The next chapter in Jim Landy’s career in auto finance will arrive through another acquisition involving a lender and an investment firm. Last week, Flagship Credit Acceptance announced that affiliates of InterVest Capital Partners, a New York-based specialty finance investment firm, have entered into a definitive agreement to acquire the operating assets and business operations […] [Read More]

As much as auto-finance underwriting has become sophisticated, a potential starting point to determine if the applicant will be offered an installment contract is the credit score. Shams Blanc, who is vice president of auto scores at FICO, described the ongoing evolution of credit scores during this episode of the Auto Remarketing Podcast. Blanc also […] [Read More]

Amid “challenging market conditions” during its third quarter, ACV Auctions increased its revenue, gained market share and expanded its dealer network, said the company’s CEO George Chamoun. ACV’s revenue in the third quarter grew 16% to $199.5 million when compared to the year-ago quarter, but the company’s net loss of $24.4 million in the quarter […] [Read More]

One of the highest points in OPENLANE's overall rosy third-quarter performance was a 14% year-over-year increase in marketplace dealer sales volume. This represents the fourth consecutive quarter of double-digit-percentage volume increases in dealer-to-dealer sales for the company. This offset an expected Q3 downturn in commercial volumes. OPENLANE said during its recent earnings call that the […] [Read More]

Autonomy, the Scott Painter-led electric vehicle subscription company, has secured $25 million in financing to expand its fleet by about 1,250 vehicles. The move extends Autonomy’s fleet, which previously only included Tesla, to new brands, along with adding late-model used and off-lease certified pre-owned vehicles into its offering. Autonomy is adding Volvo and Polestar vehicles […] [Read More]

Amazon Autos welcomed a new addition Monday: certified pre-owned owned vehicles from Ford. Consumers can shop, finance and purchase Ford CPO units via Amazon Autos and take in-person delivery of the vehicle at local Ford stores. The program has launched initially in Los Angeles, Seattle, Houston and Dallas, with plans to add other markets. “The […] [Read More]

Curbee’s latest report is about a 16 that’s not so sweet for dealership service departments. The mobile service technology provider’s report, titled The16, is built around statistics from IBISWorld showing there are more than 300,000 independent auto repair shops in the U.S. compared to some 18,000 franchise dealerships — a massive 16-to-1 advantage for the […] [Read More]

One of the co-founders of OPENLANE and The Appraisal Lane is beginning another career chapter. Digital license plate provider Reviver on Friday announced the appointment of Andrew Iorgulescu as chief executive officer and president. The company said the change in executive leadership marks an important moment as Reviver reaffirms its commitment to innovation, adaptability, and […] [Read More]

Now under new leadership, AutoCanada announced changes in its executive team as it “continues to strengthen its operational foundation and leadership bench.” All of the changes are effective immediately. The Edmonton-based dealership group has promoted Mikel Pestrak to interim president of dealership operations, Art Crawford to president of collision operations and Cynthia Hill to general […] [Read More]

OPENLANE subsidiary PAR has a new vice president — someone familiar to the repossession and recovery industries. Coming aboard with three decades of experience spanning corporate operations, law enforcement, and compliance management is Dave Baker, who will serve as the executive leader of PAR, with oversight of all sales, operations, compliance, remarketing, titles, industry relationships […] [Read More]