Most dealers who participated in a new survey from eLEND Solutions acknowledged they have a serious problem in connection with digital retailing and many do not have a proven strategy to solve it. According to the fintech company’s new report titled, “Is Identity Fraud Jeopardizing Digital Retailing Profitability,” 60% of participating dealerships reported the loss […] [Read More]

Three-quarters of consumers in a July seller survey said having a trade-in they could apply towards their next purchase was “very or extremely important,” CarGurus said in its 2022 Consumer Insights Report. And these days, those customers are fetching a pretty penny for their old rides. In the company’s latest auto sales forecast, Thomas King, […] [Read More]

Georgica Auto Holdings, which operates 23 auto retail franchises throughout New York, New Jersey and Pennsylvania, announced a $70 million capital investment Wednesday from Franchise Equity Partners, which will now be a minority shareholder in the dealer group. Georgica’s dealerships represent brands from Volkswagen Group, Porsche Cars North America, General Motors, BMW Group, Jaguar Land […] [Read More]

While Dealers Auto Auction of Memphis announced the addition of one of the 2021 Women in Remarketing honorees, IAA finalized the facility expansion in a sixth state so far this year. On Wednesday, IAA said through a news release that construction has been completed on a significant expansion to the IAA Phoenix branch. The company […] [Read More]

Dion Gage said he learns something new about the repossession and recovery business every day. His knowledge-gaining approach is part of the reason why Gage was named this year’s Repossession Executive of the Year, an accolade presented by Primeritus Financial Services. Gage will officially be given the accolade during Used Car Week, which begins on Nov. 14 […] [Read More]

In October 2021, Santander Consumer USA named Marc Womack as head of operations. A year later, Womack has been named as the Auto Finance Executive of the Year, an honor presented by Black Book. Womack will officially be given the accolade during Used Car Week, which begins on Nov. 14 in San Diego. Womack leads […] [Read More]

And the M&A parade in automotive continues. This week, Credit Bureau Connection, a provider of credit report and compliance solutions to automotive dealers, finance companies, and other end markets, announced the acquisition of CreditDriver Solutions, a soft credit technology provider offering lead generation and sales enablement tools. According to a news release, founder and CEO […] [Read More]

After Informed.IQ recently made inroads in subprime with Consumer Portfolio Services and DriveTime, this week the provider of artificial intelligence-based software for financial institutions finalized a partnership with F&I Sentinel, leading compliance and regulatory risk mitigation solutions provider. According to a news release, Informed.IQ will combine efforts with F&I Sentinel’s CITADEL solution to provide a […] [Read More]

Prompted by record staff growth that is expected to reach 30% year-over-year in 2022, AutoPayPlus by US Equity Advantage recently expanded its corporate headquarters in Orlando, Fla., by 20%. Last year, the provider of automated biweekly and early payoff services for automotive, RV, boat, home and student loans, grew its staff by 24%, triggering the […] [Read More]

The Presidio Group recently mentioned another segment of M&A activity is on the rise. Firm experts turned out to be good prognosticators, as CentralBDC, one of the nation’s leading privately owned outsourced business development centers (BDCs) for automotive dealerships, announced on Tuesday that it has acquired PowerBDC out of Stamford, Conn. According to a news […] [Read More]