The pandemic certainly impacted Hertz Global Holdings as much as any company with a connection to vehicles. But the company shared several positive developments in recent days, including the closing of its Donlen sale, more than $1 billion in first quarter revenue as well as how its exit from Chapter 11 bankruptcy will be funded. […] [Read More]

AUL Corp. reinforced its executive leadership this week to ensure the F&I provider remains on solid financial footing. First, AUL appointed industry veteran Dennis Mara as the firm’s new chief financial officer after four months of serving in the position on an interim basis as he led the successful implementation of the firm’s new accounting […] [Read More]

In April, the American Financial Services Association announced the official formation of its Diversity and Inclusion Working Group to enhance its efforts to foster a culture of diversity and inclusion within the financial services industry.   Prabir Chakrabarty, vice president and associate general at Mariner Finance, is serving as the group’s chair, and Kristen Miller, […] [Read More]

REPAY made a significant increase in its collections capabilities this week, announcing it has signed a definitive agreement to acquire BillingTree for approximately $503 million. According to a news release, the acquisition will be financed with approximately $275 million in cash from REPAY’s balance sheet and $228 million in newly issued shares of REPAY Class […] [Read More]

While its net loss and other metrics were on par with expectations, CarLotz had stronger first-quarter retail sales and net revenues than expected. Reporting Q1 results Monday, the consignment-to-retail used-vehicle marketplace moved 2,554 retail units in Q1, beating the year-ago period’s 1,453 retail vehicle sales. CarLotz’s previous guidance had called for 1,900 to 2,100 retail […] [Read More]

Shift is selling cars in Texas for the first time. The used-vehicle ecommerce platform said Monday that consumers in the Austin-San Antonio region can buy and sell cars through Shift. Consumers could already sell their vehicles to Shift in four of the state’s markets, but this move marks the first full-service market where they can […] [Read More]

More potential opportunities to keep your service drive busy continue to surface as more people hit the road again for job commuting. To cater to employers who offer vehicle benefits, CarAdvise on Tuesday launched CarPerks powered by CarAdvise, the newest employee perk platform. The online vehicle maintenance and repair marketplace technology provider explained that CarPerks […] [Read More]

In what’s already been a busy year for automotive M&A, a purchase announced Tuesday involves the tech side of auto retail. SpinCar, which provides digital automotive merchandising software and data, has purchased Pulsar AI, a developer of a conversational artificial intelligence platform based out of the country of Georgia. SpinCar said the blend of Pulsar’s […] [Read More]

Have a hot-shot Green Pea at your store who is itching for a spiff or other recognition you offer? Here is a suggestion based on the latest wholesale observations contained in the latest installment of Black Book Market Insights. Ask the new dealership teammate to find vehicles that do not need much, if any, reconditioning […] [Read More]

AutoCanada made quite a rebound in the first quarter, posting its strongest-ever Q1 revenue, among other highlights — including a robust used-car performance. Looking at consolidated results, AutoCanada retailed a combined 9,734 used vehicles in the first quarter, up 51.9% year-over-year. Used-vehicle revenue climbed from $229.36 million a year ago to $364.07 million in Q1. […] [Read More]