IAA is expanding its global market reach to bring new life — and potentially value — to American vehicles. On Wednesday, IAA announced a strategic market alliance in Nigeria with Boacon Autos. As the company’s official partner in Nigeria, the company indicated Boacon Autos will operate the local IAA Auction Center in the city of […] [Read More]

EDITOR'S NOTE: This is a preview excerpt, available only to CMG Premium members, from the July issue of Auto Remarketing, which will provide a “Mid-Year Report” on various segments of the industry. In addition to the piece below on used-car prices, the magazine will also provide updates on the retail sales, finance, repossession/collections and buy-here, pay-here segments […] [Read More]

It’s not quite RoboCop policing your flow of financing applications, but Point Predictive certainly is leveraging new technology to help finance companies from becoming fraud victims. The San Diego-based company that provides machine learning solutions and was one of the first Emerging 8 honorees has unveiled its Fraudbot technology to protect finance companies against systematic […] [Read More]

Spireon launched Kahu back in 2017 as a smart add-on designed to provide dealers streamlined inventory and lot management that also offers car buyers location tracking and stolen vehicle recovery service. On Tuesday, Spireon completed a technology platform update and rebranding of that franchised dealer solution from Kahu, to LoJack, which was the business the […] [Read More]

Car Capital continued to bolster its resources to establish itself as an up-and-coming auto-finance technology company that strives to get any deal bought no matter the consumer credit background. After finalizing a funding round in March and a line of credit in April, as well as gaining two veteran advisors in May, on Tuesday the […] [Read More]

The U.S. Senate confirmed President Joe Biden’s choice to be chair of the Federal Trade Commission on Tuesday. And Hudson Cook partner Lucy Morris explained how the appointment might influence auto financing as well as how the development correlates back to the Consumer Financial Protection Bureau. Lina Kahn was sworn in on Tuesday as FTC […] [Read More]

As a dealer, you want payment for services rendered, correct? To help make sure that happens in the smoothest possible way for your customers and employees, CDK Global launched CDK OnePay, a dealership-wide payment solution fueled by Global Payments. The companies highlighted that CDK OnePay is designed to help dealers create a frictionless customer experience […] [Read More]

Black Book’s latest installment of Market Insights showed how dealerships now are paying nearly $27,000 for a piece of inventory that cost just $20,000 at the beginning of the year. And there’s little evidence to refute the notion that the same unit might approach $30,000 soon stemming from the current pace of wholesale price increases. [Read More]

Lithia Motors & Driveway continues to add to its store count, announcing the purchase of Southwest Kia Auto Group on Tuesday. The Texas group has five stores throughout the Dallas and Austin markets. Lithia expects the addition will bring in annualized revenues of $350 million. Since announcing a five-year plan in 2020, Lithia is now […] [Read More]

May was another strong month for used-car sales, as the industry continues to rebound. In fact, Cox Automotive indicated in a recent Data Point report that the SAAR was 41.0 million last month, up from 39.9 million a year ago and steady with April figures.    But how have overall used-car sales fared so far […] [Read More]