American Recovery Association executive director Joel Kennedy recently reported findings from an industry survey about vehicle and lot storage costs. Kennedy explained that ARA is examining this entire category of expenses that includes everything from rent, security, insurance and staffing. ARA’s survey indicated: • 71% of respondents have between 1-3 vehicle storage lots, and over […] [Read More]

Edmunds drilled deeper into its third quarter auto finance data on Wednesday, looking closer at consumer who are making a monthly payment of more than $1,000. Analysts found four more intriguing trends, including … [Read More]

The TurboPass PayStub report rolled out nationally this week. According to a news release from TurboPass, dealerships in all 50 states now can experience faster funding, more down payments and fraud prevention on customers with payroll data. Internal TurboPass research has found that more than 2 million people in the U.S. fake paystub documents every […] [Read More]

Dominion DMS and Market Scan Information Systems now are working together. The partnership announced this week means Dominion DMS will integrate key data from Market Scan’s APaaS platform, enabling Dominion’s dealers to calculate payments with exact sales tax rates in any ZIP code in every state with scientific precision using the customer’s address. In today’s […] [Read More]

This week, DriveItAway Holdings announced that it has received confirmation from the Financial Industry Regulatory Agency (FINRA) that the pending company name change and trading symbol change request to DriveItAway Holdings and DWAY has been approved. Accordingly, in a development that became effective on Monday, the company’s common stock will trade on the over-the-counter market […] [Read More]

A few days after reinforcing its engineering department, this week F&I Sentinel bolstered its product credentialing team by adding Michelle Covin, Sam Barnes and Alexander Bitar. F&I Sentinel said through a news release that Covin, Barnes and Bitar will serve alongside a distinguished group of experts that continuously monitor legislation, regulatory developments, and litigation regarding […] [Read More]

Cox Automotive is on a Rocky Mountain high — and in a good way. This week, the company announced the Colorado Automobile Dealers Association (CADA) and Colorado Independent Automobile Dealers Association (CIADA) have both exclusively endorsed Dealertrack’s in-state registration and title solution, giving dealers the ability to electronically process registration and title transactions with the […] [Read More]

In the past 60 days, AutoCanada has acquired a franchised dealership, a large independent store and a collision center. Late on Tuesday, the company announced it acquired an auto auction by making a deal to get North Toronto Auction, a fee-based used-vehicle auction business, serving dealers and consumers alike, located in Innisfil, Ontario. AutoCanada said […] [Read More]

Sonia Jain is returning to Cars.com as chief financial officer on Oct. 17 after stepping down from that position in April to pursue another career opportunity. Jandy Tomy has been interim CFO since April and will remain with CARS as executive vice president of finance and treasurer. “We are thrilled to have Sonia back as we […] [Read More]

CarMax president and chief executive officer Bill Nash opened his comments during the company’s quarterly earnings call last week by noting that CarMax had “a significant number” of stores in Hurricane Ian’s path and that associates’ safety was the company’s top priority. But continuing on with his comments during what was CarMax’s second quarter fiscal year 2023 Earnings […] [Read More]