Used-vehicle sales this month will likely beat January figures by a double-digit percentage, but slow from a year ago. That’s according to a forecast released Tuesday by TrueCar, which called for 3.5 million used-vehicle sales for February. That sum would beat January sales by 12% but fall 4% short of February 2020 numbers, TrueCar said. […] [Read More]

Ally Financial, Greensboro Auto Auction and the Hiester Automotive Group are working together, while fueled by some of their passions: classic-car restoration, helping people in need and lifting up the next generation of technicians. John Hiester, owner of Hiester Automotive Group in Fuquay-Varina, N.C., led a project that highlighted another example of how dealers across […] [Read More]

On Jan. 18, President Biden revealed his nominations to lead the Consumer Financial Protection Bureau and the Securities and Exchange Commission. On Tuesday, the Senate Banking Committee will hold a hearing to interview Rohit Chopra, currently a commissioner with the Federal Trade Commission who has been picked to oversee the CFPB, and Gary Gensler, who […] [Read More]

Kroll Bond Rating Agency (KBRA) spotted delinquency increases in both the prime and non-prime market segment in January, but analysts see metrics remaining on “solid footing” at least in the short term. According to the firm’s latest report looking at January data, early stage delinquencies— what it classifies as 30 to 59 days past due — […] [Read More]

eCommerce and digital marketing company Fox Dealer now offers GM Canada dealers a live text and video chat product through General Motors Dealer Digital Solution program. The product is called Fox Chat, and instead of forcing the use of a separate app, it uses the dealer's native technology on its sales team’s phones and computers. That empowers […] [Read More]

With the combination of its BacklotCars and TradeRev products into one marketplace, KAR Global leadership has its eyes on the No. 1 spot in the U.S. digital dealer-to-dealer space. The combination of the marketplaces means that TradeRev's U.S. dealer customers move to BacklotCars, while Canadian dealers remain on the TradeRev platform exclusively, KAR said. That migration began on Feb. 1 with […] [Read More]

iSeeCars recently published a list of the fastest-selling used cars in January, and the Hyundai Palisade came out on top at 26.2 average days to sell. But what are the slowest sellers? On Monday, iSeeCars published a study of the slowest-selling new and used vehicles for January. According to iSeeCars, the slowest-selling used vehicle for […] [Read More]

Seven-time NASCAR champion Jimmie Johnson closed that portion of his racing career in a car sponsored by an auto finance company. Now in a new circuit with a new car, Johnson’s ride is sponsored by an online used-vehicle retailer. On Monday, Carvana unveiled the paint scheme for Chip Ganassi Racing’s No. 48 Honda to be […] [Read More]

CapStreet Group, which invests in owner-managed, lower middle market companies, has completed the majority recapitalization of TradePending LLC. TradePending builds software for car dealerships, stating that it uses vehicle pricing data to enable digital retailing and boost online conversions and increase profitability for trade-in vehicles. TradePending chief executive officer Brice Englert said the new partnership sets the […] [Read More]

Bob Vail of Vail Buick GMC has been elected to the National Automobile Dealers Association’s executive committee as vice-chairman, region I. A former chair of the Greater New York Automobile Dealers Association, or GNYADA, Vail will represent the Greater New York region’s auto dealers. Those dealers represent a collective $53 billion economic impact and support […] [Read More]