Diversification continues to be an apt adjective to describe Westlake Technology Holdings. Less than a week after highlighting the annual growth of its diverse, $12 billion portfolio, Westlake and Nowcom Corp. launched a fintech company on Tuesday named NowLake Technology. The companies explained in a news release that NowLake was born from the close relationship between Westlake […] [Read More]

Nicholas Financial president and chief executive officer Doug Marohn is back on the podcast for a discussion about the pandemic, fraud and the vitality of the subprime auto finance market. To listen to this episode, click on the link available below, or visit the Auto Remarketing Podcast page.  Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.  […] [Read More]

S&P Global Ratings is observing what it dubbed “generally better-than-expected loss results,” according to its latest report on the auto loan ABS market. And analysts gave an upbeat forecast for the trends to continue this year as unemployment levels tick lower and the pandemic gradually subsides because of vaccine distribution. “The generally better-than-expected loss results, […] [Read More]

AutoNation sold fewer retail used vehicles last year, but closed 2020 with a bump in pre-owned sales during the fourth quarter. And the dealer group’s used-vehicle retail sales were more profitable. Here’s a recap of some of the used-car specifics in AutoNation’s full-year and Q4 earnings released Tuesday, including what it has in store for […] [Read More]

During the fall, ACV Auctions formed a partnership with the American Recovery Association to inspect, list and sell vehicles directly from ARA member storage facilities. And now, in an effort to grow its commercial and rental business models and increase services for dealerships, ACV has announced a partnership with ParkMyFleet to provide flexible property solutions […] [Read More]

F&I company JM&A Group has designed a virtual inspection process in which its analysts can use video technology when working with repair shops to conduct visual inspections. With that process, called Inspect Now, its analysts can verify claims that would otherwise require in-person inspections. The analysts can approve the start of the repair more quickly. JM&A […] [Read More]

Outsell, which provides a virtual auto customer engagement platform, has launched its new Dealer Group OmniHub, saying that it helps dealer groups approach customer retention and loyalty as a unified brand. The hub helps dealer groups use the combined brand and selection power of the whole group, rather than just individual stores, Outsell said.  Using Outsell’s […] [Read More]

Scott Morrow has assumed the role as operations manager for Akron Auto Auction, overseeing the recon department, lot crew, security department, condition reporting, and the outside repossession department operations. Morrow, who has been with AAA for 23 years, will be responsible for all the auction's outside operations and functionality on sale day. Starting his auction […] [Read More]

Zanchin Automotive Group announced a new chief operating officer earlier this month: Neal Bodack, who joined the group in 2016 as managing partner of Mercedes-Benz Durham. Bodack, who has served on Zanchin’s senior management team since joining the company, came over from Mercedes-Benz Canada, where he worked for nearly 30 years. His multiple senior leadership […] [Read More]

AutoNation has finished selling off its stake in online retailer Vroom, an investment that ultimately resulted in a $165 million cash gain for the largest dealership group in the U.S. That wasn’t the only major news announced Tuesday morning by AutoNation, which reported full-year and fourth quarter 2020 earnings. The auto retailer has a new chairman […] [Read More]