Dealerships and auto finance companies already were not completing many deliveries and installment contracts for new vehicles with consumers who fell into the subprime and deep subprime credit tiers. Now following the significant jump in interest rates, Cox Automotive pinpointed just how small the lowest credit tiers constitute in the new-model market. In 2018, Cox […] [Read More]

RunBuggy, a tech platform designed to connect car shippers and transporters, said Monday it will launch a pricing engine based on artificial intelligence that is aimed at optimizing pricing for vehicle transport. RunBuggy’s “Torque” analyzes real-time data through advanced algorithms — using data sources like weather patterns, traffic conditions and historical trends — to generate […] [Read More]

So, there I am, after a whole week of travel, consenting to go with my wife first thing Saturday morning — not to golf — but to go to Costco. I was grateful to spend time with her, but the venue wouldn’t have been my first choice. Alas, off we go, and we begin snaking […] [Read More]

Marchex is ramping up its presence in the automotive industry. The artificial intelligence-powered conversation intelligence company recently announced that it has launched Marchex Spotlight for Automotive. Marchex highlighted that this solution can enable automaker and dealer customers to increase revenue by easily identifying failed business-to-consumer conversations that drive instant corrective actions through AI-powered conversational intelligence. […] [Read More]

What’s the “new normal” for the post-pandemic used-vehicle market in Canada?  How has the pandemic impacted the industry, and what are the lasting effects? Jake Stacey, executive vice president of sales and training at LGM Financial Services and a speaker at Canada’s Used Car Week next month, breaks it down into three buckets: customer, people […] [Read More]

One way your dealership could see customers beyond when they take delivery is by guiding them toward a vehicle that’s more affordable to insure and maintain. That vehicle could be one of the 2023 model-year brand and category winners of the 5-Year Cost to Own Awards recently given by Kelley Blue Book. Examining ongoing costs […] [Read More]

Michael Manley said AutoNation decided to “realign, reposition and reduce” its used-car inventory in the first quarter of 2022. That appeared to be a wise move as the year went on, said Manley, who is AutoNation’s CEO. “It did, however, set us up for a tough comp per unit volume in Q1,” Manley said during AutoNation’s first quarter 2023 earnings call on April 20. Manley said during the call that the company will “remain nimble” in its approach to used vehicles. “And expansion of our AutoNation USA footprint remains ... [Read More]

Pagaya Technologies reinforced its executive team focused on automotive to deliver artificial intelligence infrastructure for the financial ecosystem. Giancarlo Marchesi has joined Pagaya as general manager to oversee the auto and personal lending businesses. Pagaya highlighted Marchesi is well-versed in the space, having served as chief risk officer for auto at Wells Fargo and head […] [Read More]

Origence announced results of its board of directors election conducted during the company’s annual shareholders meeting. The new board members for the provider of technology solutions for credit unions are: —Bob McKay, president & CEO of Together Credit Union of St. Louis, an incumbent director —Ron Neumann, president & CEO of OCCU, formerly associate director […] [Read More]

Last week, Open Lending Corp. released the results of a case study that shows how Sound Credit Union grew its direct and indirect automotive finance volume and yield with Lenders Protection. Officials said Sound Credit Union implemented Lenders Protection in six weeks, allowing the Washington state credit union to book new, risk-mitigated automotive retail installment […] [Read More]