On the same day the company closed its purchase of ADESA, Carvana announced via a filing with the Securities and Exchange Commission on Tuesday a workforce reduction of approximately 2,500 employees. Carvana said the workforce reduction is primarily in operational groups in connection with its previously announced plans “to better align staffing and expense levels […] [Read More]

Auto Remarketing is recognizing the 2022 Women in Remarketing honorees in the May issue of the magazine, and will be posting Q&As with each of these outstanding leaders on the website. Next up is Alyshia Tetrick, who is director of strategic operations at BacklotCars. Auto Remarketing: What is the top trend you’re watching in remarketing/wholesale automotive this year? […] [Read More]

Auto Remarketing is recognizing the 2022 Women in Remarketing honorees in the May issue of the magazine, and will be posting Q&As with each of these outstanding leaders on the website. Next up is Danielle Mannone, area manager with IAA. Auto Remarketing: What is the top trend you’re watching in remarketing/wholesale automotive this year? Danielle Mannone: The top […] [Read More]

As franchised dealer groups continue to ramp up their used-car operations, Yark Automotive Group has teamed up with Cox Automotive to launch Yark QuickBuy, an online pre-owned vehicle platform that allows consumers to complete a car-buying transaction digitally in as little as 20 minutes. Yark QuickBuy, which is powered by Cox’s Esntial Commerce technology, provides […] [Read More]

It appears Agora Data might be doing more than just creating a “level playing field” for dealerships and finance companies, but also providing a place for financial victories, too. On Monday, the auto fintech firm announced the closing of ACAST 2022-1, the company’s most recent crowdsourced securitization that originated on Thursday. Powered by proprietary machine […] [Read More]

Kinetic Advantage promoted two of its executives to be senior vice presidents in moves that became effective on May 1. The floor plan provider announced this week that Will Chandler was given the role of senior vice president of sales and operations, while Jennifer Davis-Fink was elevated to senior vice president of IT portfolio management. […] [Read More]

The ninth edition of the Reality Check: Paycheck-To-Paycheck research series, conducted by LendingClub Corp., in partnership with PYMNTS.com, showed that close to two-thirds of the U.S. population — 64% or about 166 million adults — were doing so in March. That’s similar to the reading reported from the January survey. But the newest research installment […] [Read More]

Cion Digital has expanded into Canada, giving Canadian dealers the ability to accept cryptocurrency in car sales. Car buyers in Canada will be able to utilize cryptocurrency for payments and financing Among the first dealers in Canada to provide this service to consumers through Cion are Farquhar Chrysler, which is north of Toronto, and the […] [Read More]

KAR Global’s blockbuster sale of its ADESA U.S. auto auction business to Carvana has officially closed, KAR said Tuesday morning. The sale includes include all auction sales, operations and staff at 56 ADESA U.S. vehicle logistics centers in the U.S. Carvana will also now operate the ADESA.com marketplace in U.S. The deal was first announced in […] [Read More]

Vroom chief executive officer Paul Hennessy has stepped down from the company to pursue other opportunities, the online retailer announced Monday afternoon. Replacing Hennessy as CEO is Tom Shortt, who was previously Vroom’s chief operating officer. Tapped as independent executive chair of the board is Robert Mylod. The CEO move was approved by the board […] [Read More]