Vroom said Monday it has launched new hub in the Atlanta area designed to prove “a more customized driveway experience” for consumers within a 25-mile radius that includes nearly 500 zip codes and 7 million people. In the past two-and-a-half months, Vroom has added hubs in Denver, Chicago, Los Angeles, Detroit, Dallas and now Atlanta. […] [Read More]

While perhaps not as light as their inventory levels nowadays, dealerships appear to be short on personnel, too, especially in the departments that generate the most store revenue. Like many industries, Cox Automotive indicated, the U.S. automotive retail segment is struggling to find enough employees for dealerships to be fully staffed, much less meet their […] [Read More]

You might have noticed it’s been a little more difficult to get your potential buyer’s deal bought by your network of finance companies. The newest Dealertrack Auto Credit Availability Index showed just how much of a pinch in paper funding is happening. [Read More]

Experian reported that 46.29% of all new vehicles financed during the first quarter were attached to a lease. And a new partnership could help to raise that level in future quarters. Credit Union Leasing of America (CULA) further expanded its vehicle leasing footprint through its partnership with Metro Credit Union, which launched vehicle leasing in […] [Read More]

Toyota Financial Services (TFS) is continuing to cultivate its portfolio of fuel-efficient vehicles. Last week, the captive issued its latest asset-backed green bond, reinforcing the company’s longstanding commitment to the sale of environmentally friendly vehicles. TFS said in a news release that net proceeds from the $1.6 billion bond offering will be used for the […] [Read More]

Continuing a busy season of automotive M&A — a run that includes the wholesale segment — IAA announced Monday it has acquired Marisat, Inc., which does business as Auto Exchange. IAA will now operate Auto Exchange's business, which is based out of New Jersey and provides personal service and security for the salvage recovery industry. […] [Read More]

The “once-in-a-lifetime environment” for dealerships changing hands doesn’t appear to be dissipating. At least it didn't in the first quarter. Kerrigan Advisors highlighted the dealership buy/sell market once again set records to begin 2021, a result of a unique confluence of market factors that resulted in 66 completed transactions, up 20% quarter-over-quarter. The firm indicated […] [Read More]

While Cox Automotive’s measure of wholesale vehicle values is still at an all-time high, the rate of week-over-week increases has slowed in the first half of June. And values may have reached an apex. That’s according to the mid-month reading of the Manheim Used Vehicle Value Index, which came in at 203.6. That is up […] [Read More]

RumbleOn made a trio of executive-level moves on Thursday; one triggered by unforeseen circumstances. According to news releases from the e-commerce company that leverages technology in an effort to simplify how dealers and consumers buy, sell, trade or finance pre-owned vehicles, RumbleOn announced that Beverly Rath will act as interim chief financial officer, effective immediately. […] [Read More]

The high-level executive changes at Credit Acceptance continued this week. About three months after chief executive officer Brett Roberts announced his retirement, the subprime auto finance company said through a filing with the Securities and Exchange Commission that chief legal officer and corporate secretary Charles Pearce is making a similar move. Credit Acceptance said Pearce […] [Read More]