RPM has hired Mario Paluzzi as chief product and strategy officer, an addition the non-asset-based vehicle and freight logistics provider called a cornerstone of its technology-based vision and a sign of its “focused drive” to unify its product strategy and scale its digital platform. Paluzzi’s resume includes 15 years of executive leadership in product management, […] [Read More]

Auto loans and retail installment contracts are often referred to by industry executives as paper. When Craig Paterson began his career in automotive, many of the tasks he had to complete were done on paper, too. Much has changed in collections and other parts of auto finance since Paterson began with World Omni Finance in […] [Read More]

ADESA is powering up its vehicle valuations. The auto auction chain, a subsidiary of online auto retailer Carvana, announced it has expanded its CarValue valuation guide to include retail market value estimates and retail-bid spread calculations. The company said the updates provide bidders on its digital auction platform with added transparency, confidence and convenience. CarValue, […] [Read More]

Sonic Automotive generated a record quarter for franchise dealer revenues of $3.4 billion, representing a 17% year-over-year increase and an 11% rise on a same-store basis. Fixed operations was a bright spot, helping to drive this success in the publicly traded dealer group’s latest quarterly report, with same-store gross profit up 8%, while same-store customer […] [Read More]

Allied Solutions is certainly in investment mode. Less than three weeks after committing a “major” investment in PortX, a leading AI-powered integration and data platform, one of the presenting sponsors of Used Car Week and provider of insurance, financial services, and risk management solutions for financial institutions made a strategic investment in TecAssured, a provider […] [Read More]

Imagine you’re this close to getting a car deal completed. Then, the potential buyer rears back and exclaims, “Wait! My monthly payment is going to be HOW much?” The scene is why findings from a new report by eLEND Solutions might intrigue dealerships and lenders. The report detailed the negative impact that mismatches between initial […] [Read More]

IDScan.net and GOLDPoint Systems are now working together. The provider of adaptive artificial intelligence-based identity verification and document authentication on Tuesday announced a new partnership with the provider of loan origination, loan servicing, and loan securitization software. The integration leverages IDScan.net digital identity verification (DIVE) software into GOLDPoint’s suite of lending tools to support more […] [Read More]

Suspicions are intensifying about the current health of auto finance, especially within the subprime space stemming from the bankruptcy filings of Tricolor Holdings and PrimaLend. For example, the first question from an investment analyst during Carvana’s quarterly conference call last week focused on its outstanding portfolio. And Cox Automotive chief economist Jonathan Smoke wrote an […] [Read More]

The appetite for electric vehicles hasn’t evaporated. Far from it. It’s just that now, with the $7,500 tax credit having expired, the demand that exists (albeit smaller) is more genuine interest and “less deal-driven.” Or as Jessica Caldwell of Edmunds put it in an analysis, perhaps alluding to the most electric of singer-songwriters, EVs have […] [Read More]

Sonic Automotive’s third-quarter earnings report revealed its strongest quarter for franchised dealer revenues in the history of the dealer group, but the picture painted by results for its used-only brand — EchoPark Automotive —wasn’t quite as rosy, mainly due to expected pressure on vehicle gross margins and unexpected off-rental supply headwinds. The dealer group’s used-only […] [Read More]