The new-car production logjam is impacting Canada’s used-car market, too. Canadian Black Book said in an analysis Tuesday that wholesale vehicle prices last week hit record weekly gains for both car and truck segments. The overall market was up 0.58% week-over-week, compared to the prior week’s gain of 0.43% and the 2017-2019 average hike (for […] [Read More]

After purchasing a minority stake in the company in early 2020, CarMax said Thursday it will acquire the remaining shares of Edmunds. The retailer invested $50 million in the online car shopping guide in January 2020, acquiring a minority stake. The deal for CarMax to acquire full ownership of Edmunds is expected to close in […] [Read More]

Dilawri Group of Companies, a Canadian automotive group, has launched what it is describing as a complete omni-channel purchasing experience in which customers can connect with the dealer through live video, chat, SMS text, email, phone and at the store. Dilawri Group, which operates 76 franchised dealerships representing 35 automotive brands, said that with the new […] [Read More]

The BMW 5 Series is the best car to buy used over new, according to a new study from car search engine iSeeCars.com. The 5 series led iSeeCars’ list of the top 15 cars with the greatest change in price between gently used and new versions. The BMW 5 Series midsize sedan is joined by […] [Read More]

In its second acquisition-related move in less than a week, LMP Automotive Holdings said Tuesday it signed a definitive agreement to purchase 85% of both Central Avenue Chrysler Jeep and Chrysler Jeep of White Plains. Both stores are located in the New York metro area: the former is located in Yonkers, N.Y.; the latter in […] [Read More]

Manheim Pennsylvania brought back its annual Xtreme Spring Sale last week, seeking to fulfill its commitment to raise funds for Make-A-Wish Philadelphia, Delaware and Susquehanna Valley. The event was canceled last year because of COVID-19. Participating dealers in the physical and digital sale event had an opportunity to bid on nearly 400 unique vehicles. A replica […] [Read More]

Finance company managers might do a little “happy dance” when they can establish a direct payment pipeline between the company and their contract holders. Payix finalized a payment processing agreement this week that might be worth a rhythmic reaction, too. Payix announced this new bank sponsorship agreement with MetaBank encompasses both ACH and CARD transactions. The […] [Read More]

US Equity Advantage (USEA) is looking to ensure its technological infrastructure can meet the demands triggered by the company’s aggressive expectations. In a move the company said will enrich the customer experience, improve efficiencies and allow it to scale quickly to meet growth projections, USEA announced this week that it has replaced its legacy phone […] [Read More]

Capital One discovered that perhaps not everything about the financing and retailing of vehicles changed because of the pandemic. While buyers are increasingly using digital tools to shop for a vehicle, Capital One compiled data that shows U.S. consumers say they still value the in-person experience at dealerships. That assertion came via Capital One’s inaugural […] [Read More]

Artificial intelligence is certainly on the collective radar of the largest federal regulators. Five federal financial regulatory agencies announced this week that they are gathering insight on financial institutions’ use of AI.. According to a news release, the agencies seek information from the public on how financial institutions use AI in their activities, including fraud […] [Read More]