Fed Reserve Approves Second Rate Hike of 2018
For the seventh time since 2015, the Federal Reserve increased the Federal Funds Rate a quarter percentage. Cox Automotive economists say higher interest rates and tighter credit have already led to softening retail demand, noting that further rate increases will impact all corners of the car business.
Dealer M&A Fueled by Healthy Economy, New Investors
The latest Blue Sky Report from Kerrigan Advisors credits an expanding pool of dealership buyers and investors with helping to sustain values, and a growing number of groups hitting the market for driving activity and consolidation.
ADESA Canada Names New Vice President of Dealer Sales
The firm named Steve Langdon, who joined the KAR family 15 years ago, to the role. The more than 20-year industry veteran will be responsible for implementing the ADESA Canada dealer sales strategy and promoting KAR’s integrated digital, mobile and physical auction services.
SpringboardAuto’s New Platform to Power Online Financing Experience for Banks
SpringStack is an end-to-end auto finance platform designed to power a direct-to-consumer online experience for banks and other finance sources. It supports multiple financing product options and offers real-time loan configuration, document upload, vehicle valuation and pricing, electronic signature and more.
Car and Driver Partners With Contact At Once!
Through a new partnership with Hearst Autos, Contact At Once! is outfitting Car and Driver’s vehicle listing platform with its web and mobile messaging solutions to enable direct consumer-to-dealer connections.