Wolters Kluwer recently announced third quarter results and analysis from its Auto Finance Digital Transformation Index, a key resource that tracks the rate at which auto dealers, service providers and finance companies are seeing growth in the evolution from paper-based finance back-office processes to digital.  According to the index, auto dealers, service providers and finance […] [Read More]

Last week, Tenet announced that the company has secured what it believes is the first-ever electric vehicle (EV) only warehouse facility to make EVs more affordable. According to a news release, Tenet has entered into a warehouse financing agreement of up to $20 million with Silicon Valley Bank (SVB) to fund Tenet’s EV installment contract. […] [Read More]

The noise that you are about to hear — loud and clear — in the used-vehicle market during the next few months will not be the loud pop of a market bubble being pierced; rather, it will be the slow and steady hiss of air being released from an admittedly overheated market. While the cooling […] [Read More]

Quick action by Group 1 Automotive enabled it to show a slight annual increase in U.S. same-store used retail units sold in the third quarter despite turmoil in the used-car market, said outgoing CEO Earl Hesterberg on the third-quarter earnings call. “One of the challenges we faced in the US in the quarter was a […] [Read More]

Penske Automotive Group had a rough third quarter where used vehicles were concerned, with sales falling 7.0% to 65,523 units compared to the same quarter in 2021. Used-vehicle revenue fell 4.1% and gross profit was down 32% to $131.3 million. On the earnings call, chairman and CEO Roger Penske dissected the environment. On the premium […] [Read More]

Another warranty and service contract provider now is in the market to serve franchised and independent dealerships. This week, Titan Warranty Administration publicly launched its all-digital platform, specializing in manufacturing and administering customized service contracts and limited warranty programs. Titan Warranty’s products include vehicle service contracts, certified pre-owned wraps, certified pre-owned limited warranties, guaranteed auto […] [Read More]

This week, insurance marketplace Polly announced a collaboration with Cox Automotive’s VinSolutions to create what the companies called a “powerful” set of solutions that can help marketing, sales, service and operations workflows stay in sync. This new collaboration will provide benefits for dealer customers of both Polly and VinSolutions, according to a news release. The […] [Read More]

Service departments have always been a crucial part of franchised dealers' businesses and used-car inventory pipelines. And this year, this reality has been pushed to the forefront with a boom in the service industry’s market value in Canada. According to J.D. Power Canada’s recent 2022 Canada Customer Service Index, 2022 will end the year with […] [Read More]

The Consumer Financial Protection Bureau started the year by launching an initiative in connection with what the federal regulator called “exploitative junk fees.” Last week, the CFPB turned its attention to what it’s calling “junk data.” The bureau issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk […] [Read More]

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]