Amazing when a product’s price drops notably, it correlates into a swell in consumer demand. J.D. Power spotted this phenomenon happening again with electric vehicles. Four J.D. Power experts said that if ever there were a sign that EVs are rapidly transforming from high-priced playthings into mainstream consumer goods that are highly sensitive to economic […] [Read More]

With an eye toward serving smaller credit unions that oftentimes cater to diverse and financially challenged communities, Zest AI announced last week that it has expanded its availability to its quick and equitable credit scoring software Now credit unions below $300 million in total assets or $100 million and under in consumer portfolio size can […] [Read More]

Newly released Federal Trade Commission data showed that consumers reported losing nearly $8.8 billion to fraud in 2022, an increase of more than 30% year-over-year. The FTC said consumers reported losing more money to investment scams — more than $3.8 billion — than any other category in 2022. That amount more than doubles the figure […] [Read More]

AutoNation is continuing to expand its standalone used-vehicle store presence with “more than 20 additional facilities currently under development” and it expects to open “over 10 new stores over the next 12 months,” said Joe Lower, the company’s chief financial officer. Asbury Automotive Group CEO David Hult, said the company incurred $2.7 million in costs for ... [Read More]

If Steve Taylor told another buy-here, pay-here operator, “I know what you’re going through,” he would be speaking from legitimate experience. An operator for more than two decades before selling his business to America’s Car-Mart, Taylor now serves as the company’s director of acquisitions. He discussed succession planning and more in this episode of the […] [Read More]

Although though overall used-car sales in February are still likely to fall from the same month of 2022, the market is showing progress from January. TrueCar is forecasting 2.8 million used-car sales this month. That is 8% softer than February 2022, but beats January numbers by 5%. In a separate analysis this week, Cox Automotive […] [Read More]

The Dave Cantin Group’s nonprofit partnership DCG Giving raised more than $250,000 for pediatric cancer research during its first fundraising event of the year: a dinner party at last month’s NADA Show in Dallas featuring heavyweight champion boxer Mike Tyson. Part of the event, which was held at Del Frisco’s Double Eagle Steakhouse, an auction […] [Read More]

Automotive tech startup Carmigo announced this week it has reached a significant milestone: 4,000 vehicles sold on its online used-car marketplace. Carmigo launched in January 2021 and sold just over 1,000 units its first year, before picking up significant momentum in 2022. “Last year was an exciting ride, seeing the used car market reach stratospheric […] [Read More]

If franchised dealerships didn’t retail as many used and new vehicles in January as they anticipated, perhaps their service drives helped to keep the store finances on a positive path. While still a mixed bag, the latest Cox Automotive analysis of Xtime metrics showed service activity decreased but service revenue increased month-over-month at U.S. franchised […] [Read More]

The next step in building what the Consumer Financial Protection Bureau is calling its auto finance data pilot put the onus on nine finance companies. According to a bureau blog post pushed online Thursday, the CFPB said it issued orders to nine “large” auto finance companies to provide information about their portfolios. The blog post […] [Read More]