Two of the public auto retailers announced expansions Tuesday, including one involving a standalone used-car store program. Starting with AutoNation, the group said it has opened AutoNation USA San Antonio, its fourth pre-owned store in Texas and the first of five the retailer is planning to open in the U.S. during 2021. AutoNation also plans […] [Read More]

Data contained in the newest Kontos Kommentary might have reinforced value of the latest functionality of ADESA’s platform to help dealers still be profitable during times of unprecedented wholesale prices. Coinciding with the launch of the company’s proprietary “% to Retail” tool, KAR Global chief economist Tom Kontos said average wholesale vehicle prices cracked the […] [Read More]

Facedrive announced last week it has launched its Steer electric vehicle subscription service in Toronto and delivered its first crop of cars. Steer initially launched in Washington, D.C.  in May 2019. Facedrive acquired Steer from Exelorate Enterprises in September. “The expansion of Steer to Canada marks a watershed moment for environmentally responsible transport in Canada, […] [Read More]

Summertime is typically one of the busiest times of the year for both new- and used-car sales as people are gearing up for vacation or getting ready for the upcoming school year. With inventories of cars and trucks in much shorter supply heading into holiday weekends like Memorial Day or July Fourth, this summer may […] [Read More]

In what’s likely a positive sign for auto-finance companies of all sizes, both the Federal Reserve and S&P Global Ratings offered positive assessments of the current banking system for both national institutions as well as regional firms. According to the newest banking systems conditions report from the Fed posted in April, policymakers said, “The benefits […] [Read More]

You’re a new operator. You’ve pooled together your savings; maybe some help from family or friends, too, but you're still short on cash to open your doors.  NextGear Capital is looking to be the financial resource to help independent automotive entrepreneurs to over the hump and make their dealerships a reality. On Monday, the company […] [Read More]

While not divulging the specific operator, First Business Bank on Monday announced the closing of a $6 million inventory floorplan line of credit for an independent dealer through its floorplan financing group. However, along with acknowledging the store is in Illinois Jeff Widholm, managing director of floorplan financing at First Business Specialty Finance, a subsidiary […] [Read More]

According to a news release from Performance Brokerage Services, McCurley Integrity Dealerships sold one of its dealerships to the Lum Family. Performance Brokerage Services was involved in the sale of McCurley Integrity Toyota in Walla Walla, Wash., to the Lum Family, which has owned and operated dealerships for more than 50 years. David Lum opened […] [Read More]

Venable partner Allen Denson offered some context that might help finance companies understand why the Consumer Financial Protection Bureau (CFPB) reached its second consent order in less than a year through an action involving what the regulator deemed to be unfair loss damage waiver practices On Friday, the CFPB announced that it issued a consent […] [Read More]

The Manheim Used Vehicle Value Index appears headed for unprecedented territory. After the first 15 days of May, the mid-month reading of the index eclipsed the 200 mark, climbing 48% from May 2020 and reaching 202.9. A look at readings of the index dating back to January 1997 shows [Read More]