Used-vehicle prices are falling, inventory is still difficult to acquire, and economic conditions continue to weaken. These are challenging times for independent dealers. In times like these, inventory management is key to staying profitable. Here are a few tips to improve inventory management in 2023. Stay in your wheelhouse When inventory is scarce, it’s tempting […] [Read More]

Perhaps one segment of the annual report generated by the ombudsman of the Consumer Financial Protection Bureau might be of particular interest to auto finance companies and their compliance departments. During the last fiscal year, the CFPB ombudsman launched its post-examination survey of supervised entities, which was aimed to serve as “a confidential avenue for […] [Read More]

This philanthropic activity roundup includes activities involving EchoPark Automotive, a subsidiary of Sonic Automotive, as well as JM Family Enterprises. EchoPark already collaborated with business mogul, TV personality and motivational speaker Marcus Lemonis to give away one used vehicle in November. This month, the retailer and Lemonis intend to give away three more vehicles. The […] [Read More]

Dealers are not feeling optimistic as the year finishes. Dealer sentiment in the fourth quarter dropped to the lowest level since the start of the COVID-19 pandemic, according to the Cox Automotive Dealer Sentiment Index (CADSI) released Wednesday. Cox Automotive reported the current market index is below the threshold of 50, coming in at 43 […] [Read More]

Say you have a used-car shopper who is both price-conscious and cautiously approaching fuel efficiency. For an auto retailer, a plug-in hybrid may be the route to entice that consumer and help ease them into the alternative-fuel market, if data from CarMax is any indication. Amid high gas prices earlier this year, CarMax found that […] [Read More]

Some good news for dealers amid the holiday season: prices on wholesale vehicles continue to fall, and it's becoming slightly easier to get these cars on their lots than it was a year ago.  A least two industry indices measuring wholesale vehicle prices have reached their lowest levels in 15 months, respectively. Black Book’s Used […] [Read More]

GWC Warranty wanted to give dealers recommendations to develop new processes designed to increase customer satisfaction and build loyalty. So this week, the provider and administrator of automotive F&I products released a free eBook titled, “A Dealer’s Guide to Transparency in the Sales and F&I Process.” “Auto dealers have made great strides towards being more […] [Read More]

Ernst & Young (EY) recently announced the release of a new pulse poll examining technology leaders’ perspectives on the economic downturn heading into 2023. In October, EY surveyed 250 senior business leaders at U.S. technology companies to see how they are preparing for a potential recession. The poll uncovered that 74% of business leaders in […] [Read More]

Inovatec Systems now has some proof about its platform security. The provider of cloud-based software solutions for finance companies and other lenders announced on Tuesday that that its platform has obtained ISO 27001 certification of its information management system, ensuring that all data privacy and information security activities comply with strict ISO 27001 mandates. The […] [Read More]

Carputty, a fintech company out to modernize both auto financing and vehicle ownership, announced the closing of a $12.3 million Series A funding round. This raise, co-led by Fontinalis Partners and TTV Capital, brings Carputty’s total funding amount to $21.96 million. Additional investors include Porsche Ventures and Grand Ventures, as well as Kickstart Fund, who […] [Read More]