Shift has lined up a new $100 million floorplan facility with Ally Financial, the automotive ecommerce provider said Monday. The deal expands the companies’ existing relationship. The two-year term on the facility expires Dec. 9, 2023. “Our business is rapidly scaling, with 2021 sales expected to more than triple compared to 2020. As a result, […] [Read More]

Cox Automotive Canada has new leadership. On Monday, Cox Automotive announced that Ola Ajayi-Salako has been promoted to senior director, agile delivery, and will act as the site leader for Cox Automotive Canada, effective immediately. In this expanded role, the company said Ajayi-Salako will work closely with local teams and foster strategic collaboration between Canadian […] [Read More]

Despite only three weeks remaining in 2021, this year’s M&A activity still is going strong with the newest development coming on the vendor front. On Monday, 360Converge, a provider of communication workflow automation in automotive, announced the acquisition of Valuinsight, an inventory analysis platform that can enable automated equity mining for inventory acquisition. The company […] [Read More]

SiriusXM already has working relationships with a variety of automakers, including one with Jaguar Land Rover North America solidified earlier this year as well as alliances with Mazda, Kia and General Motors forged in 2020. On Monday, the satellite radio company announced a relationship in the service space. SiriusXM and AAA Club Alliance (ACA), the […] [Read More]

As one of its auction locations received accolades for hiring older workers, Cox Automotive is continuing what the company said is its drive to simplify the automotive logistics supply chain and enable clients’ success. Last week, Manheim Logistics announced that BATS CRM is the new preferred broker customer relationship management solution partner for Central Dispatch. […] [Read More]

Toyota has had a captive finance company for some time. Now the automaker is officially in the car insurance business, too. Last week, Toyota Insurance Management Solutions established its first branded product, Toyota Auto Insurance, which is designed to offer customers quality, customizable coverage at affordable rates. Toyota Auto Insurance is currently available in Arizona, […] [Read More]

CDK Global recently pinpointed the impact artificial intelligence (AI) is having on dealerships. According to a study by the retail technology company, approximately 68% of dealerships believe adoption of AI has had a positive impact on their businesses, stemming from an increasing amount of data created by dealers, manufacturers and vehicles. AI technologies can provide […] [Read More]

You could say AUL Corp. is in a giving mood. AUL president and chief executive officer Jimmy Atkinson announced on Friday that the F&I provider just surpassed $1 million in total charitable contributions since 2012. This year, AUL said it has donated more than $150,000, as the company has doubled its corporate giving totals since […] [Read More]

Almost four months later, the journey of Santander Consumer USA shifting from a publicly traded company to a private firm still isn’t over the financial finish line. The company announced last week that it has extended the expiration date of its previously announced tender offer to acquire all outstanding shares of common stock not already owned […] [Read More]

Used vehicles, in general, are pricier these days, fetching nearly 28% higher prices than they did a year ago, according to iSeeCars.com And some models are seeing prices soar even higher than that. [Read More]