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March 8, 2017 - Industry News

ACV Auctions Secures $15 million in Funding to Fuel Expansion

This Series B funding builds on the $5 million in venture capital ACV Auctions secured in 2016, the $1 million the firm secured in 2015 by winning the 43North startup competition, and the $1 million from angel investment the company also secured in 2015.

Tags: ACV Auctions, depreciation, used-vehicle values

March 7, 2017 - Industry News

Manheim: Wholesale Prices Slip in February

Given last February's sharp dip in pricing, the Manheim Index shows a year-over-year gain of 1.1%, putting it at 124.6 for the month of February. The firm also noted that the crazy tax refund season that was expected to negatively impact dealers never materialized.

Tags: Certified Pre-Owned, Manheim Index, used-vehicle pricing, used-vehicle sales, Wholesale Pricing

March 7, 2017 - Industry News

Jaguar Land Rover North America Honors Top Retailers

Jaguar Land Rover North America LLC announced the 32 dealership winners of the 2016/17 Pride of Jaguar and Land Rover Pinnacle Retailer Excellence awards.

Tags: Jaguar Land Rover

March 7, 2017 - Industry News

TradeRev Adds Three New U.S. Markets

Dealers in Dallas and the states of New York and Pennsylvania can now use TradeRev’s mobile app to value trade-ins.

Tags: Auction, TradeRev

March 7, 2017 - Industry News

EFG Launches Enhanced Lifetime Wrap Coverage

The new offering is designed to improve dealer profit margins and foster customer retention for the life of the vehicle.

March 7, 2017 - Industry News

DealerTeamwork Announces Partnership with InteractiveTel

The new collaboration aims to improve customer interaction tracking and data reporting.

March 7, 2017 - Industry News

Black Book Powers AutoGravity’s Trade Appraisals

Black Book and AutoGravity have reached an agreement that pairs Black Book’s valuation tools with AutoGravity’s digital sales and financing platform.

March 3, 2017 - Industry News

Eastman Launches New Campaign to Drive Dealer Sales

Eastman Chemical Co.’s Darrell Reed announced the launch of a new consumer campaign designed to drive dealership sales of window protection film.

March 2, 2017 - Industry News

Reynolds and Reynolds President Steps Down

Ron Lamb

Ron Lamb, who was named president of the software firm in October 2010, has stepped down from his post. Officials said the position will not be immediately filled.

Tags: Dealer Software, Reynolds & Reynolds, Ron Lamb

March 2, 2017 - Industry News

Impala Most Cross-Shopped Vehicle in 2016

Jumpstart named the Chevrolet Impala the most cross-shopped mass-market vehicle across its portfolio of sites in 2016.

March 2, 2017 - Industry News

Experian: Total Balances, Amount Financed Reach Record Highs in Q4 2016

The firm today reported that average amounts financed for new and used reached record highs of $30,621 and $19,329, respectively. Total balances also reached a record high, although Experian observed a slowing in year-over-year growth.

Tags: auto finance, deliquencies, Experian Automotive, leasing, new-vehicle financing, used-vehicle financing

March 2, 2017 - Industry News

Richard Howse Joins KAR Auction Services as CCO

The 30-year industry veteran will focus on developing customer solutions that integrate KAR’s capabilities and businesses. He will report to COO Don Gottwald.

March 2, 2017 - Industry News

AIDA: Trucks Up, Sales Down in February

America's 9,500 international nameplate franchises accounted for 54% of all new vehicles sold in the United States in February. Industrywide, 1.33 million light vehicles were sold last month.

Tags: American International Automobile Dealers Associat, Audi, Autodata Corp, Honda, SAAR

March 1, 2017 - Industry News

KBB: Average Transaction Price for New Up $757 in February

With sales skewed toward utility vehicles, the average transaction price for light vehicles rose by $757, or 2.3%, from a year ago to $34,352 in February, the firm reported today.

Tags: Average Transaction Price, Kelley Blue Book, new-vehicle sales

March 1, 2017 - Industry News

AutoGravity App Surpasses 200,000 Downloads

The fintech firm today announced it has surpassed 200,000 downloads of its native iOS and Android smartphone apps. The company’s platform allows car shoppers in 46 states to secure financing on a specific vehicle before heading to the dealership to complete the deal.

Tags: AutoGravity, digital retailing, online F&I

March 1, 2017 - Industry News

Wilen Direct Launches Wilen Auto

Wilen has launched a new division offering direct mail services to auto dealers and manufacturers.

Tags: direct mail, direct marketing, Wilen Auto

March 1, 2017 - Industry News

F&I Express Sponsors Inaugural F&I Digital Media Awards

F&I Express is sponsoring the 2017 F&I Digital Media Awards in partnership with F&I and Showroom.

Tags: digital retailing, F&I Digital Media Awards, F&I Express, online F&I

February 28, 2017 - Industry News

RouteOne Promotes Two to VP

RouteOne has promoted Jeff Belanger to senior vice president of sales and created the position of vice president of strategy for Amanda George.

Tags: F&I technology, MaximTrak, online F&I, RouteOne

February 28, 2017 - Industry News

Kontos: January Wholesale Prices Rise 6.7% YOY

Wholesale used-vehicle prices in January averaged $10,945, a 6.7% increase from a year ago and a 2.8% rise from the prior month, according to ADESA Analytical Services.

Tags: ADESA, certified pre-owned vehicles, Tom Kontos, used-vehicle sales, wholesale values

February 28, 2017 - Industry News

DataScan Announces Organizational Changes

The company announced the appointment of Ed Brown as president. He succeeds Brent Sergot, who was promoted to group vice president with World Omni Financial Corp.

February 28, 2017 - Industry News

eBay Grows Dealer Referrer Network

eBay Motors reports an expanding network of dealers and car buyers. The program is designed to offer automotive partner organizations the ability to sell eBay’s subscription packages to their existing dealer networks.

Tags: eBay Motors

February 28, 2017 - Industry News

Black Book: Small Crossovers and Cars Have Strong Week

After four weeks of living below 0.37%, the depreciation rate for the truck segment reached its highest level in February — and its second-highest this year — last week, according to Black Book’s Feb. 27 Market Insights report.

Tags: Black Book, vehicle depreciation, wholesale values

February 27, 2017 - Industry News

Black Book/Fitch: Vehicle Depreciation to Reach 17.8% in 2017

The vehicle valuation firm said the depreciation rate will rise from 17.3% in 2016 to 17.8%, while Fitch said Auto ABS performance will continue to slow in 2017 as losses slowly rise to more normalized levels.

Tags: Auto ABS, Black Book, Fitch Ratings, vehicle depreciation

February 27, 2017 - Industry News

CNA National Distributed $40 Million to Dealers in 2016

CNA National Warranty Corp. (CNAN) returned more than $40 million to automobile dealers across the U.S. through its various participation plans for 2016, the company announced this week.

Tags: CNA National, GAP, vehicle service contracts

February 27, 2017 - Industry News

AutoFi Adds iLendingDIRECT Network

AutoFi today announced the addition of iLendingDIRECT and its network of credit unions to its point-of-sale auto finance solution. The fintech firm also announced its entrance into the used-vehicle market.

Tags: AutoFi, digital retailing, online F&I