Most companies would bemoan a 67% drop in the number of vehicles sold online in the third quarter of 2022. Not so used car retailer Vroom. “We've made the choice to slow down. We slowed down with the intent to continue improving our customer experience. We plan to live within our means while we prioritize […] [Read More]

Slowing used vehicle sales, sliding profits and consumer affordability concerns are pushing Carvana to seek more ways to cut costs, said its top executive. That’s in addition to $90 million in expenses the online used-vehicle retailer slashed in the third quarter that ended Sept. 30, said CEO Ernie Garcia, during the company’s quarterly earnings call […] [Read More]

On Wednesday, Work Truck Solutions finalized its third industry relationship since the beginning of September. Coming after alignments with Manheim as well as FordDirect, the company specializing in commercial vehicles announced inventory listing partnership with Holman’s small business division, providing Holman’s customers greater access to locate and acquire commercial vehicles. When companies with shared goals […] [Read More]

To handle client demand and make room for personnel and resources, defi SOLUTIONS on Tuesday announced the expansion of the Amherst, N.Y. facility that houses the company’s newly renamed defi MANAGED SERVICING outsourced servicing operation. According to a news release, the addition of almost 4,000 square feet brings total space in the facility to 43,000 […] [Read More]

This week, LAUNCHER.SOLUTIONS and Creative Business Decisions (CBD) finalized their full integration to help mutual clients make better underwriting decisions by incorporating generic or custom-developed scorecards created by CBD within Launcher’s appTRAKER Loan Origination System (LOS). The company reiterated appTRAKER LOS was designed for finance companies needing a more efficient way to consume data while […] [Read More]

NETSOL Technologies, a global business services and enterprise application solutions provider, recently launched its latest product offering called Flex, which is an API-based, ready-to-use calculation engine designed to guarantee precise calculations at all stages of the contract lifecycle through various calculation types. The company said Flex can provide versatility by covering all the calculation aspects […] [Read More]

Two major developments connected with Automotive Ventures’ Steve Greenfield surfaced on Tuesday and Wednesday, less than a week ahead of NAVIcon and Used Car Week in San Diego. First, Greenfield and three other industry entrepreneurs launched a tool that can track more than 140 of the top dealer groups in the United States. Then, the […] [Read More]

Off-lease has been the hardest hit segment of wholesale vehicle supply, and recent data suggests that could be the case for some time. But KAR Global CEO Peter Kelly is encouraged by signs that off-lease volumes could eventually make a slow and steady return. During opening comments of KAR’s third-quarter earnings call earlier this month, […] [Read More]

Evidently, franchised dealerships are on the hunt for inventory, with independent stores and the new normal of 2002, those rental car companies, stepping back at the auction. That’s the notable observation Black Book shared on Tuesday through its Market Insights that also detailed wholesale prices softening another 1.05% and the estimated average weekly sales rate […] [Read More]

From the Golden State to the Sunshine State. Autonomy has added its first markets outside of California, announcing Tuesday that the electric vehicle subscription platform is now available in Southeast Florida. That includes Miami, Fort Lauderdale and West Palm Beach. Florida is second only to California in terms of EV population, the company said. “Expanding […] [Read More]