Lucid Group has reached the next stop on its ride with Uber. The electric vehicle manufacturer said it has closed on a $300 million investment from Uber Technologies as part of Uber’s next-generation premium global robotaxi program, announced in July. The program aims to deploy 20,000 or more Lucid vehicles equipped with Nuro Inc.’s Nuro […] [Read More]

2024 delivered a sharp turn in the trajectory of dealership service revenue. According to industry data, OEM warranty revenue rose nearly 20%, reaching $28 billion, far exceeding WarrCloud’s original forecast of 8.4%. That kind of growth should be welcomed because it comes at a time when customer pay work is stagnating. What’s driving this shift? […] [Read More]

Two of Ohio’s top Lexus dealerships are under new ownership. Ken Ganley Automotive Group has acquired Metro Lexus in Cleveland and Lexus of Akron-Canton — two of the Cleveland area’s three Lexus dealerships — from Ascent Automotive Group, according to Kerrigan Advisors, which represented the seller in the transaction. The advisory firm said Metro Lexus […] [Read More]

Sales are projected to fall in the second of the half of the year, and dealers need to seek ways to optimize operations, reduce costs, and improve customer satisfaction. While much attention is often paid to retention in new car sales, the service lane represents a critical yet usually underutilized profit center through retention. Automating […] [Read More]

Dealers Auto Auction Group has its eyes on expansion and announced a hire on Thursday to facilitate that growth. DAAG said former KAR Global (now OPENLANE) and longtime industry executive Warren Byrd has been appointed vice president of acquisitions and business development. Byrd has spent more than 30 years in the remarketing industry, including leading […] [Read More]

Brice Beard has worked inside finance companies as well as industry vendors. And now Beard is bringing three decades of experience within those segments to Jericho Information Technology, which named him chief revenue officer. During the first half of his professional career, Beard held roles with AmeriCredit and CitiFinancial Auto. Later, he moved into the […] [Read More]

TurboPass acknowledged some dealerships and auto-finance companies prefer to examine stipulations and other underwriting documents through the prism of a 90-day window. So this week, the financial technology software company that provides automation, SaaS, and cloud-based solutions for automotive dealerships, banks, property managers, and finance companies across North America, released a 90-day banking reports option […] [Read More]

For the second consecutive year, Asbury Automotive Group has been named one of the World’s Most Trustworthy Companies. Asbury, which operates 145 dealership locations and 37 collision repair centers as well as F&I provider Total Care Auto, ranked 54th among retail businesses on the annual list, compiled by Newsweek in collaboration with statistics portal Statista. […] [Read More]

There’s a new president at Carfax. Chief operating officer Scott Fredericks has taken on that role, a move that was effective Wednesday, parent company S&P Global announced. Fredericks succeeds Bill Eager the former CEO of Carfax, who became president of S&P Global Mobility on Aug. 15. Eager will become CEO designate of Mobility when Mobility […] [Read More]

Next up on our series of Auto Remarketing Podcast episodes from Canada’s Used Car Week in June is a panel discussion with honorees from the Women & Automotive Profiles in Leadership program. It’s titled, “Calm Counsel Amid Stormy Times.” Jamye Carpenter, vice president of customer success at Privacy4Cars, leads the discussion, which you can listen […] [Read More]