A total of 80 dealers have something else to celebrate. On Thursday, Edmunds announced winners of the 2023 Edmunds Five Star Dealer Awards that went to 80 dealers nationwide for outstanding customer satisfaction ratings. Edmunds said 11 of those honorees also earned the Edmunds Five Star Premier Dealer designation. To qualify for a Five Star […] [Read More]

In their third quarter earnings call, Vroom executives said the firm would purposely slow down in order to improve the online used car retailer’s customer experience. They warned it would impact fourth quarter results. Boy did it. “Sequential declines in e-commerce unit volumes impacted e-commerce gross profit by approximately $12 million. Additionally, the impact of ... [Read More]

Experian made the official declaration on Thursday. In the fourth quarter of 2022, credit unions held the largest percentage of the vehicle finance market for the first time. According to Experian’s State of the Automotive Finance Market Report: Q4 2022, credit unions accounted for 26.85% of all vehicle financing during the quarter, comprising the largest […] [Read More]

The National Independent Automobile Dealers offered updates this week on a pair of fronts — its certified master dealer program as well as federal actions involving noncompete stipulations. In the program’s near 30 years, the association said 270 auto dealers earned the distinction of being a NIADA Certified Master Dealer. These standout dealers earned the […] [Read More]

EBlock CEO Jason McClenahan joined the show from NADA Show 2023 in Dallas in late January for a discussion about how the digital wholesale platform connects land and technology, how EBlock is investing in both, plus wholesale market trends and much more. Stay tuned for more podcasts from NADA Show 2023 in coming weeks. To […] [Read More]

A Teletrac Navman survey of more than 1,800 global fleet operators revealed the top three challenges they currently face. Topping the list of concerns for these automotive professionals are rising fuel costs (39%), disruption due to the impact of COVID-19 (32%) and supply chain pressure (31%). “The last 12 months have created new complexities for […] [Read More]

Sonic Automotive and Group 1 Automotive each made executive moves to reinforce their human resources and other company infrastructure. Beginning with Sonic, the company announced the promotion of Angela Broadway to chief human resources officer (CHRO) in a move that was effective Feb. 8. “Angela has made an amazing impact on our company with her […] [Read More]

Late on Tuesday, Cox Automotive announced the acquisition of FleetNet America in an effort “to keep the world’s fleets moving efficiently, safely and sustainability.” With the acquisition, company executives said Cox Automotive Mobility and FleetNet are creating the foundation that will transform operating a fleet, where every vehicle, and every service is connected. “The market […] [Read More]

Lendbuzz announced on Tuesday that it has closed a $187.95 million securitization collateralized by a pool of retail automobile contracts made to obligors and secured by new and used automobiles, light duty trucks, and vans. This transaction, Lendbuzz’s first securitization of 2023, and third since launching the program, follows a period of record-breaking success for […] [Read More]

This week, Origence, a technology solutions provider for credit unions, announced a partnership with Tekion, a next-generation, cloud-based automotive retail solutions provider. The partnership integrates CUDL with Tekion technology and positions both organizations to streamline the automotive online shopping and financing experience while providing credit unions with new indirect financing opportunities. “The car buying experience […] [Read More]