After announcing its plans to go public last month, online auto retailer Vroom said Tuesday it has launched the initial public offering of 18.75 million shares of its common stock. Vroom said the expected price for the shares is between $15 and $17 per share. It is expected that underwriters will have 30 days to buy […] [Read More]

Black Book representatives are seeing and hearing a wide array of stories from auctions and dealerships, and the firm gathered up the best ones to include with its latest wholesale pricing information for its latest COVID-19 Market Update released on Tuesday. From only $100 derailing some wholesale transactions to stores getting concerned about inventory — […] [Read More]

Group 1 Automotive has appointed Daniel McHenry as chief financial officer. Since 2007, McHenry has served as Group 1’s U.K. finance director. McHenry will replace long-time Group 1 chief financial officer John Rickel, who after almost 15 years of service will retire from the company at the end of the year. McHenry’s appointment is effective […] [Read More]

UPDATED to include analysis/data from LotLinx. Recapping used-vehicle sales from May shows a bit of a mixed bag. The month appears to have been much stronger than April, but hit a speed bump the final week. There was a 20.7% year-over-year decline in used-car sales the final week of May, according to Cox Automotive. “Like […] [Read More]

iRecon has revamped its reconditioning platform, with tool and capability enhancements for dealers including a Recon Dashboard. With the Recon Dashboard, dealers can view the status of any vehicle and take action based on reconditioning metrics that can be tailored to a dealership’s unique workflow. iRecon said its revamped reconditioning platform can help dealers gain […] [Read More]

Tricolor recently released a whitepaper about its success as a subprime auto-finance provider that specializes in working with Hispanic consumers, receiving designation as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department last year. Not only does the federal government applaud Tricolor’s 13-year-old automotive enterprise, but also just last week Kroll Bond Rating […] [Read More]

Jaguar Land Rover Canada has named connected car platform, Dealerware, to power its courtesy vehicle program, and that means Jaguar Land Rover retailers powered by Dealerware will now gain services such as contactless contracting and pickup and delivery. The decision means expansion for the program, following its roll-out as the preferred provider for Jaguar Land […] [Read More]

Edmunds discovered interest rates for new vehicles financed in May dropped to the lowest level seen by the industry in nearly seven years. Meanwhile, Edmunds indicated that rates for used-vehicle financing remain nearly steady compared to both this time last year as well as five years ago. Edmunds reported on Tuesday that the annual percentage […] [Read More]

Stating that the new service is the first of its kind to offer online transaction capabilities on a major Canadian automotive marketplace, TRADER Corp. has launched digital retailing on autoTRADER.ca. The new digital retailing service will work in conjunction with the Motoinsight MotoCommerce platform, and dealers using the service can provide customers with the ability […] [Read More]

Global automotive software and data company Renovo has chosen Parasoft's C/C++test and its Automotive Compliance Pack to aid the safe development, deployment nand operation of ADAS fleets at scale. Renovo chief technology officer Jason Stinson said Renovo was “an innovator in advanced data infrastructure.” “Renovo will utilize Parasoft C/C++test to achieve vital safety and quality […] [Read More]