The Consumer Financial Protection Bureau now is taking its regulatory aim at loans connected with workers involved in the gig economy and ride-sharing. The CFPB recently filed a proposed settlement against Driver Loan and chief executive officer Angelo Jose Sarjeant. If entered by the court, the settlement would require the defendants to refund about $1 […] [Read More]

EFG Companies is looking to leverage lessons learned through the pandemic to help dealerships get the most out of their F&I activities. This week, EFG announced the debut of its modular training subscription service that when piloted during the pandemic, resulted in an 18% lift in profit per unit sold (PRU) for clients. EFG highlighted […] [Read More]

Despite record-high wholesale prices and limited supply, used-car sales continued to gain traction in May. Cox Automotive said in a Data Point report last week that there was a [Read More]

Last weekend might have marked more than just Americans commemorating Memorial Day. Black Book now is watching closely for a potential pivot in the wholesale market. Analysts explained their reasonings in their latest installment of Market Insights released on Tuesday. [Read More]

NOTE: Updated with more details about Akron Auto Auction's purchase of Value Auto Auction. Whether it’s among dealer groups, auctions, tech providers or beyond, June has accelerated the auto industry’s momentum in the buy-sell/M&A space. Lithia Motors & Driveway, for instance, continued its aggressive expansion Tuesday, announcing it has purchased two luxury dealerships in Van […] [Read More]

Christina Potts said she feels “like I’m coming home.” America’s Auto Auction announced that Potts has been named the company’s national client accounts manager. A native Texan with 15 years of auction industry experience, the company highlighted Potts brings with her a strong background in operations, fleet/lease management and client relationships. “We are so fortunate […] [Read More]

It’s not just the dealer groups that are heating up the M&A activity: June has kicked off with major moves from the auto industry software giants. Less than a week after CDK Global purchased Roadster, Reynolds and Reynolds announced Tuesday it has bought Gubagoo, a provider of “conversational commerce” and retail solutions for dealers and automakers. […] [Read More]

Automotive Ventures supports automotive technology entrepreneurs, businesses and investors with industry-specific resources, strategic consulting and extensive connections. And now the firm has more financial resources to complete those tasks and more. On Tuesday, Automotive Ventures chief executive officer and founder Steve Greenfield announced the final closing of the firm’s inaugural venture fund, Automotive Ventures Fund […] [Read More]

Spring has brought a blooming certified pre-owned vehicle market in Canada. As the CPO market continues to bounce back, automakers were seeing a lot of good signs last month.  Here's how some of the CPO programs are faring, based on sales reported to Auto Remarketing Canada.  In May, Subaru Canada nearly doubled its CPO sales […] [Read More]

Spireon, a provider of risk mitigation services and other technologies to subprime auto finance companies and buy-here, pay-here dealers, announced the promotion of one of its executives to be chief technology officer. Previously Spireon’s senior vice president of engineering, the company said through a news release distributed on Tuesday that Prem Hareesh now is CTO. […] [Read More]