Vroom made two moves in December to extend both its financial and physical reach. Along with a hub in Orlando, Fla., the online platform for buying and selling used vehicles announced an amendment to its inventory financing agreement with Ally Financial. Ally increased the line of credit to Vroom to $700 million, up from $450 […] [Read More]

MagnifyMoney’s most recent survey found nearly 70% of Americans celebrated financial accomplishments in 2021, with one of the top achievements being vehicle acquisition. Although many Americans accomplished their goals of paying off debt in 2021, the survey from the LendingTree subsidiary showed many consumers still have financial regrets from the year. Five key findings from […] [Read More]

National Auto Care (NAC) made one more acquisition before closing out 2021. Capping a string of moves throughout the year, NAC senior vice president of mergers and acquisitions Courtney Hoffman announced that the company — which provides  F&I products, administration, consulting services, training and marketing support to independent agents, insurance companies, financial institutions, third-party administrators […] [Read More]

Experts from Kroll Bond Rating Agency (KBRA), S&P Dow Jones Indices and Experian all noticed some deterioration in auto finance performance before 2021 finished. Released four days before Christmas, data through November for the S&P/Experian Consumer Credit Default Indices showed the auto reading made the largest month-over-month rise in more than a year. [Read More]

Former ADESA president and chief executive officer Tom Caruso passed away on Tuesday, the auction chain’s parent company KAR Global said in a statement Thursday. Caruso, who retired in March 2020, spent 40 years in the remarketing business, including time as ADESA’s president and CEO, its chief operating officer and its executive vice president, among […] [Read More]

XLerate Group said Wednesday it has entered a definitive agreement to buy America’s Auto Auction; a deal that will create a supergroup of more than three dozen auto auctions. The companies did not disclose terms of the deal. The purchase is arguably one of the most significant in the recent history of the auto auction business. Granted, […] [Read More]

The Cherokee Media Group team wishes you a safe and happy holiday season and a joyous new year. This issue of Used Car Weekend will be the final regularly scheduled e-newsletter from our team in 2021 before we take a holiday break. We thank you for your interest, support, readership and feedback this year. The Auto Remarketing e-newsletters will resume […] [Read More]

Vroom will begin a new year with a new executive filling a newly created leadership position to oversee key functions such as vehicle acquisition and reconditioning. Late on Thursday, the online used-vehicle retailer announced the appointment of Thomas Shortt as chief operating officer, effective Jan. 3. Since 2018, Shortt has served as senior vice president […] [Read More]

John Stephens is bringing more than 30 years of automotive experience to AutoPayPlus by US Equity Advantage. The biweekly payment processing provider announced this week that Stephens has joined the company as chief sales officer. Most recently, Stephens served as executive vice president of dealer services at Texas-based EFG Companies where he oversaw the direct […] [Read More]

It’s coming down to the wire in certified pre-owned. For 2021 to match the best-ever year for CPO sales (which happened in 2019), dealers will have to sell more than … [Read More]