Vroom said Friday it has added Fernwood Holdings CEO and managing director Timothy Crow to its board of directors. In addition to his time with that venture capital investment firm, Crow has held executive roles with The Home Depot and Kmart. “We are thrilled to announce the addition to our board of directors of Tim […] [Read More]

Dealers Auto Auction Group has acquired Atlas Auto Auction, a move that adds the Little Rock, Ark., market to the auction group’s footprint. With the purchase of Atlas, DAAG now has 10 auctions throughout the Southeast. “We are very excited about the acquisition of the Atlas Auto Auction and entering the Little Rock market,” DAAG […] [Read More]

A recent dealer survey by eLEND Solutions showed how much stores feel exposed to fraud. Last week, Point Predictive launched a solution to address that specific challenge and more with a tool to help finance companies vet dealerships based on their historical contract performance Point Predictive highlighted DealerExplorer is a solution that can help auto […] [Read More]

Wolters Kluwer recently announced third quarter results and analysis from its Auto Finance Digital Transformation Index, a key resource that tracks the rate at which auto dealers, service providers and finance companies are seeing growth in the evolution from paper-based finance back-office processes to digital.  According to the index, auto dealers, service providers and finance […] [Read More]

Last week, Tenet announced that the company has secured what it believes is the first-ever electric vehicle (EV) only warehouse facility to make EVs more affordable. According to a news release, Tenet has entered into a warehouse financing agreement of up to $20 million with Silicon Valley Bank (SVB) to fund Tenet’s EV installment contract. […] [Read More]

The noise that you are about to hear — loud and clear — in the used-vehicle market during the next few months will not be the loud pop of a market bubble being pierced; rather, it will be the slow and steady hiss of air being released from an admittedly overheated market. While the cooling […] [Read More]

Quick action by Group 1 Automotive enabled it to show a slight annual increase in U.S. same-store used retail units sold in the third quarter despite turmoil in the used-car market, said outgoing CEO Earl Hesterberg on the third-quarter earnings call. “One of the challenges we faced in the US in the quarter was a […] [Read More]

Penske Automotive Group had a rough third quarter where used vehicles were concerned, with sales falling 7.0% to 65,523 units compared to the same quarter in 2021. Used-vehicle revenue fell 4.1% and gross profit was down 32% to $131.3 million. On the earnings call, chairman and CEO Roger Penske dissected the environment. On the premium […] [Read More]

Another warranty and service contract provider now is in the market to serve franchised and independent dealerships. This week, Titan Warranty Administration publicly launched its all-digital platform, specializing in manufacturing and administering customized service contracts and limited warranty programs. Titan Warranty’s products include vehicle service contracts, certified pre-owned wraps, certified pre-owned limited warranties, guaranteed auto […] [Read More]

This week, insurance marketplace Polly announced a collaboration with Cox Automotive’s VinSolutions to create what the companies called a “powerful” set of solutions that can help marketing, sales, service and operations workflows stay in sync. This new collaboration will provide benefits for dealer customers of both Polly and VinSolutions, according to a news release. The […] [Read More]