Acquiring America’s Auto Auction — and merging that business’ 23 auction sites with XLerate Group — just makes good business sense, according to Cam Hitchcock, chief executive officer of America’s Group. The newly consolidated company, which has rebadged its 16 XLerate auction sites with the America’s Auto Auction name, has a broader footprint and an experienced […] [Read More]

Mergers and acquisitions now have involved one of the notable operations associated with collectable cars. On Thursday, IMG, an Endeavor company and a global leader in events, media, sports and fashion, announced that it has acquired a majority stake in Barrett-Jackson, one of the premier collector car auction and live events companies. The companies said […] [Read More]

DriveItAway Holdings made another advancement on Friday related to its mission “to make driving and owning an EV truly affordable for all.” The provider of subscription-to-purchase technology announced that it recently launched its electric vehicle program with the Ford Escape Plug-In Hybrid, working with a new dealer partner, the Chapman Auto Group.  Focused on enabling […] [Read More]

Flagship Credit Acceptance wants to grow its portfolio through its entry into direct-to-consumer financing, so this week, the company hired Rob McKie as chief direct lending officer to lead that endeavor. Flagship highlighted through a news release that McKie brings more than three decades of diverse operations and sales experience to the new role, including […] [Read More]

RunBuggy gained more financial horsepower this week, as the technology platform that connects car shippers and transporters announced it secured a line of credit with Silicon Valley Bank, providing the company with access to funds that will fuel the growth and retention of its open transportation marketplace. In January, RunBuggy secured a Series A investment […] [Read More]

Byrider used technology recently to upgrade the capabilities of its service department. The network of more than 150 buy-here, pay-here dealership locations also leveraged technology to enhance its collections. While a partnership with Shopmonkey was for the service department, Byrider aligned with Lightico as its digitalization partner for front-end and back-end finance activities. According to […] [Read More]

EBlock has pivoted its growth strategy. Instead of a U.S.-wide expansion plan with a year-end 2023 target date, the digital wholesale marketplace will concentrate on its existing markets of Canada, the U.S. West, Midwest and Gulf States, parent company E Inc. chief executive Jason McClenahan said in an earnings release Tuesday. This strategy shift comes […] [Read More]

Ally Financial topped the ranking among subprime auto finance companies for the second consecutive year, according to the J.D. Power 2022 U.S. Dealer Financing Satisfaction Study, which was released on Thursday. Ally Financial ranked highest in overall dealer satisfaction among finance companies that participate in the subprime market with a score of 945 on a […] [Read More]

The decision and plan for Shift and CarLotz to merge came together rather quickly — it was only about four weeks ago that CarLotz chief executive Lev Peker said he got a call from Shift CEO George Arison floating a potential combination. Determining what that combined company will ultimately look like, however, will take some […] [Read More]

In June, STELLA Automotive AI, which provides conversational artificial intelligence technology, welcomed Sherri Eidenberg as its vice president of U.S. dealer sales. This week, Eidenberg reinforced her team with 10 additional automotive technology experts to help STELLA Automotive meet market demand, which has been strong and growing since the market launch in March.  Forming the […] [Read More]