wild world of the car business?” The price drop during the week that […] [Read More]

Consolidation appeared in the buy-here, pay-here industry on Tuesday. Buckeye Dealership Consulting announced the acquisition of Berkshire Risk Services in a merger bringing together two industry service providers committed to empowering dealers and finance companies with innovative risk management tools and customized solutions. “Buckeye’s customers expect best-in-class risk management strategies backed by unparalleled expertise,” Buckeye […] [Read More]

Jeremy Cunningham has been named general manager of Tallahassee Auto Auction, one of two ServNet auctions operated by BSC America. BSC president R. Charles Nichols said Cunningham comes to Tallahassee with more than 20 years of industry experience and skills gained in both the auto auction and fleet/lease/repo arenas. “He has a keen understanding of […] [Read More]