Of all the financial turbulence created by the pandemic, a record-setting number of bankruptcies was not among the unprecedented developments. In fact, according to data shared by the American Bankruptcy Institute (ABI) and Epiq, last year generated the fewest filings since 1986. The 2020 bankruptcy filings across all chapters totaled 529,068, representing the smallest number […] [Read More]

Axis Auto Finance started the year with more resources to generate originations and at terms more favorable for the technology-driven finance company. According to a news release distributed last week, Axis announced that it has expanded its senior secured credit facility and lowered its borrowing costs. Four primary highlights of the development include: — Expansion […] [Read More]

Cox Automotive Canada announced Monday that Kelley Blue Book has launched an Inventory Lead Program for Canadian dealers that can help them connect with car buyers directly through the new KBB.ca site. KBB has also revamped its MarketLens and Pricing Service API tools. “In addition to the many benefits that Kelley Blue Book’s MarketLens and […] [Read More]

Stating that the program allows customers to experience a day in their life with a new ride, CarMax launched a new offering in which customers can take 24‐hour test drives before committing to purchase. CarMax said the program, called the “Love Your Car Guarantee,” provides increased peace of mind and buyer confidence. CarMax has also […] [Read More]

In this episode of the Auto Remarketing Podcast recorded in mid-December, we catch up with Aaron Meyer, regional manager at Dealer Specialties, about the company's work in the vehicle inspections space. To listen to the entire conversation, click on the link available below, or visit the Auto Remarketing Podcast page.  Download and subscribe to the Auto Remarketing Podcast on iTunes or […] [Read More]

The long-term trend toward electric vehicles continues to solidify. But because of the pandemic, consumer anxiety might be shifting automotive priorities toward familiarity and affordability. According to a new report from Deloitte, that could be a reason why 74% of U.S. consumers are looking for a traditional internal combustion engine in their next vehicle. For […] [Read More]

CarLotz said Monday it is launching a national hub network and will start with locations in the Seattle and Orlando, Fla., markets. The consignment-to-retail used-car marketplace aims to have both hub locations open by Feb. 1. CarLotz plans to open three to four hubs each quarter of 2021, including locations in Arizona, California, Colorado, Georgia, […] [Read More]

The National Automobile Dealers Association has a new chief operating officer. Named to the post Monday was John Beckman, who has served as NADA’s senior vice president of dealership operations since October 2019, along with previous roles at the association. Mike Stanton was NADA’s prior COO, and he moved into the role of president and […] [Read More]

Dealerships that use Auto/Mate and Dealertrack now might have a smoother workday when putting deals together for potential buyers. On Monday, the companies announced a new integration that connects Auto/Mate’s dealership management system (DMS) to Dealertrack’s digital contracting. The DealerSocket business unit and the F&I solutions firm that’s part of Cox Automotive explained that the […] [Read More]

This week’s restart of the Paycheck Protection Program (PPP) could benefit dealerships and finance companies directly if they choose to apply for and are granted loans through this federal program. Or PPP could provide a trickle-down effect for stores and providers whose retail installment contract holders have had their finances impacted by employers suffering because […] [Read More]