While still up a double-digit percentage from a year ago, wholesale prices in July softened ever so slightly from June, marking the second straight month-over-month decrease. And there could be some moderation — even a reversal — in the year-over-year price differences as the second half of the year continues, according to Cox Automotive. The […] [Read More]

Penske Automotive Group chair and chief executive officer Roger Penske summed up his company’s second quarter 2022 earnings report by noting good news along with challenges. “Despite the supply constraints that continue to impact new vehicle inventory and availability, demand remains strong, and our pipeline of vehicles remains forward sold,” Penske said during the company’s […] [Read More]

Automotive Ventures announced Monday that it has added Wholesale Auto Supply Co., Inc. as a strategic investor. WASCO, based in Hackensack, N.J., is a purchasing cooperative owned by dealers in the Tri-State area (New York, New Jersey, Connecticut) and provides a resource for dealers to buy business supplies, including chemical/janitorial/office supplies, heavy equipment, OEM-compliant furniture and […] [Read More]

Next week, the National Auto Auction Association will to celebrate the annual Auto Auction Week, which is designed to raise awareness of the wholesale auto industry and importance and to pay thanks to team members and customers. “NAAA is proud of the resilience and hard work of our members and customers that have kept the […] [Read More]

One of the leading F&I consultants agreed to begin a new monthly series as part of the Auto Remarketing Podcast. Becky Chernek opened the series by giving her perspectives on what’s changed in the finance office since the pandemic arrived as well as her No. 1 recommendation that she has provided clients as a result. […] [Read More]

On Friday, Westlake Financial highlighted one of its latest philanthropy endeavors. The finance company said it partnered with Ronald McDonald’s 2022 Walk for Kids and donated $72,000, one of the largest donations in southern California thus far. Westlake indicated the Walk for Kids is motivated to create a community of hope and healing for critically […] [Read More]

Alfa, the developer of Alfa Systems, recently released the third segment of its Innovation in Implementation whitepaper series. The enterprise software platform for providers of automotive, wholesale and equipment finance published a new whitepaper on best practices in systems integration. The report titled, “Leveraging the Power of an Open Platform,” discusses how best to approach […] [Read More]

Cover Genius found a new path to an industry relationship last week. A leading insurtech for embedded insurance and a 2020 Emerging 8 honoree announced a partnership with Zip, a global buy now, pay later (BNPL) player, to offer customers tailored protection embedded into the payment process and Zip’s wallet experience. According to a news […] [Read More]

Last week, Lease End, a leading online platform empowering consumers to take control of their end-of-lease options, announced a new financing partnership with TD Bank. According to a news release, the partnership will scale Lease End’s digital financing options and allow more lessees to buy out their vehicle. “Too often, lessees are given limited options […] [Read More]

The industry continues to strive toward making payments instantaneous. Open Payment Network (OPN) and North American Banking Co. (NABC) recently announced the capability to deliver instant payments to and from any financial institution on The Clearing House’s Real Time Payment (TCH-RTP) network through NABC’s ExcheQ application. By leveraging OPN’s certified interoperability with TCH-RTP, NABC can […] [Read More]