After a couple of summertime rough spots, September is shaping up to be a strong month across the board for Sonic Automotive’s used-car operations, both within its franchised dealerships and its EchoPark Automotive standalone pre-owned stores. In an updated outlook released Tuesday, Sonic said same-store used sales for its franchised dealers so far in September are […] [Read More]

Automated imaging company Black Widow said this week that it has recently secured an infusion of cash through a third round of private equity financing totaling $1.5 million. That funding adds to the $3.5 million it raised a little less than a year ago from private investors and family offices. Black Widow said in a […] [Read More]

Saying the moves were part of its strategic restructuring and to support its next phase of growth, TrueCar made three addiitons to its executive leadership team. The company also added a new member to its board of directors. The moves included a newly created chief operating officer role, along with an appointment for the company’s […] [Read More]

Kroll Bond Rating Agency (KBRA) found more evidence that federal assistance helped the auto-finance industry since August remittance reports showed what analysts called “solid” credit performance during the July collection period. The firm’s newest report dissecting information from the auto ABS market released on Tuesday showed that early stage delinquencies — 30 to 59 days […] [Read More]

To borrow a term from one of its promotional campaigns, auto-finance underwriting is getting a boost via a new collaboration involving Experian and defi SOLUTIONS. The firms recently announced that defi SOLUTIONS has teamed with Experian to bring Experian’s Premier Attributes to auto-finance companies. As part of the collaboration, provider using defi SOLUTIONS’ loan origination […] [Read More]

Alfa acknowledged that some auto-finance companies still have questions about what artificial intelligence can do for their operation. To offer some potential answers, the provider of Alfa Systems, a technology platform for equipment and auto-finance companies, recently released its second whitepaper about artificial intelligence in the industry. The firm highlighted that its new whitepaper titled, […] [Read More]

The Servicemembers Civil Relief Act (SCRA) created another action by federal enforcers. Last week, the Justice Department reached an agreement with ASAP Towing & Storage Co. (ASAP) in Jacksonville, Fla., to resolve allegations that ASAP violated a federal law and the SCRA by auctioning off or otherwise disposing of vehicle owned by protected servicemembers without […] [Read More]

Agora Data reinforced its personnel going into next week’s National Independent Automobile Dealers Association 2020 Virtual Conference & Expo. On Tuesday, the finance-solution provider of predictive loan technology for buy-here, pay-here dealers announced that auto industry expert Chantelle Hardy has joined the business development team as vice president of portfolio solutions. The company highlighted Hardy […] [Read More]

ServNet has added two more auctions to its ranks, both of which are in the Western U.S. The auction group said in its latest online newsletter that Dealers Auto Auction of Idaho and Dealers Auto Auction of Las Vegas are now members of ServNet. The latter was recently acquired by the McConkey Auction Group, which […] [Read More]

Registration is now open for Used Car Week, which will be an all-digital endeavor this year, with content spread across four weeks this fall. Similar to a host of other industry gatherings, Used Car Week is shifting to an all-digital format that will still include the staples of the event — Pre-Owned Con, Auto Fin Con, Repo […] [Read More]