Real-time messaging and chat functionality, virtual vehicle walk-arounds and test drives with video, and completing financing and trade-ins online. Those are some of the new methods consumers are using to purchase their new or used cars from local dealerships. Sixty-one percent of recent car buyers would want their newly purchased car delivered at home from […] [Read More]

CARFAX has done “a significant amount of hiring in recent years,” said the company’s vice president of human resources Adrienne Webster. "Team CARFAX continues to grow," Webster said in a news release, adding that the company continues to focus on “our unique culture.” That is one reason the Washington Post recently recognized CARFAX — which […] [Read More]

Stating that the move supports the company’s growth in an expanding market, global digital marketplace IAA is expanding and relocating its St. Louis East branch to Caseyville, Ill. IAA said the new location updates the branch facilities and accommodates its customers’ increased capacity needs. The new site, which features a covered vehicle inspection center building […] [Read More]

Sonic Automotive has expanded its EchoPark Automotive used-car standalone store program to Tennessee. The retailer said Monday it has opened an EchoPark retail hub in Nashville, which is the first EchoPark location in the state and 13th overall. Sonic is aiming for a 140-point nationwide distribution network for EchoPark by 2025. The retailer is eyeing […] [Read More]

Eco-friendly electric vehicle designer and manufacturer Fisker said on Wednesday that it will design its new global headquarters, to be located in Los Angeles County, to “maximize collaboration space” — but “not based on numbers of desks.” That will give employees the flexibility to work remotely and in the office, Fisker said. The company also […] [Read More]

Formula E has lessons for auto-finance companies as they transform. In Formula E, the world’s first fully electric, international racing championship, data is helping drivers win races. For our partner, Envision Virgin Racing, a founding Formula E team, it’s crucial at every stage — from car design to race-day performance. Actionable insights from data, which […] [Read More]

Noel Watson has resigned as chief financial officer of automotive digital marketplace TrueCar to accept another business opportunity. Watson, whose new opportunity will be with a privately held company “outside of the automotive vertical,” according to TrueCar, expects to remain in his current position through Nov. 16. That is to ensure a smooth transition for […] [Read More]

This week, Open Road Capital and Bain Capital Credit announced the formation of a strategic partnership to make long-term equity investments in automobile, heavy truck, recreational vehicle and heavy equipment dealerships and other transportation companies, especially operations that have been in family hands for decades. And these firms already made their first move by making […] [Read More]

One of the largest non-public dealer groups in California resolved some legal matters this week. Trophy Automotive Dealer Group announced that it has reached a settlement with Byron Moldo, the court appointed receiver for the Sage Group of dealerships. According to a news release, various TADG subsidiaries filed complaints in June and October against the receiver […] [Read More]

Earlier this week, the Office of the Comptroller of the Currency assessed a $85 million civil money penalty against USAA Federal Savings Bank. According to a news release, the OCC took this action based on the bank’s failure to implement and maintain an effective compliance risk management program and an effective information technology risk governance […] [Read More]