Financing a used-vehicle acquisition almost seems like a bargain when compared to new-car trends included in first-quarter data from Edmunds released on Monday. Edmunds reported the average amount financed for a used-vehicle delivery in Q1 came in at $28,610 for 70 months with an average interest rate of 11.1%. With an average down payment clocking […] [Read More]

SavvyMoney and Credit Union of Southern California (CU SoCal) highlighted near record-breaking numbers for pre-approval auto finance marketing campaign deployed last year. Results from the campaign that ran from Aug. 23 to Oct. 16 showed CU SoCal generated a 74% increase in application volume from digital channels, a 53% increase in total funded contracts from […] [Read More]

For many reasons, dealers have been learning to do more with less over recent years. This challenge is coupled with an ongoing priority at dealerships to meet or exceed CSI goals, which requires a personalized high-touch approach to help win that customer relationship, support retention, and drive new sales. All together, these factors can put […] [Read More]

Reynolds and Reynolds has acquired Canadian software company DealerCorp Solutions, which focuses on developing cloud applications for the Canadian car business. This is the second purchase of the year for Reynolds, which in late January announced the acquisition of American Guardian Warranty Services, a provider of vehicle service contracts, limited warranties and other F&I products […] [Read More]

Shift Technologies, which saw its revenues nosedive and other losses deepen in its fourth quarter, announced measures it’s taking to return the company to profitability including the layoff of 30 percent of its workforce since the beginning of 2023. During Shift’s March 28th conference call outlining its financial results for its fourth quarter that ended Dec. 31, and the entire 2022 year, CEO Jeff Clementz said 2022 was “a year of significant change for Shift” and the company has adjusted its strategy to ... [Read More]

Indianapolis-based buy-here, pay-here dealership Oak Motors shared some details Friday on its recent charitable work. The dealership donated a total of $94,000 to seven charities in the Indianapolis, Muncie and Anderson areas of Indiana during 2022. Those nonprofits included Wheeler Mission, Muncie Mission Ministries, DAV (Disabled American Veterans), Second Helpings, Gleaners Food Bank of Indiana, […] [Read More]

Point Predictive chief fraud strategist Frank McKenna returned for his regular visit on the Auto Remarketing Podcast. This time, McKenna took a deep dive into the results from Point Predictive’s annual auto finance survey, sharing how companies are contending with fraud and more. The podcast can be found in the window below. [Read More]

J.D. Power said finance companies need to focus on bringing their lease customers back to the brand in light of the current market. J.D. Power said lease options for customers are limited as auto leasing volume continues to fall. In fact, analysts indicated leasing now accounts for just 17% of total new-vehicle sales. According to […] [Read More]

One of the best athletes ever to step in the boxing ring will be on stage this summer during the National Independent Automobile Dealers Association’s annual gathering. Sugar Ray Leonard will share his drive for success as the keynote speaker for NIADA’s Accelerate 2023 Convention and Expo. Leonard will speak at 4:30 p.m. (PT) on […] [Read More]

Here’s an example of two large organizations recognizing a possible issue within financial services and taking action. On Thursday, the NAACP and TransUnion announced the launch of Connecting to Our Financial Future, a credit education website designed to promote financial inclusion among traditionally underserved and underrepresented communities. The organizations said the announcement comes at a […] [Read More]