Drive Appeal, an independent dealership group with five rooftops in Minnesota, is turning to artificial intelligence to boost its underwriting and enhance vehicle deliveries. According to a news release, Drive Appeal (formerly AC Motors), recently selected AI-powered platform Scienaptic AI to be able to offer financing to more customers. “Scienaptic's AI-powered platform is a fantastic […] [Read More]

Now as the newly installed chief executive officer of iLendingDIRECT, Tom Holgate is looking for the company fueled by resources from private investment firm J.C. Flowers & Co. to continue to leverage the refinancing marketplace aided by strong used-vehicle prices. “The heightened used-vehicle prices have helped draw awareness to the opportunity of refinancing a car […] [Read More]

Startup Carputty wants to “rewrite industry rules” when it comes to auto financing. The firm now has more than $7 million in funding to get that process in motion. On Friday, Carputty announced it has raised $7.2 million in a seed round led by Kickstart Fund, which contributed $3 million. The funding round also includes […] [Read More]

The Subcommittee on Consumer Protection and Commerce of the U.S. House Committee on Energy and Commerce recently conducted a hearing on how best to modernize the Federal Trade Commission. With all five current commissioners participating, the subcommittee deliberated 16 proposals aimed helping the regulator handle a growing number of mergers and acquisitions as well as […] [Read More]

Dealership mergers and acquisitions aren’t just involving large groups absorbing multiple rooftops nowadays. Performance Brokerage Services aided in the transaction of a North Carolina franchised store from a single owner to a married couple looking to relocate and run their own store. On Thursday, Performance Brokerage Services announced the sale of Baker Chevrolet in Red […] [Read More]

Quantum5 wants to transform dealership training and bridge the gap between traditional and digital customers. To help the firm accomplish that goal, the company recently welcomed a new vice president of content strategy who has a background with automakers’ operations in both the U.S. and Canada. Taking on the role is Terry Staggs, who will […] [Read More]

America’s Auto Auction recently presented its August Spotlight Award to Cheri Slaughter, the company’s fleet/lease specialist for the Houston market. The company highlighted Slaughter — who has been with the operation for 12 years — divides her time between America’s Houston and America’s North Houston operations. “Cheri is an invaluable member of the America’s team,” […] [Read More]

CarLotz is continuing to expand its hub network. After making three announcements in July, the consignment-to-retail used vehicle marketplace made a move during the first week of August, sharing on Thursday that it will continue expanding in the South and open its first hub in Louisiana. Located at 9550 Airline Highway in Baton Rouge, CarLotz […] [Read More]

While the Black Book Used Vehicle Retention Index declined for the first time this year, the Manheim Used Vehicle Value Index dipped for the second month in a row, showing the unprecedented ascension of wholesale prices might have finally climaxed. Beginning with Black Book, analysts explained that as wholesale prices started to decline in July, […] [Read More]

No doubt a key component to having a healthy auto-finance portfolio is the contract holders being gainfully employed. The U.S. Bureau of Labor Statistics shared some positive news on that front on Friday. The Labor Department reported that nonfarm payroll employment increased by 943,000 in July, and the unemployment rate fell by 0.5 percentage points […] [Read More]