An Atlanta-based dealership group has added two more stores in the metro area. ALM Automotive Group acquired Hennessy Mazda and Hennessy GMC in suburban Morrow, Ga., from Hennessy Automobile Companies, according to Kerrigan Advisors, which represented the seller in the transaction. ALM, owned by Khush Bhatia, operates 19 dealerships in Georgia and the Carolinas, 14 […] [Read More]

As Carolina Auto Auction was hosting its regular weekly sale on a Wednesday morning in late September, CEO Eric Autenrieth and general manager Vann Humphrey were some 900 miles away in Kansas City, Mo., attending the National Auto Auction Association’s World Remarketing Convention. No worries —the Williamston, S.C., auction is set up to run like […] [Read More]

OPENLANE has named longtime finance executive Bill Wright as vice president of investor relations to serve as the primary liaison communicating OPENLANE’s vision, strategy and growth to stockholders and the broader financial community. “Bill is a seasoned IR leader with a proven track record delivering results that drive stockholder value,” OPENLANE executive vice president and […] [Read More]

Hertz’s new chief operating officer has extensive experience. In fact, it extends all the way to outer space. The global rental car giant has promoted Mike Moore — who previously led spaceline technical operations for space tourism company Virgin Galactic — to executive vice president and COO, giving him “direct, end-to-end responsibility” for all fleet […] [Read More]

Next Monday will mark the beginning of Timothy Mackay serving as president and CEO of Landmark Credit Union, which has more than $7 billion in total assets, 35 branches, more than 400,000 members and more than 1,000 employees. Mackay will succeed Jay Magulski, who shared his plans to retire from Landmark earlier this year. “We’ve […] [Read More]

Two banks that might already be in your dealership network of auto-finance providers are coming together. Fifth Third Bank and Comerica Bank announced on Monday morning that they have entered into a definitive merger agreement under which Fifth Third will acquire Comerica in an all-stock transaction valued at $10.9 billion. According to a news release, […] [Read More]

Last week, Dealer Alchemist released Soft Credit Pull, a website-integrated prequalification tool that can give car shoppers instant, credit-informed payment estimates without a hard credit pull. Powered by Equifax VantageScore, the automotive digital marketing solutions provider said this tool can enable dealerships to drive up to 20% more qualified leads while building consumer trust and […] [Read More]

American Financial Services Association general counsel Philip Bohi recently submitted a comment letter in response to the Consumer Financial Protection Bureau’s advance notice of proposed rulemaking (ANPR) on supervision of vehicle finance companies. AFSA recapped that the CFPB is allowed to impose supervision on non-bank companies that are larger participants in a market for a […] [Read More]

America’s Group is wading further into the Gulf Coast. The auto auction group said Monday it has acquired Lake Charles Auto Auction, a Louisiana business which has served dealers in the region since 1991. The auction, founded by Mike Pedersen, has featured more than 530,400 consigned vehicles and sold more than 291,000. It has more […] [Read More]

Montway Auto Transport has introduced a new pricing model for retail customers. The Montway TruePrice Guarantee provides a fixed, guaranteed price for 30 days, which the company said is designed to protect customers against deceptive bait-and-switch pricing practices. In a news release, Montway said the 30-day price guarantee allows customers to ship vehicles with confidence […] [Read More]