While TrueCar analysts assessed what they believe to be the best new-vehicle leasing offers this month, Swapalease.com reported the approval rate compiled last month in connection with consumers wanting to take over a lease. Site officials reported this week that the approval rate in June of vehicle lease credit applicants using Swapalease came in at 67.6%. […] [Read More]

Drivably is launching an online community that allows consumers to instantly sell their cars to dealers, who bid on the vehicles through an online auction. While the exact format is being ironed out, that auction will have a similar feel to the online auction platforms dealers currently use, says Drivably founder and CEO Tyler Hall. Hall […] [Read More]

The blending and blurring of the wholesale and retail used-car markets continues. Drivably announced a new online community Thursday that allows consumers to instantly sell their cars to dealers, who bid on the vehicles through an online auction. Essentially, Drivably Marketplace gives dealers “exclusive access” to much-needed used vehicles and consumers a quick-and-easy way to […] [Read More]

​A day after S&P Dow Jones Indices and Experian reported that auto defaults sunk to a new all-time low in June, Kroll Bond Rating Agency (KBRA) released its latest indexes based on performance in the securitization market, illustrating how the metrics likely are on the path to notable changes during the rest of the year. [Read More]

Tanya Sanders is showing again why she was honored as the Auto Finance Executive of the Year in 2020. On Wednesday, Wells Fargo announced that Sanders will be the new head of Wells Fargo Auto. She brings more than two decades of financial services experience to the role and succeeds Laura Schupbach, who recently announced […] [Read More]

Penske Automotive Group and Cox Automotive have built an automated technology platform that will facilitate online used-car sales at Penske’s U.S. CarShop used-vehicle SuperCenters and franchised stores.  Cox Automotive exclusively owns the automated online buying platform and its artificial intelligence retail technology tool, Esntial Commerce, powers the online buying. Among the features are personalized monthly […] [Read More]

Lithia & Driveway nearly doubled its used-vehicle revenue in the second quarter, part of an all-around strong first half for the dealer group’s pre-owned operations. Starting with those revenue figures, Lithia pulled in $1.80 billion in used retail revenue during Q2, a 95.7% year-over-year increase. In the first half of the year, Lithia’s used retail […] [Read More]

UVeye, an automated vehicle-inspection systems developer, announced a $60 million Series C funding Wednesday that includes investment from CarMax, W.R. Berkley Corporation and F.I.T Ventures, along with a group of Israeli institutional investors. Prior investors include the likes of Volvo Cars, Hyundai Motors and Toyota Tshusho. W.R. Berkley, also a prior investor, is a North […] [Read More]

AutoAPR announced last week that industry investors pushed more financial resources into the fintech firm that looks to bridge the gap between traditional and digital retail with easy and secure virtual payment calculations matched to a dealer’s inventory, bringing consumers and dealers closer to a realistic completed deal. Chief executive officer and co-founder Dan Mayer […] [Read More]

The previously announced all-stock merger of two companies describing themselves as equals came to fruition this week. On Monday, RateGenius Loan Services and AUTOPAY Direct announced that the companies have successfully completed their merger transaction. Upon closing, the two companies became operating units of The Savings Group, creating what executives believe is the most diversified […] [Read More]