Carvana started May picking up right where it left off in April. The online auto retailer, which also shared quarterly results last week, made nine market expansion announcements over the course of Wednesday and Thursday. The moves included its first forays into Oregon, Washington and Mississippi, and further growth in Louisiana. That followed late April […] [Read More]

David Adcock, executive vice president of Binary Automotive Solutions, joins the Auto Remarketing Podcast to talk about the chip shortage's impact on automotive beyond new cars and manufacturing. He also discusses, on a higher level, the impact of more technologically advanced vehicles. To hear the conversation, click on the link available below, or visit the Auto Remarketing Podcast […] [Read More]

With vehicle miles travel at levels not seen since the summer before the pandemic, communication within your service drive is critical, and Dealer-FX is trying to make sure managers have the tools they need to do just that. Tony Boulos, a service consultant at McGrath Lexus of Chicago, described his experiencing using an integrated messaging […] [Read More]

Manheim shared a trio of management moves Monday, announcing first that its regional vice president for the Florida region, Mark Ford, is set to retire at the end of 2021. The company also announced two promotions in its Manheim Mid-Atlantic Market Center. Chad Spearman is now auction manager at Manheim Baltimore-Washington and Danielle Sweet is […] [Read More]

Within days of boosting its retail portfolio by acquiring a pair of Nissan stores in California, HGreg.com turned its focus solely back on used vehicles Monday when it opened its newest storefront in the Tampa, Fla., market. Situated on a 10-acre property in Hillsborough County, the site in Brandon features a 42,000-square-foot storefront and fulfillment center […] [Read More]

Budco Financial last week announced the integration of its 0% payment plan services into RouteOne’s menu powered by MaximTrak. Budco Financial highlighted that its addition to RouteOne’s F&I platform can provide dealerships the ability to seamlessly present, rate and remit F&I products electronically with an interest-free financing option to deliver a personalized, effective customer experience. […] [Read More]

Last week, Wells Fargo named a new head of its commercial auto group, shifting Cynthia Caine, a 30-year financial services veteran who most recently led the diversified industries group within distribution finance, into the position. In her new role, Wells Fargo said Caine will lead a team of seasoned professionals, providing finance solutions for more than […] [Read More]

With the goal of streamlining financing, retailing, wholesaling and leasing vehicles through a single mobile app, MUSA Auto Finance announced last week that it will rebrand as DRIVRZ Financial. According to a news release, this new brand will serve as the leasing and finance division of PowerBand Solutions, which acquired a 60% share of MUSA […] [Read More]

S&P Global Ratings recently discussed two topics quite relevant to finance companies: contract extensions and resulting defaults as well as actions at the Federal Reserve. Analysts discovered that as of February, extensions on auto-finance contracts contained in public asset-backed securities (ABS) fell to their lowest levels since the pandemic started, but they remained higher than […] [Read More]

Mike Dorazio opened a Mitsubishi store in Mechanicsburg, Pa., in 2019, and another in Lancaster, Pa., in 2020 right before the pandemic hit. After the start of the pandemic, “I took a different approach than some dealers would: I hit the gas,” Dorazio said in a news release. “I knew that the only way my […] [Read More]