LMP Automotive Holdings said Wednesday that its board has approved the company exploring strategic alternatives, including the option of selling the company. In a news release, LMP also said it plans on ending all of its pending purchases. “The company intends to terminate all of its pending acquisitions in accordance with the terms of their […] [Read More]

A new department several months in the making now is a part of NextGear Capital. To strengthen its business relationships with the auction partners that support the inventory needs of its independent dealer clients, NextGear announced on Wednesday that has created an auction services department. The company explained through a news release that planning for […] [Read More]

The National Automotive Finance Association now has its second-ever executive director. The NAF Association announced on Wednesday that Jennifer Martin will be its new executive director, succeeding Jack Tracey, who served in the position since the organization’s formation in 1996 until his passing last summer. According to a news release, Martin arrives with more than […] [Read More]

In an effort to help banks and credit unions, Abrigo and RouteOne announced on Tuesday how they’re now working together. Abrigo, a provider of compliance, credit risk and lending solutions for financial institutions, is now integrated RouteOne, which helps to facilitate indirect auto financing. The companies said their integration is designed to ensure community financial institutions […] [Read More]

It seems like everywhere businesses in all industries look, fraud is a growing threat. Results from the latest Small and Midsize Business (SMB) Lending Fraud Study from LexisNexis Risk Solutions emphasized the situation. The survey of risk and fraud executives at financial institutions reveals that SMB lending fraud in the United States has increased 6.9% […] [Read More]

Exeter Finance first started to use software from Solifi — formerly known as IDS and White Clarke Group — nine years ago. And this week, the finance company that specializes in non-prime credit decided to continue the utilization. Solifi announced that Exeter extended its agreement to use the platform in more than 11,000 U.S. dealerships. […] [Read More]

If an individual with a less than prime credit background still somehow secured financing for a new vehicle in January, there’s a notable possibility that the installment contract will be underwater for some time, based on record-breaking data Edmunds shared on Tuesday. Edmunds said more consumers than ever are paying above sticker price for a […] [Read More]

If an individual with a less than prime credit background still somehow secured financing for a new vehicle in January, there’s a notable possibility that the installment contract will be underwater for some time, based on record-breaking data Edmunds shared on Tuesday. Edmunds said more consumers than ever are paying above sticker price for a […] [Read More]

Alternative forms of used-car retailing were on full display Sunday night during Super Bowl LVI, with Carvana and Vroom both showcasing advertising spots. Now another relatively new business model in the pre-owned space — consignment-to-retail used-car marketplace CarLotz — is making some advertising waves. The company said Tuesday it has launched new marketing for the […] [Read More]

CarOffer reached a notable milestone, as the CarGurus’ subsidiary announced on Tuesday it has enrolled 10,000 dealer rooftops on its automated instant wholesale vehicle trade platform. According to a news release, CarOffer enrolled dealer rooftops are defined as those for which CarOffer and the applicable dealer have signed an enrollment agreement to participate on the […] [Read More]