Vroom said Tuesday it has signed a deal to acquire CarStory through the purchase of its parent company, Vast Holdings. The deal is worth approximately $120 million, subject to adjustment, and is comprised by roughly 60% cash and 40% Vroom common stock.  The exact cash-stock split will be determined when the deal closes, which is […] [Read More]

Noting that the acquisition makes it one of the fastest-growing U.S. dealer groups, the Feldman Automotive Group has acquired Al Deeby Chrysler Dodge Jeep Ram in Clarkston, Mich. With the purchase, the Feldman portfolio gains a second FCA dealership, and the group’s footprint expands to 14 Michigan and Ohio dealerships. The 23,000-square-foot dealership is located […] [Read More]

Sonic Automotive has opened its newest EchoPark specialty pre-owned vehicle store in Plano, Texas, marking Sonic’s 14th EchoPark location nationwide. Sonic says the opening continues its expansion of the specialty pre-owned vehicle brand, EchoPark Automotive. With EchoPark Plano now becoming the second Dallas/Fort Worth area store and the sixth in Texas, Sonic says car buyers […] [Read More]

Here’s potentially a positive record on pace to be set during this tumultuous year. Kerrigan Advisors reported on Monday that the dealership buy/sell market continued to soar during the third quarter, putting it on track to surpass record transaction numbers established in 2015. And with a flurry of mega dealer transactions and high dealership earnings, […] [Read More]

In a letter to the auto auction industry shared Monday, ServNet executive director John Brasher offered an emphatic counterpoint to criticism of the industry’s handling of COVID-19. Brasher said he is proud of how the industry has adapted historically to such crises and sea-changes as Sept. 11 and the Great Recession, and he expressed the […] [Read More]

Online retailer Carvana on Friday launched its as-soon-as-next-day vehicle delivery in Pine Bluff Ark., marking its third Arkansas launch in a single week. The company launched in Hot Springs on Thursday and in Little Rock on Wednesday. “As we expand throughout the state, we’re confident Pine Bluff area residents will appreciate the ease, convenience and transparency […] [Read More]

For many of us, it feels like 2021 cannot get here soon enough. While we all are ready for a fresh slate, a robust end-of-year auto lending strategy to close out 2020 on a high note and enter 2021 on the right footing will be essential to setting your business up for success in the […] [Read More]

The banking sector generated another major announcement on Monday as the parent companies of Huntington National Bank and TCF National Bank said they plan to merge. The banks said they will combine an all-stock merger with a total market value of approximately $22 billion to create a top 10 U.S. regional bank with dual headquarters […] [Read More]

One of the first Emerging 8 honorees continues to be on an upward trajectory more than a year after receiving the accolade during the Automotive Intelligence Summit. On Monday, TruDecision announced that its advanced analytic platform will be deployed by CIG Financial (CIG) to pursue improved performance and an enhanced dealer experience. Executives explained CIG […] [Read More]

Last Friday, Kathleen Kraninger celebrated her second-year anniversary as director of the Consumer Financial Protection Bureau by highlighting more than 70 accomplishments by the regulator during the past 12 months. “In these challenging times, I’m proud of the work that the bureau has undertaken to protect consumers during the pandemic,” Kraninger said in a news […] [Read More]