With a funding round now completed, a new auto-finance technology company now has more resources to fulfill its pledge to get any deal bought no matter what credit background the potential vehicle buyer has. This week, Car Capital, which said it has developed a proprietary, web-based platform to give every dealer partner the power to […] [Read More]

If the current wholesale market is a Las Vegas blackjack table, consignors are hitting on 18 and still winning while dealers are watching their floorplan money quickly flow to the house. For the second consecutive week and now eighth time in its data set going back to 2009, values for all 22 vehicle segments tracked […] [Read More]

Editor's Note: This is Part III of a three-part series on how the auto auction industry was impacted by and responded to the destructive winter storm that hit the central U.S. in mid-February. Part I looked at ADESA's strategies. Part II focused on independent auto auctions. Part III explores the strategy at Manheim. Exactly one year ago Tuesday, Manheim temporarily […] [Read More]

KAR Global on Tuesday announced a strategic investment in and North American commercial partnership with Ravin AI, saying that the partnership boosts its data-driven digital capabilities. Ravin AI is an international provider of automated, mobile and CCTV-based artificial intelligence services for vehicle inspections serving worldwide fleet, insurance and remarketing customers. KAR said that for its […] [Read More]

Ralph Mahalak Jr. said that when his auto dealership was named one of the CARFAX Top-Rated Dealers last year, he heard many positive responses. “It’s really a special award to us because it comes directly from our customer feedback,” said Mahalak, who is co-owner of the Low Payment Kings’ Mahalak Auto Group in Florida, Michigan, […] [Read More]

CarLotz will open a fourth hub in its home state of Virginia. The company’s co-founder and chief executive officer Michael Bor said he believed the hub would provide growth as the company expands its footprint across the southeast and throughout Virginia. A consignment-to-retail used-vehicle marketplace, CarLotz currently operates its full omni-channel offering out of 11 […] [Read More]

Sonic Automotive has expanded its EchoPark standalone used-car store network, and once again done it through acquisition. The retailer announced the purchase of the Carbiz dealership group on Tuesday, bringing EchoPark into the Baltimore-Washington market. The two-store Carbiz group has a Baltimore location and a Laurel, Md., store, which have been renamed EchoPark Baltimore and […] [Read More]

Ignite Consulting Partners is counting down the days until May 17, which marks the beginning of its in-person compliance training event. After the pandemic forced the firm to cancel last year’s Compliance Unleashed, Ignite Consulting Partners is preparing to host its three-day training session for independent dealerships and finance companies. “We’ve missed our ‘in-person’ relationships […] [Read More]

Two technology providers familiar with independent and buy-here, pay-here dealerships just struck a deal. According to a news release posted on Tuesday, CalAmp and Spireon announced that Spireon has acquired the LoJack U.S. Stolen Vehicle Recovery (SVR) business from CalAmp. Executives said the integration of the LoJack U.S. business bolsters Spireon’s position as a leading […] [Read More]

This month marks one year since U.S. lockdowns began and the subsequent financial fallout that ensued from the COVID-19 pandemic. However, data and survey information from Consolidated Credit and TransUnion arriving this week showed rebounding household incomes and consumer sentiments — perhaps two trends that could help auto-finance companies originate contracts and continue to collect […] [Read More]