Lithia & Driveway nearly doubled its used-vehicle revenue in the second quarter, part of an all-around strong first half for the dealer group’s pre-owned operations. Starting with those revenue figures, Lithia pulled in $1.80 billion in used retail revenue during Q2, a 95.7% year-over-year increase. In the first half of the year, Lithia’s used retail […] [Read More]

UVeye, an automated vehicle-inspection systems developer, announced a $60 million Series C funding Wednesday that includes investment from CarMax, W.R. Berkley Corporation and F.I.T Ventures, along with a group of Israeli institutional investors. Prior investors include the likes of Volvo Cars, Hyundai Motors and Toyota Tshusho. W.R. Berkley, also a prior investor, is a North […] [Read More]

AutoAPR announced last week that industry investors pushed more financial resources into the fintech firm that looks to bridge the gap between traditional and digital retail with easy and secure virtual payment calculations matched to a dealer’s inventory, bringing consumers and dealers closer to a realistic completed deal. Chief executive officer and co-founder Dan Mayer […] [Read More]

The previously announced all-stock merger of two companies describing themselves as equals came to fruition this week. On Monday, RateGenius Loan Services and AUTOPAY Direct announced that the companies have successfully completed their merger transaction. Upon closing, the two companies became operating units of The Savings Group, creating what executives believe is the most diversified […] [Read More]

The American Recovery Association announced that nominations still are open for the 2021 NARS Industry Awards, which will honor exceptional members of the repossession industry during the North American Repossessors Summit set for October. Submissions can be made for five different accolades, and the association is accepting nominations through Aug. 1 Once award submissions close, […] [Read More]

Perhaps one of the most difficult challenges for finance companies to overcome through the pandemic was verifying an applicant’s employment and income. Michele Bodda, president of Experian Mortgage, Employer Services and Verification Solutions, appeared on this episode of the Auto Remarketing Podcast to describe the latest trends involving these two crucial pieces of the underwriting […] [Read More]

Larry H. Miller Dealerships said that its employees and 89 of its vendors and business partners raised a record $500,000 for charity through the recent Larry H. Miller Dealerships Golf Classic. The group presented a check for that amount to Larry H. Miller Charities, which is the philanthropic arm of its parent company. “The funds […] [Read More]

LMP Automotive Holdings announced Monday it has entered a definitive agreement to buy dealerships in Texas representing General Motors and Nissan brands, along with the associated real estate of those dealerships, for a grand total of about $141 million. The deal is expected to add approximately $250 million in annualized revenues and $27 million in […] [Read More]

Of the 22 different vehicle segments Black Book tracks for its Market Insights, only three posted higher values last week compared to a week earlier. The smallest two gains were connected with vehicles likely on either end of the buyer spectrum — subcompact cars for individuals on budget and premium sporty cars for those people […] [Read More]

To say that 2021 has been a wild year for the automotive industry so far would be an understatement. Record-low inventories and record-high listing prices have created challenging circumstances for both car buyers and manufacturers. Yet at the same time, these circumstances also have presented a wealth of opportunity for dealerships with available inventory that […] [Read More]