OpenRoad Auto Group has launched a philanthropic non-profit organization, OpenRoad Foundation, which has been a long-time dream of CEO Christian Chia, who is also the OpenRoad Foundation’s founding board of director. The foundation is designed to support the development of “robust and resilient” communities in the areas the dealer group serves. So far, the OpenRoad […] [Read More]

It’s like a virtuous circle for used electric vehicle affordability. An increasing percentage of pre-owned EVs are now priced under $25,000, the threshold to qualify for federal tax credits, which in turn would make those cars even more affordable. Here's how those numbers shake out ... [Read More]

June showed “more precipitous” declines in wholesale vehicle prices than May, and that drop-off has not let up so far this month, says ADESA chief economist Tom Kontos in his latest monthly report. Citing data from ADESA US Analytical Services, the Kontos Kommentary report released Friday said average wholesale vehicle values in June were at […] [Read More]

ADESA chief economist Tom Kontos returns to the Auto Remarketing Podcast for a wide-ranging conversation with Cherokee Media Group’s Nick Zulovich. Kontos shared his views on wholesale values, interest rates and whether the used-car industry needs only routine maintenance or a major overhaul. The conversation can be found in the window below. [Read More]

Dealer Trade Network, an inventory optimization system for new car dealerships, has partnered with Automotive Ventures’ DealerFund and added Steve Greenfield as a strategic advisor to the company. Dealer Trade Network said the Automotive Ventures DealerFund has “the most progressive, technology-driven dealership principals as limited partners,” and cited Greenfield’s “extensive industry expertise” as an asset […] [Read More]

Last week, iLending promoted Nick Goraczkowski to be president after serving the auto refinance company as senior vice president and chief revenue officer for more than a decade. Goraczkowski takes over for Tom Holgate, who served as company president for the past four years. Through a news release, Tom Harding, managing director of J.C. Flowers […] [Read More]

Volvo retailers and Polestar Spaces now can take advantage of Dealertrack digital contracting across all lease and retail contracts through Volvo Car Financial Services (VCFS) and Polestar Financial Services (PFS). Dealertrack highlighted that connecting Volvo retailers and Polestar Spaces with a single workflow for deal origination will allow for a unified digital contracting experience whether […] [Read More]

The pandemic apparently created another health impact; this time on auto financing. Analysis by S&P Global Mobility and TransUnion revealed loyalty to automotive finance institutions eroded significantly during the pandemic whether customers were leasing or buying vehicles. Across new-vehicle leasing and installment contracting, researchers found more than half of all customers defected to a new […] [Read More]

Consumer Portfolio Services chief operating officer Mike Lavin explained why PayNearMe now being natively integrated with the Cash App Pay is good for the subprime auto finance company. “The addition of Cash App Pay will give our customers even more choice and flexibility for making their auto loan payments,” Lavin said in a news release […] [Read More]

The Federal Reserve is doing more than adjusting interest rates nowadays. On Thursday, the Fed announced that its new system for instant payments, the FedNow Service, is now live. Officials said banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of […] [Read More]