Vitu began the year by successfully closing its acquisition of the Dealertrack registration and titling businesses from Cox Automotive. And the innovator in vehicle-to-government (V2Gov) technology is rounding out the year with another acquisition. Vitu announced on Friday that it has completed the acquisition of Decision Dynamics (DDI Technology) from IAA Holdings, an RB Global […] [Read More]

Lender Compliance Technologies (LCT) said Thursday it secured “an important milestone for the industry” in connection with its Refund Control platform. The provider of a tool for managing voluntary protection product (VPP) cancellations and refunds announced that its platform fully aligns with new VPP refund quote portal minimum standards recently approved by the Guaranteed Asset […] [Read More]

Kinetic Advantage provided a dealer floorplan for the first time on Nov. 5, 2020; a point when the pandemic seemingly impacted every part of the car business and beyond. It’s five years later and Kinetic Advantage not only remains in the floorplan business, but it’s recently gained momentum with an investment from The Carlyle Group […] [Read More]

The automotive industry continues to evolve at a remarkable pace. Every operator, from independent dealerships to large retail groups, is challenged to run leaner, think strategically, and protect enterprise value. The same holds true in the wholesale auction sector, where efficiency, transparency, data discipline, and optimizing use of technology now determine who leads and who […] [Read More]

At Canadian auto auctions, October ended with a thud. A sale at an auction was very much an exception last month, according to Canadian Black Book’s weekly Market Insights reports, as the average monitored auction sale rate plummeted below 30% in each of the month's last three full weeks — including a miniscule 22.1% conversion […] [Read More]

OpenRoad Auto has turned on to a new road — one that leads to Ontario. The Richmond, B.C.-based dealership group announced it has acquired a majority share in NewRoads Automotive Group in what OpenRoad called a “strategic merger,” significantly expanding its footprint in Ontario. The transaction for an undisclosed amount brings NewRoads’ eight dealership locations […] [Read More]

Phil Hanks spent more than 17 years in corporate positions associated with the recovery industry. Much of that time was with Manheim, but Hanks also held leadership positions with Primeritus Financial Services and MBSi. Then in April 2013, Hanks established Connect 1 Recovery, a repossession operation based in Nashville, Tenn. Acknowledging the dozen years has […] [Read More]

CarMax and its leadership have developed a modernized used-car retailing experience in recent years, with a strong, fundamentally sound foundation — it is the nation’s largest used-car retail business, one that’s trusted by consumers and provides a “simple, transparent and personalized” buying and selling process with “unmatched physical and digital infrastructure.” For the last nine […] [Read More]

Holman has its hand in just about every aspect of the auto industry. Now it’s branching out — into the robot business. The dealership group/global automotive services company announced the launch of Holman Robotics, a new division that aims to deliver end-to-end robotic management systems. The company said it’s offering solution design, flexible financing and […] [Read More]

The wholesale market turned the calendar to November on Saturday, and wholesale values are cooling similarly to the deep autumn temperatures. Black Book reported that overall wholesale prices decreased by 1.04% last week, with vehicles less than 2 years old dropping slightly more, sliding by 1.07%. The newest installment of Market Insights also mentioned last […] [Read More]