TRADE X, which is an Ontario-based global cross-border B2B vehicle trading platform, announced a $44 million CAD ($35 million US) equity investment from Toronto-based holding company Aimia on Tuesday. TRADE X may issue an additional $10 million (USD) of convertible preferred shares to other strategic investors in a subsequent holding no later than Aug. 6. […] [Read More]

Continuing a buzz of M&A activity among auto retailers, Zeigler Auto Group said Monday it has purchased four stores in Wisconsin from Home Run Auto Group, a move that marks its first acquisition in the state. The four acquired stores include Honda of Racine, Toyota of Racine, Kenosha Subaru, and Racine Hyundai, which have been […] [Read More]

LMP Automotive Holdings said Monday it has signed a definitive agreement to buy a Chrysler Dodge Jeep Ram dealership in New York and its associated real estate. Included in the purchase price is $11 million for goodwill and $8.2 million for the associated real estate. It is expected to be funded through cash on the […] [Read More]

Four days after announcing its hub in the Southwest, CarLotz said Monday it has opened a hub in Denver, its first in Colorado. With this addition, CarLotz now operates in California, Colorado, Florida, Illinois, North Carolina, Tennessee, Texas, Virginia and Washington state.  It also has plans to open soon in Georgia and Missouri. On Thursday, […] [Read More]

Larry Dixon, the vice president of industry insights and analysis at the National Independent Automobile Dealers Association, made another visit for an episode of the Auto Remarketing Podcast to discuss the wholesale market and how some current conditions are reminiscent of the stretch after the Great Recession. Dixon also highlighted how NIADA’s plans for its […] [Read More]

Sanjiv Yajnik, the president of financial services at Capital One, shared high praise for how well dealerships have navigated through the pandemic and adjusted to a retail environment driven by digital advancements. In this episode of the Auto Remarketing Podcast, Yajnik also discussed what could be impacting auto financing for the rest of the year […] [Read More]

Konect Ai wants to be a leader in automotive artificial intelligence, so the company is turning its leadership over to an executive whose professional career includes stints with Cox Automotive, eCarList and Dealer.com On Friday, Konect Ai named Jerry Salerno as president as the company looks to expand further into the North American automotive industry. […] [Read More]

Cox Automotive teamed up with Penske Automotive Group to build an automated technology platform that will facilitate online used-car sales at Penske’s U.S. CarShop used-vehicle SuperCenters and franchised stores. Shortly after the platform was announced, Cox Automotive executives Kelly Mulroney and Mike Barrington joined the Auto Remarketing Podcast to share more details on how the platform […] [Read More]

It was a busy week for Sonic Automotive’s standalone used-car store program. On Thursday, the retailer announced an EchoPark Automotive retail sales center in Marietta, Ga., to serve the greater Atlanta market as well as an EchoPark delivery center in Salt Lake City. Then on Friday, Sonic added an EchoPark delivery center in Greensboro, N.C. […] [Read More]

The CarDr.com smartphone vehicle appraisal app now includes even more information. This week, the company fueling the tool that combines pricing and OEM level on-board diagnostics (OBD) by Bluetooth connection announced a real-time integration with CARFAX to incorporate a vehicle’s history. The company highlighted the integration of a vehicle’s history combined with CarDr.com’s proprietary OBD […] [Read More]