You’re a new operator. You’ve pooled together your savings; maybe some help from family or friends, too, but you're still short on cash to open your doors.  NextGear Capital is looking to be the financial resource to help independent automotive entrepreneurs to over the hump and make their dealerships a reality. On Monday, the company […] [Read More]

While not divulging the specific operator, First Business Bank on Monday announced the closing of a $6 million inventory floorplan line of credit for an independent dealer through its floorplan financing group. However, along with acknowledging the store is in Illinois Jeff Widholm, managing director of floorplan financing at First Business Specialty Finance, a subsidiary […] [Read More]

According to a news release from Performance Brokerage Services, McCurley Integrity Dealerships sold one of its dealerships to the Lum Family. Performance Brokerage Services was involved in the sale of McCurley Integrity Toyota in Walla Walla, Wash., to the Lum Family, which has owned and operated dealerships for more than 50 years. David Lum opened […] [Read More]

Venable partner Allen Denson offered some context that might help finance companies understand why the Consumer Financial Protection Bureau (CFPB) reached its second consent order in less than a year through an action involving what the regulator deemed to be unfair loss damage waiver practices On Friday, the CFPB announced that it issued a consent […] [Read More]

The Manheim Used Vehicle Value Index appears headed for unprecedented territory. After the first 15 days of May, the mid-month reading of the index eclipsed the 200 mark, climbing 48% from May 2020 and reaching 202.9. A look at readings of the index dating back to January 1997 shows [Read More]

“What a difference a year can make.” Perhaps that statement has never been truer than in the past year. The COVID-19 pandemic created some seismic shifts in car shopping and buying, and the auto industry had to pivot quickly to keep up with the changes. Now, a year since the world turned on its head, […] [Read More]

In this special sponsored episode of the Auto Remarketing Podcast, LotLinx chief revenue officer Bill Reidy and Lance Schafer, the company’s general manager of product and technology, discuss what it means for dealers to be “VIN-aware” and how it can help stores stay competitive. To hear the conversation, click on the link available below, or visit […] [Read More]

Editor's Note: This is a special preview, available only to CMG Premium subscribers, of Auto Remarketing's "Beyond the Transaction" special supplementary issue. The pandemic impacted much of the automotive space, from how vehicles are retailed to the ways consumers are securing financing. What hasn’t changed, however, is the importance of a dealership’s F&I department, a store segment that […] [Read More]

Coinciding with the company saying it has reached record-breaking levels of dealer enrollment on its automated instant wholesale vehicle trade platform, CarOffer appointed one of its existing executives as chief operating officer. According to a news release distributed on Friday, CarOffer made the move effective immediately to install Scott Johnston as COO. In his new […] [Read More]

One of the poignant moments during this week’s Auto Intel Summit happened on Tuesday during a panel discussion featuring representatives from the Auto Intel Council, a private, membership-based organization that includes leading intelligence companies in the automotive space. Executives from DRN, Experian, Market Scan and Wells Fargo recapped their journeys through the pandemic and how […] [Read More]