In what the companies are calling an all-stock merger of equals, RateGenius Loan Services and AUTOPAY Direct announced on Tuesday that they have entered into an agreement to combine. According to a news release, the transaction, which is expected to close within the next 60 days, has been unanimously approved by the board of directors […] [Read More]

Toyota doesn’t want to just place vehicle buyers into Camrys and RAV4s at its franchised dealerships. The automaker also is looking help their customers secure the necessary insurance for those vehicles right there at the Toyota store, too. And the OEM took a significant step toward that objective recently, as Toyota Insurance Management Solutions (TIMS) […] [Read More]

Say this for Scott Painter: the entrepreneur can build relationships. After assembling an association with Westlake Financial in December involving a $400 million credit facility, the latest company Painter founded NXCR — a fintech and insurtech vehicle subscription platform — now has a strategic alliance J.D. Power, a global leader in data analytics and consumer […] [Read More]

KAR Global said Tuesday it has purchased Auction Frontier, the developer of the Velocicast cloud-based auction simulcast solution. And here’s the kicker: Not only does Velocicast power KAR’s own ADESA Simulcast and Simulcast+ platforms, it also provides the technology behind the simulcast sales of more than 300 wholesale and retail auctions throughout North America and […] [Read More]

Vroom, which has delivered in the Chicago and Los Angeles areas since its 2012 founding, has opened new hubs in those cities. Vroom, an e-commerce platform for buying and selling used vehicles, said that in the Windy City, it is also offering a more customized driveway experience for 4.7 million people in 420 ZIP codes within […] [Read More]

As digital-first experiences take the spotlight and consumers increasingly seek reviews about how businesses are handling pandemic-related health and safety concerns,  Cars.com said 10 million car buyers have now left reviews for dealers on its platform. The milestone comes as 38% of consumers report they read more reviews because of COVID-19, according to a DealerRater […] [Read More]

Used-car e-commerce platform Shift launched its service to purchase cars from consumers in the Las Vegas region.  It is the company’s first market in Nevada, and consumers are now eligible to sell their cars directly to Shift in 11 U.S. geographies. Shift co-chief executive officer Toby Russell said Las Vegas is business-friendly and is a major […] [Read More]

Convoluted, complicated and difficult all might be appropriate adjectives to describe what’s happening in the auction lanes nowadays. While Black Book is seeing an ever so slight deceleration in the upward trajectory of wholesale prices, analysts also pinpointed a handful of specific models in which dealers actually are being forced to pay above MSRP for […] [Read More]

Digital driver assistance services provider Agero introduced a new service that it says removes the hassle and minimizes the costs and risks of safely moving vehicles.  Agero said it built the new service — called Vehicle Transport — for automotive manufacturers, dealer groups and fleet management companies. The service assists in areas such as contactless […] [Read More]

As pandemic-induced supply-chain disruptions have sparked a global chip shortage, the automotive industry is experiencing the resulting ripple effect of inventory scarcity. Industry-wide data shows that consumer demand is up, evidenced by higher lead closing ratios, higher gross profits and more total sales on a month-over-month basis. Yet according to Autotrader, new-car inventory is down […] [Read More]