Ally Financial and Santander Consumer USA are just two examples of what Cox Automotive chief economist Jonathan Smoke said finance companies have been doing for the past four months amid the coronavirus pandemic. Smoke said underwriting has tightened since April. Perhaps a reversal is not likely any time soon since the Labor Department reported on Thursday […] [Read More]

ADESA utilized its Simulcast+ digital auction platform last week to host a 22-site online sale on behalf of The Hertz Corp., selling cars digitally to buyers in 19 states during this single digital auction event. The Simulcast+ platform, which ADESA first began using in April, is a new digital auction platform designed to simulate a […] [Read More]

There’s a new general manager at Greater Milwaukee Auto Auction. It was announced earlier this week that hired for the role is Veronica Kireem, whose 25 years in automotive has included time in corporate, dealership and auction roles. That experience also includes leadership posts in new-vehicle sales, licensing and finance. “Her background and leadership abilities […] [Read More]

Like it was for many retailers in the automotive space, it was a challenging second quarter and first half for Penske Automotive Group’s Used Vehicle SuperCenters due to the COVID-19 pandemic. But some bright spots emerged for these stores toward the end of Q2, according to a rundown of quarterly results released by the retailer on […] [Read More]

It’s a good thing that dealerships and finance companies are known as a resilient bunch, because the COVID-19-clouded atmosphere they’re facing to retail vehicles and keep customers current on their contracts doesn’t appear to be improving quickly, no matter how much liquidity the Federal Reserve makes available. And that atmosphere has Congressional squabbling fog in […] [Read More]

On Wednesday, Lithia Motors continued what has already been a busy second half of expansion for the dealer group. The retailer said it has purchased BMW of San Francisco, a dealership it projects will bring $210 million in annual revenues. “We’re very pleased to announce that we have expanded our network in our Southwest Region […] [Read More]

Business leaders have largely embraced the rapid introduction of home working and digital processes as an inevitable necessity. Though the global lockdown has rapidly accelerated trends in digitalization, seeing many asset finance businesses moving their operations entirely online in a contracted timescale, the direction of these developments is not a new concept for the industry. […] [Read More]

Like many of us, cars are also getting older these days, too. According to IHS Markit, the average age of a car on the road is roughly one month higher than the 2019 average, coming in at 11.9 years. There are a few factors at play pushing this slight rise in age, but the company […] [Read More]

National Auto Care broadened its F&I portfolio this week. National Auto Care chief executive officer Tony Wanderon and Chris Weber and James Jodison, the principals of Diversified Management Group (DMG), announced that National Auto Care has acquired DMG. DMG is an independent F&I agency based in Chicago that has successfully driven profits for its dealership […] [Read More]

Cornerstone Credit Union League is one of the nation’s largest regional credit union trade associations, serving approximately 500 credit unions in Arkansas, Oklahoma and Texas. And the association is making sure its members are prepared to handle the possibility of rising repossessions as its service corporation, Credit Union Resources, recently signed a new partner — […] [Read More]