Servicing Solutions recently bolstered its team with the addition of Jeremy Hettman as vice president of sales, bringing nearly 20 years of consultative sales experience to the company. In this key role, Servicing Solutions said that Hettman will lead business development efforts in the Northeast region, with a focus on developing long-term relationships with clients […] [Read More]

In addition to some big names in automotive, the Series B financing round announced by ecommerce platform Rodo on Tuesday also includes a group tied to the star of the “Ride Along” movies. What now? Let me explain. Rodo’s $18 million Series B funding was led by Holman Enterprises and Evolution VC Partners, with participation […] [Read More]

The slowdown in sales at auto auctions in 2020 was not “completely unexpected,” amid a year that saw the remarketing industry and others like it adjusting to challenges from COVID-19. But several bright spots had the leadership of the National Auto Auction Association optimistic as the trade group released its 24th annual membership survey on […] [Read More]

After announcing the opening of three EchoPark Automotive locations last week, Sonic Automotive has expanded its standalone used-car store program yet again. And Lithia & Driveway continues its rapid M&A activity. Starting with the Sonic news, the retailer said Tuesday it has opened an EchoPark delivery center in Louisville, Ky. “The demand for a modern, […] [Read More]

Earlier this month, CARFAX Canada launched its new CARFAX for Life service retention program that’s designed to give dealerships a way to boost customer loyalty and repeat service business. Customers of dealerships that are enrolled in CARFAX for Life receive a free Vehicle History Report on their respective vehicles as long they own the car, and […] [Read More]

TRADE X, which is an Ontario-based global cross-border B2B vehicle trading platform, announced a $44 million CAD ($35 million US) equity investment from Toronto-based holding company Aimia on Tuesday. TRADE X may issue an additional $10 million (USD) of convertible preferred shares to other strategic investors in a subsequent holding no later than Aug. 6. […] [Read More]

Continuing a buzz of M&A activity among auto retailers, Zeigler Auto Group said Monday it has purchased four stores in Wisconsin from Home Run Auto Group, a move that marks its first acquisition in the state. The four acquired stores include Honda of Racine, Toyota of Racine, Kenosha Subaru, and Racine Hyundai, which have been […] [Read More]

LMP Automotive Holdings said Monday it has signed a definitive agreement to buy a Chrysler Dodge Jeep Ram dealership in New York and its associated real estate. Included in the purchase price is $11 million for goodwill and $8.2 million for the associated real estate. It is expected to be funded through cash on the […] [Read More]

Four days after announcing its hub in the Southwest, CarLotz said Monday it has opened a hub in Denver, its first in Colorado. With this addition, CarLotz now operates in California, Colorado, Florida, Illinois, North Carolina, Tennessee, Texas, Virginia and Washington state.  It also has plans to open soon in Georgia and Missouri. On Thursday, […] [Read More]

Larry Dixon, the vice president of industry insights and analysis at the National Independent Automobile Dealers Association, made another visit for an episode of the Auto Remarketing Podcast to discuss the wholesale market and how some current conditions are reminiscent of the stretch after the Great Recession. Dixon also highlighted how NIADA’s plans for its […] [Read More]