In addition to announcing first-quarter earnings results, Shift Technologies said Thursday it is reviewing strategic alternatives — which could include “potential sale of certain operating businesses, third party investment or partnership opportunities and/or funding alternatives for our marketplace business, ”the company said. Shift’s board plans to “proceed in a timely manner” but did not set […] [Read More]

And now for some M&A activity in the carsharing space. Getaround announced Thursday evening it would acquire substantially all of HyreCar’s assets for $9.45 million. In March, HyreCar had filed a motion with the U.S. Bankruptcy Court in Delaware to sell its assets under Section 363 of the Bankruptcy Code. The purchase is expected to […] [Read More]

Tasca Automotive Group has purchased Kingston, N.Y.-based L.T. Begnal Motor Company, according to a news release from Performance Brokerage Services, which advised on the sale. Tasca is based in the Northeast and includes 20 dealerships. The Begnal group includes the Chrysler, Dodge, Jeep, Ram and FIAT brands. Larry Begnal, dealer president, said in a release: […] [Read More]

JM Family Enterprises announced three executive leadership changes this week in an effort to prepare for the future and continue positioning its core automotive companies to seize opportunities amid the industry’s shifting landscape. According to a news release, Dan Chait, most recently the president of both JM&A Group and Southeast Toyota Finance, has been promoted […] [Read More]

Car Capital paused originations, reduced its workforce and shifted contract servicing to Westlake Financial last November because of “difficult capital market conditions.” On Thursday, Car Capital reemerged with a new leadership team set to do business now in the Midwest and Southeast with an expansion into the West in the works. Among the members of […] [Read More]

MBSi Corp. announced that a top leadership transition began this week. After more than eight years of leadership and growth at MBSi, the provider of repossession assignment software and vendor compliance solutions to the auto finance industry said president Cort DeHart is departing with Ray Peloso on track to take over the position. MBSi explained […] [Read More]

Off-lease supply has slowed, but one company, in particular, is helping dealers with an alternative route to securing late-model vehicles: pre-ordering off-subscription vehicles ahead of time, before they even go to the retail consumer. Immanuel Klaiber is the head of remarketing, TCO and fleet at FINN, a vehicle subscription service. He joins the Auto Remarketing […] [Read More]

This week has been a busy one for investments flowing into artificial intelligence-fueled technology providers for the auto industry. On Wednesday, Ravin AI, a leader in deep learning vehicle inspection technology, secured its first Australian investment from Firemark Ventures, the corporate venture capital arm of IAG, one of the largest general insurers in Australia and […] [Read More]

I remember when I was on the sales floor around the last week of the month, there was always three sets of people. First there were the victims – these individuals would spend the final week of the month trying to figure out next month’s “rain dance” that would deliver them some success. This never […] [Read More]

Three ingredients that analysts put in the headwind category had more impact than the trio of trends in the helpful category, resulting in access to auto finance credit tightening in April to the lowest point in more than two years. That’s all according to the newest Dealertrack Credit Availability Index released this week. Following varied […] [Read More]