On Thursday, CarMax gave an initial gift of $100,000 and started a philanthropic partnership with Operation Homefront, a national nonprofit serving America’s military families. According to a news release, CarMax already had quite a connection with the military since more than 1,700 company associates served in the armed forces. “As an organization that has thousands […] [Read More]

Westlake Financial Services is continuing to diversify its portfolio but leveraging a lending strategy that’s gained industry traction this year. Along with originating indirect auto financing, this week Westlake launched what it’s calling, Cash Now Pay Later. The company said this new product available through its LoanCenter division can provide financial flexibility to its customers […] [Read More]

Experian is looking to help finance companies complete one of the most important parts of underwriting — verification of income and employment status. This week, Experian introduced new verification capabilities that can connect finance companies to more than 120 million consumer permissioned payroll accounts. By leveraging technology from Citadel API, Experian is bolstering its existing […] [Read More]

As KAR Global chief economist Tom Kontos just highlighted, wholesale prices continue to rise. To help consignors take advantage of the situation, ADESA deployed a new tool on Thursday to enhance the reconditioning process and optimize return on investment for sellers. By leveraging millions of data points on vehicles, repairs and sales, the company highlighted […] [Read More]

KAR Global chief economist Tom Kontos elaborated a bit in his newest Kontos Kommentary about a primary way franchised dealerships have been able to satisfy their customers who wanted a new model that simply wasn’t available. [Read More]

Like the 1970s Canadiens or 1980s Islanders, the wholesale vehicle market in Canada is on a streak. Wholesale prices have now climbed 11 straight weeks, according to Canadian Black Book, which said in a market update that values were up in 21 of 22 segments for the week ending Friday. Specifically, there was a 0.60% […] [Read More]

StoneEagle F&I senior vice president of business development Joe St. John made his monthly appearance on the Auto Remarketing Podcast to discuss what’s happening in dealership finance offices. Senior editor Nick Zulovich asked about which elements helping F&I departments this year could be sustained and which ones might be unique to 2021. To listen to […] [Read More]

Auto Remarketing publisher and Used Car Week parent company Cherokee Media Group has welcomed Caroline Rush aboard as a marketing coordinator, where she will work with CMG’s automotive conference and events teams. Rush most recently was a marketing consultant for Sinclair Broadcast Group, where she primarily managed digital marketing campaigns for local and national clients. […] [Read More]

In the new-car market, the electric vehicle segment was up 51.3% year-over-year with 106,562 EV sales during the third quarter, according to Kelley Blue Book. Year-to-date, there have been 323,479 new EV sales, KBB said, which is an 88.2% hike. But the influx of EVs isn’t just happening in the new-vehicle market. As the wholesale […] [Read More]

After piloting the program in September, Hertz will now sell used vehicles directly to consumers online through Carvana. Like its peers in the rental-car space, Hertz has traditionally leaned on auctions, direct-to-dealer programs and its network of retail locations to remarket used inventory from its fleet. The partnership between the rental giant and Carvana announced […] [Read More]