After launching its vehicle subscription service in four states, a Philadelphia-based startup now has more resources to grow. This week, GO announced that it has secured a $41 million round of financing led by Synterra Capital Management. According to a news release, this funding will enable the company to grow its fleet substantially and expand […] [Read More]

Industry collaboration is continuing to strengthen to combat online malfeasance. The Financial Services Information Sharing and Analysis Center (FS-ISAC) — a global cyber intelligence sharing community solely focused on financial services — recently announced that global cyber intelligence sharing among its member financial firms increased by 60% in the period from August 2020 to August […] [Read More]

Perhaps here’s something that both consumers and finance companies can take as a positive from COVID-19. Despite financial challenges brought forth by the pandemic, a new study from TransUnion indicated that 18.7 million U.S. consumers that entered a financial hardship program experienced an increase to their VantageScore 4.0 credit risk scores in 2020. [Read More]

The next chairman of the National Automobile Dealers Association hails from the same state as two of nation’s largest dealer groups — as well as this very publication. Mike Alford, president of Marine Chevrolet Cadillac in Jacksonville, N.C., was elected Tuesday by the NADA board to be the association’s 2022 chairman. Alford is NADA’s current […] [Read More]

Sonic Automotive has added its first Chrysler Dodge Jeep RAM franchise. The retailer said Tuesday it has purchased Bobby Ford Chrysler Dodge Jeep RAM in Sealy, Texas. The dealership, which has been renamed Momentum Chrysler Dodge Jeep RAM of Sealy, is Sonic’s 88th franchised dealer location. “We continue to enhance our automotive sales and service […] [Read More]

Halloween is less than two weeks away, and dealers might be thinking they’re getting tricked since it doesn’t appear to be much of a treat for them in the lanes this fall. Black Book described the unusual pricing landscape that’s continues to be seen in the wholesale market, as overall values rose for the seventh week […] [Read More]

Wholesale used-vehicle values ended the third-quarter with a record setting year-over-year increase in September and more increases are expected into next spring’s tax season, predict industry analysts. The Manheim Used Vehicle Value Index stood at 204.8 in September, a 27.1 % increase over the September 2020 reading and 5.3% higher than the previous month. The […] [Read More]

Axis Auto Finance said Tuesday it has landed a $15 million strategic investment from NowLake Technology, which is projected to own roughly 23% of the issued and outstanding common shares in the fintech lender specializing in the alternative auto finance space once the deal is complete. In a private placement, NowLake is buying 30 million […] [Read More]

TradeRev, which is KAR Global’s dealer-to-dealer online wholesale platform for the Canadian market, has launched a Retail Vehicle Details Page that it says can help dealers figure out consumer interest in a vehicle before they buy it wholesale. Through this feature, dealers can share a customized condition report on a specific vehicle in the TradeRev […] [Read More]

The Automotive Anti-Counterfeiting Council (A2C2) — which includes 11 automakers and their brands — is asking eBay to halt the sale of all supplemental restraint system (SRS) airbags and components on eBay.com, calling it the only effective way of preventing the sale of dangerous counterfeit airbags on the site. According to testing conducted by the […] [Read More]