In addition to announcing its first EchoPark Automotive retail hub location in Nevada this week, Sonic Automotive said Thursday that starting Sept. 1, it will increase its minimum employee wage to $15 an hour. The retailer has approximately 8,500 teammates working at its franchised dealerships and EchoPark locations across the country. “Our people are our greatest asset, […] [Read More]

The significant rise in wholesale prices experts have been discussing for much of the year spilled into auto financing. According to Experian’s latest State of the Automotive Finance Market report released on Thursday, analysts spotted notable increases in several categories with used-vehicle financing. [Read More]

Byrider decided to have some fun this summer while helping to bring some enjoyment to children in a trio of areas where the company has buy-here, pay-here dealerships. Byrider recently wrapped up a successful week of volunteer efforts at Boys & Girls Clubs in three of its major markets, as associates in Cleveland, Cincinnati and […] [Read More]

FIX4 Capital wants to help Canadians get the finances they need to keep their vehicles running properly. And Wednesday, the firm secured its own financial resources to do it along with expanded leadership that includes a familiar name from the Canadian wholesale market. The company founded early last year to provide affordable and flexible car […] [Read More]

KAR Global certainly appears to have an interest in more than just the Canadian wholesale market stemming from its investment decisions. On Wednesday, Canada Drives, an online car shopping and to-your-door delivery platform, announced the close of $100 million in funding, led by Jeffrey Housenbold’s Honor Ventures with participation from KAR and other strategic investors. […] [Read More]

Though still up considerably from year-ago levels, wholesale vehicle prices in the first half of August were down slightly from the full month of July. That’s according to the mid-month reading of the Manheim Used Vehicle Value Index. Through 15 days of the month, the index was at 193.7. That’s up 18.3% from the midpoint […] [Read More]

TradePending, which provides vehicle valuation and merchandising software to car dealers, said Wednesday it has added former CDK Global and AutoNation executive Ron Frey and AutoHook founder David Metter to its board. Frey — who in his current role as principal at RL Frey, Inc. is working as a business and transaction advisor, automotive strategist and […] [Read More]

Spiffy didn’t have to go too far for its latest franchise launch. The on-demand car care, tech and services company said Wednesday that its newest franchise has opened in Greensboro, N.C., which is roughly an hour from Spiffy headquarters. This is the sixth franchise market in which Spiffy has opened since March. The franchise owner, […] [Read More]

When Urban Science released statistics and insights from its 2021 Mid-Year Automotive Franchise Activity Report (FAR), analysts said “an interesting observation is that California has returned to the list of most active states adding the dealerships.” The report indicated a small uptick in dealership rooftops nationwide and an increase in sales throughput. But it’s the […] [Read More]

The Midwest isn’t just a fertile field for agriculture. On Wednesday, IAA announced that it has broken ground on the construction of two new branches in Minnesota and Indiana. The company highlighted that IAA Minneapolis South will become the second in Minnesota and will provide significant inventory storage and updated facilities to serve the growing […] [Read More]