Obviously, operators need financial resources to run their dealerships. Capital providers do, too. And NextGear Capital announced on Thursday that it has more resources to help independent and buy-here, pay-here dealerships. The Cox Automotive division said it completed the renewal of its $1.1 billion financing facility on Aug. 31. In addition, NextGear mentioned it recently […] [Read More]

Cox Automotive’s newest updates of indexes that track auto financing showed mixed developments with regard to dealerships being able to get their potential buyers financed and providers’ appetite to build portfolios. [Read More]

Canadian Black Book and TRADE X, a global B2B cross-border vehicle trading platform, have entered a data integration agreement. As part of that deal announced Thursday, CBB’s historical post-transactional wholesale valuation and transactional data and its proprietary enhanced vehicle matching VIN decoding capability will be integrated into TRADE X’s vehicle trading software. “TRADE X is […] [Read More]

The rapidly growing online retailer Carvana entered two new Arkansas markets this week, expanding into Fayetteville and Fort Smith. Those represent its fourth and fifth markets in the state, respectively. “Growing our footprint in Arkansas helps us bring 'The New Way to Buy a Car' to even more customers looking for an easy, transparent car buying experience,” […] [Read More]

Toronto-based online car retailing platform CarDoor has received  $3 million in seed financing. The new injection of funding comes from Framework Venture Partners.  CarDoor said the latest financing will help the company expand its online platform and service to "reach across Canada in upcoming months."  Here's a little more about CarDoor, launched earlier this year […] [Read More]

CarGurus said Wednesday it has brought its CarGurus Instant Max Cash Offer program — which allows dealers to acquire used cars online from consumers — to five more states. CarGurus Instant Max Cash Offer launched in late July and was initially available in Florida, Massachusetts and Texas. The company has now added Georgia, Michigan, Pennsylvania, Connecticut […] [Read More]

Manheim announced this week it has delivered process improvement solutions for its commercial clients in the form of a new Client Shared Services Center. Manheim said the center will serve to meet clients' needs for easier, faster post-sale operations — especially for commerical clients who sell vehicles across multiple Manheim locations.  This improvement solutions aims to […] [Read More]

The assertions Edmunds made after sharing its latest data on used-vehicle retail prices and trade-in values might be a good news-bad news scenario for dealerships. [Read More]

AutoNation said Wednesday it has opened the second of the five standalone used-car stores it plans to launch this year. AutoNation USA Denver 104 is the first of two pre-owned stores the retailer intends on opening in the area during 2021. By the end of 2026, the dealer group expects it will be operating more […] [Read More]

This week, Credit Union Leasing of America (CULA) expanded its client footprint for the fourth time this year. After previously expanding in the Northeast as well as into Texas, CULA announced that it now is partnering Utah’s University Federal Credit Union (UFCU). The companies booked their first contracts in August, as the partnership makes University […] [Read More]