RunBuggy gained more financial horsepower this week, as the technology platform that connects car shippers and transporters announced it secured a line of credit with Silicon Valley Bank, providing the company with access to funds that will fuel the growth and retention of its open transportation marketplace. In January, RunBuggy secured a Series A investment […] [Read More]

Byrider used technology recently to upgrade the capabilities of its service department. The network of more than 150 buy-here, pay-here dealership locations also leveraged technology to enhance its collections. While a partnership with Shopmonkey was for the service department, Byrider aligned with Lightico as its digitalization partner for front-end and back-end finance activities. According to […] [Read More]

EBlock has pivoted its growth strategy. Instead of a U.S.-wide expansion plan with a year-end 2023 target date, the digital wholesale marketplace will concentrate on its existing markets of Canada, the U.S. West, Midwest and Gulf States, parent company E Inc. chief executive Jason McClenahan said in an earnings release Tuesday. This strategy shift comes […] [Read More]

Ally Financial topped the ranking among subprime auto finance companies for the second consecutive year, according to the J.D. Power 2022 U.S. Dealer Financing Satisfaction Study, which was released on Thursday. Ally Financial ranked highest in overall dealer satisfaction among finance companies that participate in the subprime market with a score of 945 on a […] [Read More]

The decision and plan for Shift and CarLotz to merge came together rather quickly — it was only about four weeks ago that CarLotz chief executive Lev Peker said he got a call from Shift CEO George Arison floating a potential combination. Determining what that combined company will ultimately look like, however, will take some […] [Read More]

In June, STELLA Automotive AI, which provides conversational artificial intelligence technology, welcomed Sherri Eidenberg as its vice president of U.S. dealer sales. This week, Eidenberg reinforced her team with 10 additional automotive technology experts to help STELLA Automotive meet market demand, which has been strong and growing since the market launch in March.  Forming the […] [Read More]

Holman likes Orbee as one of its solution providers so much that the global automotive services organization decided to make an investment from its venture capital division in the company, which provides the auto industry with data management, marketing analytics and automation solutions.  Holman highlighted in a news release that Orbee’s innovative digital marketing platform […] [Read More]

Two alleged arson incidents in a three-month span in the storage lots at repossession agents in Arizona and Illinois has the American Recovery Association quite concerned for a myriad of reasons. ARA recapped in a news release that 18 vehicles were destroyed by an alleged firebomb attack in July while they were being stored at […] [Read More]

Continuing the Cherokee Media Group series of award programs that honor the most dedicated and talented professionals from throughout the used-car industry, we proudly showcase this year’s Women in Auto Finance, presented by DRN | MVTRAC. The 12 honorees specialize in crucial skills such as accounting, computer science and law. They hold some of the […] [Read More]

U.S. Bank announced this week that it now can provide funds to auto dealers instantly after the contract is finalized by the bank. Following a successful pilot completed in June, U.S. Bank said it already has enabled more than 800 dealers to receive funds from auto financing via a real-time payment. The bank expects to […] [Read More]