Alternative data isn’t just for evaluating consumers during the underwriting process. It’s now being used to evaluate entire companies, too. Last week, Bloomberg announced the introduction of a new alternative data function — ALTD <GO> — on the Bloomberg terminal. For the first time, customers can get an early read on company performance, side-by-side with […] [Read More]

Off Lease Only, a Florida- and Texas-based used-car retailer whose stores were previously was among the leading used-car dealers in the country, has voluntarily filed for Chapter 11 bankruptcy and is closing its stores amid an auto retail environment it says has been “deteriorated” by scarce supply, price inflation and lack of demand and affordability. […] [Read More]

The monthly index generated by Black Book showed August wholesale prices trending in a different direction than the monthly index posted by Manheim. Here’s what the experts from both operations said. The Black Book Used Vehicle Retention Index for August decreased 5.2% or 8.8 percentage points to 162.3 from the July reading of 171.1. Black Book […] [Read More]

A new report by Boston Consulting Group (BCG) examined the ongoing shift from internal combustion engines toward electric vehicles (EVs) and the transformation of vehicles that are almost exclusively mechanical machines to ones with increasingly complex software-defined systems. BCG said the software-defined vehicle (SDV) is just emerging, and it will continue to evolve over the […] [Read More]

As demand for electric vehicles slows while inventory rises, the Chicago Automobile Trade Association is bringing back an event to give consumers a chance to experience an EV for themselves. The Chicago area’s new-car dealer association and producer of the Chicago Auto Show announced the return of Chicago Drives Electric, an event that seeks to […] [Read More]

The big just got bigger. A lot bigger. Asbury Automotive Group, one of the America’s largest automotive retail and service companies, announced Friday morning it has signed a definitive agreement to acquire Jim Koons Automotive Companies, the ninth-largest privately-owned dealership group in the U.S. The transaction — for a purchase price of approximately $1.2 billion, […] [Read More]

This week, Informativ announced that Kimberly Lang has joined the company as chief operating officer. The provider of credit-focused lead generation, credit report and compliance solutions to automotive dealers, finance companies and other clients said Lang is assuming the position previously held by Darin Larsen, one of the company founders who is taking on a […] [Read More]

AutoPayPlus by US Equity Advantage made its second executive move in the past two months, announcing this week that David Lee has joined the company as director of finance and controller. In this role, AutoPayPlus said Lee will be responsible for overseeing the company’s finance and compliance departments, ensuring the necessary resources and disciplines are […] [Read More]

DealerBuilt, a software provider to franchised dealerships, announced its third acquisition in the past 15 months. This week, the company purchased iService Auto, a key piece in what DealerBuilt called its “comprehensive” M&A strategy to offer the ability for its customers to run all their departments on one integrated platform without switching between systems. The […] [Read More]

The auto dealership buy/sell market continues to gain momentum toward a record-breaking year, according to the latest data from Kerrigan Advisors. Kerrigan’s Blue Sky Report for mid-year 2023 showed 211 transactions representing 357 franchises were completed in the first half of the year. That’s up 26% from 2022, a faster pace than the typical full-year […] [Read More]