Here is some potential good news for dealers when it comes to used-vehicle inventory: they might be able to source more consumer cars this year. According to 2022 State of the American Driver report from car ownership app Jerry, 58% of drivers said they would consider selling their vehicle this year. [Read More]

Several dealership groups did more than just retail vehicles to finish up 2021. From Asbury Automotive Group completing one of the biggest acquisitions of the year to Sonic Automotive expanding its used-vehicle enterprise to Key Auto Group broadening its diverse business portfolio, these operations had a busy December. First surfacing at the end of September, […] [Read More]

E Automotive Inc., which is the company behind the EBlock digital wholesale marketplace and the EDealer digital retail products, has hired a former Waze and Google executive as its first chief marketing officer. Joining E Inc. as CMO is Emma Weisberg, who spent eight years at Google before founding the Blinkbuggy mobile app startup. Weisberg […] [Read More]

The first business day of 2022 included an acquisition involving two firms focused on getting payments for their automotive clients as well as customers in other industries. Repay Holdings Corp. (REPAY), a provider of vertically-integrated payment solutions, on Monday announced it has acquired Payix for up to $115 million. REPAY said in a news release […] [Read More]

XLerate Group said last week that it has completed its purchase of America’s Auto Auction, wrapping up a deal reported first by Auto Remarketing on Dec. 22. The companies did not disclose the transaction’s terms. The combined company includes 39 auction locations in 19 states, digital and mobile auction businesses and related financing operations. XLerate has […] [Read More]

Vroom made two moves in December to extend both its financial and physical reach. Along with a hub in Orlando, Fla., the online platform for buying and selling used vehicles announced an amendment to its inventory financing agreement with Ally Financial. Ally increased the line of credit to Vroom to $700 million, up from $450 […] [Read More]

MagnifyMoney’s most recent survey found nearly 70% of Americans celebrated financial accomplishments in 2021, with one of the top achievements being vehicle acquisition. Although many Americans accomplished their goals of paying off debt in 2021, the survey from the LendingTree subsidiary showed many consumers still have financial regrets from the year. Five key findings from […] [Read More]

National Auto Care (NAC) made one more acquisition before closing out 2021. Capping a string of moves throughout the year, NAC senior vice president of mergers and acquisitions Courtney Hoffman announced that the company — which provides  F&I products, administration, consulting services, training and marketing support to independent agents, insurance companies, financial institutions, third-party administrators […] [Read More]

Experts from Kroll Bond Rating Agency (KBRA), S&P Dow Jones Indices and Experian all noticed some deterioration in auto finance performance before 2021 finished. Released four days before Christmas, data through November for the S&P/Experian Consumer Credit Default Indices showed the auto reading made the largest month-over-month rise in more than a year. [Read More]

Former ADESA president and chief executive officer Tom Caruso passed away on Tuesday, the auction chain’s parent company KAR Global said in a statement Thursday. Caruso, who retired in March 2020, spent 40 years in the remarketing business, including time as ADESA’s president and CEO, its chief operating officer and its executive vice president, among […] [Read More]