During the first half of 2020, Costco Auto Program hosted five limited-time specials, which is an initiative to provide extra savings opportunities on vehicles. That is more than double compared to the previous year, and it resulted in nearly 45,000 additional vehicle sales. On Thursday, Costco Auto Program announced a multi-brand event. That event features […] [Read More]

If Tom Kontos wanted to speak in the language of his nationality when describing wholesale prices for pickups, the KAR Global chief economist would say “idiaítera dynatós,” which is Greek for “particularly strong.” Pickups are among the seven vehicle segments with wholesale prices at least 26% higher than a year ago, according to the August […] [Read More]

Perhaps if finance companies wanted to expand their customer databases even more, what Byrider commemorated on Friday might give providers an opportunity. To go with columns already in place for the customer’s address as well as the VIN, another segment could list names like Harry, Bonnie and Big Blue. Byrider sent me a message this […] [Read More]

Seeing a clear increase in online transactions, HGregoire Automotive Group has extended the length of its satisfaction-guaranteed, money-back program. The extension is from three to seven days, and once a customer purchases a vehicle from HGregoire, he or she has up to seven days or 400 kilometers to request an exchange or a full refund. HGregoire […] [Read More]

In 2017, Carvana debuted its “New Way To Buy A Car” in Detroit. At that time, “We were proud to become a part of a community known for its automotive innovation,” Carvana founder and chief executive officer Ernie Garcia said in a news release. On Thursday, Carvana launched its newest car vending machine in Detroit. […] [Read More]

Imagine as an independent dealer who received a Paycheck Protection Program (PPP) loan of less than $150,000, you only had to answer a single, simple question to confirm the funds were used in accordance to PPP guidelines. And then the loan would be forgiven. A coalition of more than 100 trade associations — including the […] [Read More]

Alfa recently released an update for its software platform for asset finance, Alfa Systems. Refined during 18 months of development, the company highlighted that Alfa Systems 5.6 brings together of important new features, including a comprehensive redesign of the user experience. The update also marks the availability of Alfa Start, a new preconfigured edition of […] [Read More]

IAA is boosting its technology to improve the payoff process. On Thursday, IAA announced the enhancement of its Loan Payoff product with Dealertrack Payoff Quote. The company highlighted the new feature provides immediate payoff amounts from top finance companies across the country, which may decrease the total loss claims cycle time by allowing insurance providers […] [Read More]

Finance companies mitigated their risk a bit during the third quarter as data released by Edmunds on Thursday showed higher average down payments for both used and new financing booked during the past three months. Edmunds determined the more robust increase in average down payments came in connection with new vehicles, rising to $4,457 in […] [Read More]

Quantum5 is a social advocacy platform that seeks to digitally transform automotive buying by shifting to a “lifetime value model” instead of the transactional model of the past. The company uses a “social advocacy learning platform” of dealership training on people skills and behavioral tactics that it says is necessary to succeed in the digital […] [Read More]