If they haven’t already, buy-here, pay-here dealerships might be seeing more applicants arriving with an active bankruptcy on their credit file. According to data provided by Epiq Bankruptcy, individual Chapter 13 bankruptcy filings in 2022 increased 32% to 149,072 from the 2021 total of 112,913. While representing a “substantial” year-over-year increase, Epiq pointed out that […] [Read More]

Open Lending Corp. recently offered a in-depth reminder for when a finance company decides to buy that installment contract, especially for an applicant in need of reliable transportation. The provider of analytics, risk-based pricing, risk modeling and default insurance to auto finance companies throughout the United States highlighted five findings from its survey on vehicle accessibility […] [Read More]

In addition to sharing a few milestones reached in 2022, on-demand car care, tech and services company Spiffy announced a new chief financial officer on Thursday. Hired for the CFO role is Brad Schomber, whose background includes 16 years of financial and accounting experience and two initial public offerings. “I am thrilled to welcome Brad […] [Read More]

You’re in the market for a used car so you head to the mall. You drop into a store there, grab a cup of coffee, and start browsing the 3-D holographic selection of inventory. Sound like the future? It’s not. It’s possible right now at the evrdrive store in The Woodlands Mall in The Woodlands, […] [Read More]

This week, ActivEngage introduced the MyDrive Experience to its core messaging solutions. Before a potential buyer even steps onto the store blacktop, automotive dealers, dealer groups, OEMs and strategic partners using ActivEngage Messaging on their websites now can offer vehicle videos showcasing walkthroughs and virtual test drives by way of MyDrive, which are fueled by […] [Read More]

The market for used hybrid and electric vehicles remains limited, but supply appears to be on the rise, and for some models, there was even some price relief in recent months. Of the 10 used vehicles with the largest price declines (percentage-wise) in the second half of 2022, seven were alternative-fuel vehicles, including … [Read More]

Backed by Diversis Capital Partners and Stage 1 Ventures, PureCars made an acquisition during the same week as naming a pair of new leading executives. The provider of digital marketing technology and services for dealers announced on Wednesday its acquisition of data management platform, The AutoMiner. In making this move, PureCars explained that the digital […] [Read More]

Allied Solutions began 2023 with a trio of significant moves, including an acquisition, a key executive promotion as well as an integration with another service provider in the collections space. The newest announcement arrived on Tuesday when Allied Solutions said it has finalized an agreement to acquire majority ownership of Vero, a key product and […] [Read More]

Launcher recently finalized another partnership to help finance companies shore up their underwriting. The technology provider specializing in originations announced an integration of Launcher’s appTRAKER Loan Origination System (LOS) with Truework, which provides immediate access to income and employment data for more than 35 million employees. With appTRAKER LOS, the Launcher team wanted to create […] [Read More]

Following a month when the auto default rate remained steady, credit availability for new paper tightened. Those findings are among the latest observations from Cox Automotive, S&P Dow Jones Indices and Experian. Based on data through November for the S&P/Experian Consumer Credit Default Indices, the auto default rate remained unchanged at 0.77%. The November reading […] [Read More]