The U.S. Patent and Trademark Office awarded a patent to global digital marketplace IAA for an “Automatic Dispatch System for Tow Service Providers,” and IAA said the technology “streamlines the recovery process for total loss vehicles.” IAA filed for the patent in May, and it was approved in August. The patent, under U.S. Patent No. […] [Read More]

Tesla’s strong growth in the electric vehicle market is no secret, and that is also the case when considering used electric vehicles. A recent iSeeCars study of the most popular used electric vehicles by state provides more evidence of that. But in the category of used EVs by market share, the Tesla Model S comes in […] [Read More]

There’s been a change in the top leadership position at defi SOLUTIONS. On Friday, the company that partners with captives, banks, credit unions and finance companies to help them transform their operations announced the appointment of Tom Allanson as chief executive officer. According to a news release, Allanson will succeed Bret Leech, who is stepping […] [Read More]

The week closed with some positive news for dealerships that received a Paycheck Protection Program (PPP) loan of $50,000 or less. Late Thursday, the U.S. Small Business Administration, in consultation with the Treasury Department, released what officials described as a simpler loan forgiveness application for operators who received that amount of funds. Leadership of both […] [Read More]

Particularly in the COVID-19 era, the importance and growing presence of simulcast auction sales cannot be overstated. From corporate giants to independents, the ability to simulcast is a necessity in the tool belt of an auto auction.    Digital-leaning wholesale may now be ubiquitous, but it has been years — decades, even — in the making.    […] [Read More]

Quite an example of public negotiating surfaced on Thursday, with a subprime auto finance company that’s been in operation for nearly 30 years being called “significantly undervalued.” Auto Experience, a firm led by one of the founders of Exeter Finance and created in 2018 to pursue strategic business opportunities in the auto financing market, announced […] [Read More]

Finance companies that reach consent orders with the Consumer Financial Protection Bureau received a bit more clarity about them this week. The bureau issued a policy statement on applications for early termination of consent orders that outlines process for entities subject to a consent order and the standards that the bureau intends to use when […] [Read More]

There is likely to be 36.1 million used-vehicle sales this year, according to the latest forecast from Cox Automotive. But that projection, and the company’s forecast for new-car sales, could hinge on whether another federal stimulus package arrives. To better illustrate that dynamic during Wednesday’s quarterly Manheim Used Vehicle Value index call, Cox Automotive's Jonathan […] [Read More]

Monday will mark the opening of the newest Byrider location in Michigan. The Bill Marsh Automotive Group is set to begin retailing vehicles within the Byrider network of buy-here, pay-here dealerships at its new location in Wyoming, Mich. The facility will be group’s third Byrider location, as it also has dealerships in Traverse City and […] [Read More]

Illinois independent dealer Eric Nelson isn’t really sure what he’s going to do with his new acquisition. That really wasn’t on his mind when he bought the head-turning, late-model sports car. Rather, Nelson was thinking more about where his money was going. Nelson, owner of Nelson Automotive in Mt. Prospect, Ill., and the 2015 Illinois […] [Read More]