E Automotive Inc., which is the company behind the EBlock digital wholesale marketplace and the EDealer digital retail products, said Wednesday it has closed its initial public offering. The offering of 5.9 million common shares priced at $23.00 (CAD) per share generated gross proceeds of $135.7 million. E Inc. plans to use net proceeds to […] [Read More]

Online peer-to-peer used-car marketplace TRED has landed $25 million in Series B funding that it plans to use for expanding its products, locations, partnerships and engineer team.    Participating in the round were new and existing inventors. That group included Vivek Raj of Geneses Capital Management, Westlake Financial’s Ian Anderson and CMFG Ventures’ Mike Kraus. […] [Read More]

Sonic Automotive said Tuesday it has acquired Cook Volkswagen in Fallston, Md. The dealership, will has been renamed Volkswagen of Fallston, is the 89th franchised location for Sonic. The store, which is 30 miles from Baltimore, is also Sonic’s fourth VW location. “We are excited to expand our automotive sales and service network with Volkswagen […] [Read More]

ADESA wants to help its clients, so on Tuesday the auction company announced the launch of its new Purchases Page for U.S. buyers. KAR Global explained the new page is designed to streamline online self-checkout and expand post-sale capabilities, enabling customers to view and manage all their ADESA Simulcast and Simulcast+ purchases in one centralized […] [Read More]

On Tuesday, UVeye named a new vice president for North American sales who previously held executive roles at KAR Global, BacklotCars and Cox Automotive. Taking on this role for the supplier of automated vehicle inspection systems is Jamie Anderson, who will be based in Charlotte, N.C. Prior to joining UVeye, Anderson was vice president for […] [Read More]

You could say black is white or wet is dry when considering the current state of the wholesale market, since rental car companies now are part of the primary group of buyers at the auction rather than being typical consignors. Along with releasing a new white paper on Tuesday, Black Book also looked to summarize […] [Read More]

Kijiji Autos has teamed up with Cox Automotive Canada to launch a digital retail marketplace, the companies announced Monday. Through the Kijiji Autos solution enabled by Cox Automotive and utilizing its Dealertrack and Kelley Blue Book capabilities, consumers can pick out a car, arrange financing and set up plans to pick the vehicle up at a […] [Read More]

Craig Harter is back with Fifth Third Bank, according to a news release. The institution announced on Monday that Harter has joined the bank as head of auto lending. Fifth Third is one of the largest bank originators of indirect auto financing in the country, with an extensive dealer network across more than 40 states. […] [Read More]

Byrider already has more than 140 buy-here, pay-here locations across the country. And the company recently added a new executive who is tasked with growing that store footprint even more. Byrider hired Michael Davis to reinforce its franchise development team in the role of franchise development manager. “We are excited to welcome Mike Davis to […] [Read More]

With the potential for repossession volume to rise, Recovery Industry Services Co. (RISC) wants to provide finance companies with a path to agents who can complete the task within federal and state guidelines. On Tuesday, the firm launched the all-new RISC Pro Directory that will allow users to search for a RISC Pro member agent […] [Read More]