As activities outside someone’s home confines continue to intensity, DRAIVER announced a deeper partnership with Uber for Business, with direct benefits for automotive industry clients. According to a news release distributed on Friday, the announcement opens a gateway for the entire automotive industry to a comprehensive mobility solution. Any business that needs to move vehicles, […] [Read More]

Upstart ventured into auto financing last summer and then acquired Prodigy in April to enhance its platform fueled by artificial intelligence. Then last week, the company announced the availability of Upstart Auto Retail software, which includes AI-enabled financing. Upstart explained the cloud-based solution can offer a “superior” vehicle-buying experience for both consumers and dealerships because […] [Read More]

Moody’s Investors Service said accelerating sales of alternative fuel vehicles (AFVs) — include battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles and alternatively-powered electric vehicles — will shift portfolio compositions and credit fundamentals across auto-related sectors around the globe. [Read More]

Kroll Bond Rating Agency (KBRA) offered a recap of the Structured Finance Association’s annual SFVegas conference, which unfolded last week for the first time since before the pandemic arrived. [Read More]

CarLotz is doubling down in the Lone Star State. The consignment-to-retail used-car marketplace announced Monday that it has opened a hub in Plano, Texas, its second location in the state. This new hub, located in the Dallas-Fort Worth Metroplex, complements its sister location in San Antonio. “Through our #LotzOfLove initiative and the non-profit Dogs Matter, […] [Read More]

CarGurus said Friday it is expanding the coverage of its Instant Max Cash Offer program to 11 new states and Washington, D.C.  Why is this important for dealers? Now, dealers in the CarGurus/CarOffer network have significantly more quality used inventory from which to choose .  CarGurus Instant Max Cash Offer — which lets consumers sell their vehicles digitally, […] [Read More]

vAuto now has a new offering within vAuto Provision, a suite of tools that can help dealers adopt a more transparent and turn-focused approach to used-vehicle acquisition, appraising, pricing and merchandising based on real-time, local market supply-and-demand data. That new feature is Wholesale Hub.  Here's how it works: Wholesale Hub  is the "new way to wholesale inventory from within […] [Read More]

The Feldman Automotive Group has expanded its presence in Michigan with the purchase of Detroit’s Jorgensen Ford from seller Merlton Brandenburg. The store is now Feldman Ford of Detroit. The acquisition, announced Friday, means Feldman has 17 stores throughout Michigan and Ohio. That tally includes five Buckeye State stores in which the group has partnered […] [Read More]

Hello Auto Group has grown its Southern California presence with two new dealerships: John Hine Mazda Temecula and John Hine Subaru Temecula. The acquisition was finalized on Oct. 4. The John Hine franchise has been a respected name in California for more than 60 years, while Hello Auto Group is a relative newcomer to the comunity. However, the dealer […] [Read More]

Cox Automotive’s measure of wholesale vehicle prices reached a new all-time high in September, passing the record set in the spring and defying prior expectations amid continuing car supply challenges driven by multiple macro factors. Specifically, the Manheim Used Vehicle Value Index came in at 204.8 last month, which beats the year-ago reading by 27.1%. […] [Read More]