Online auto retail platform Clutch has raised $100 million (CAD) in Series B equity financing led by D1 Capital Partners. Also participating in the round announced last week were Flight Deck Capital, Canaan Partners, Upper90, Real Ventures, GFC, Brand Project and FJ Labs. Clutch plans to use the funding to “strengthen operations” in its existing markets […] [Read More]

As the global microchip shortage continues to significantly impact the automotive industry, the resulting supply chain disruptions have created an ongoing crisis of inventory scarcity. The numbers are staggering: right now there are 1.4 million fewer new vehicles than in 2020, and more than 2.5 million fewer than in 2019. For dealers to succeed in […] [Read More]

Carketa continued to stay on a positive trajectory last week, landing more financial resources to grow the dealership solutions software company. The Utah-based developer of SaaS applications for the automotive industry announced it closed a $6 million series seed financing led by Origin Ventures and Crosslink Capital with additional funding from Hack VC, Lancaster and […] [Read More]

It sure was great to be back in person. In this episode of the Auto Remarketing Podcast, Cherokee Media Group senior editors Joe Overby and Nick Zulovich offered a recap of Used Car Week, which was back with face-to-face networking, intriguing conversations and presentations and more at the Red Rock Resort in Las Vegas. To […] [Read More]

The acronym “ACES” or “CASE” is often used in the auto industry to describe, in some form or fashion, the emerging role of connectivity, autonomous driving, shared mobility and electrification. And as he has shared during industry presentations, Quin Garcia and the team at Autotech Ventures will often add a “D” to the latter to […] [Read More]

Lightico, in collaboration with Auto Fin Journal and six industry leaders, recently announced the top 100 list of leading innovators as part of the 2021 Auto Finance Innovators Award: Top 100, which recognizes auto finance professionals who have made significant technological contributions to their company and the industry, The selections were made by a panel […] [Read More]

Solifi — which is the global fintech software combination of IDS, William Stucky & Associates and White Clarke Group — recently announced the company has secured 11 new customers and 14 go-lives to date in 2021. With its unique open finance platform driving record-breaking growth and digital transformation, Solifi highlighted through a news release that […] [Read More]

IAA and Fastlane now are working together to process financed vehicles that are damaged and declared total losses. The digital marketplace connecting vehicle buyers and sellers and process automation technology company are collaborating to leverage FastLane’s LossExpress solution, a secure platform that can connect insurers with one of the largest active lienholder networks in the […] [Read More]

What at least one industry expert cautioned about potentially happening — the proliferation of an Illinois regulation connected with the Military Lending Act (MLA) — is gaining federal momentum again on Capitol Hill. Last week, the American Financial Services Association (AFSA) recapped that Rep. Jesús “Chuy” García, an Illinois Democrat, Rep. Glenn Grothman, a Wisconsin […] [Read More]

In more ways than one, this is sounding like a broken record after what was already a strong earnings report week for the publicly traded auto dealer groups. Lithia, AutoNation, Asbury and Penske reported record third quarter 2021 earnings during their calls in late October. On Oct. 28, Sonic Automotive and Group 1 Automotive announced […] [Read More]