Global financial technology company Sopra Banking Software (SBS) wants a great presence in the U.S. auto market. Last week, SBS announced plans to expand its work with automotive companies in the U.S. The company currently works in more than 50 countries with manufacturers including Mercedes-Benz, Toyota, BMW, Nissan and Volvo, as well as banks and […] [Read More]

When it comes to building business relationships, J.D. Power experts see that there is no substitute for an effective face-to-face sales meeting. According to the J.D. Power 2023 U.S. Dealer Financing Satisfaction Study, 77% of dealership F&I teams say in-person meetings with sales reps are the key to increased business with finance companies. That assertion […] [Read More]

Formula Automotive Consulting and Technologies, a new company specializing in warranty reimbursement for automotive dealers, announced the official launch of its consultative services. Spearheaded by fixed operations experts, Formula Automotive looks to solve the pain point of warranty rate disparity for dealers. The company said it can provide both parts and labor submissions with optimal […] [Read More]

IAA has added new artificial intelligence and machine learning tools to its selling platform. The auction company — a subsidiary of RB Global, Inc., a marketplace for insights, services and transaction solutions for commercial assets and vehicles — announced the launch of IAA Vehicle Score, IAA Vehicle Value and the IAA Sales Decision Center, all […] [Read More]

Penske Automotive Group, which operates almost 500 auto and truck dealerships in six countries, had added two more to its collection. Penske announced it has acquired BMW of Wilmington and Porsche Wilmington in Wilmington, N.C., from Baker Motor Company. Both dealerships have earned their respective brands’ highest honor:  BMW of Wilmington was named a BMW […] [Read More]

A new study by Coast examined electric vehicle charging station density versus traditional gas stations in the U.S. Researchers from the smart fuel card and modern expense management platform built on the Visa network found that the U.S. averages about 104 gas pumps per 1,000 road miles, compared to just 22 EV charging ports. “As […] [Read More]

Perhaps two trends from the auto segment of the Q2 2023 Quarterly Credit Industry Insights Report (CIIR) from TransUnion might calm finance companies on the risk front. TransUnion reported the average amounts financed for new vehicles have stabilized year-over-year, while the averages at origination for used financing have declined of 6.3% year-over-year. Furthermore, TransUnion indicated […] [Read More]

New-vehicle sales were up in the first half of 2023, fueled in part by the continued rise of electric vehicles, according to the latest research from Urban Science. The 2023 midyear Automotive Franchise Activity Report found sales rose by 13% over the same period in 2022, primarily driven by non-retail sales and EV adoption. Based […] [Read More]

Feldman Automotive Group, which owns and operates 18 auto and RV dealerships in Michigan and Ohio, is again partnering with Mark Wahlberg and Corewell Health Foundation-Southeast Michigan to host the Feldman Automotive Children’s Miracle Celebrity Invitational golf tournament. All proceeds from the Aug. 28 event, featuring appearances by more than 50 national and local celebrities, […] [Read More]

The American Recovery Association previously stated that the organization’s next executive director would have to possess eight distinct characteristics, including industry experience, public speaking ability and more. The ARA found its next professional leader, announcing well-known industry figure Tony Long as its new executive director on Thursday. According to a news release, Long will start […] [Read More]