March 8, 2017 - Industry News
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
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
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
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
The new offering is designed to improve dealer profit margins and foster customer retention for the life of the vehicle.
The new collaboration aims to improve customer interaction tracking and data reporting.
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 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
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
Jumpstart named the Chevrolet Impala the most cross-shopped mass-market vehicle across its portfolio of sites in 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
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.
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
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
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
Wilen has launched a new division offering direct mail services to auto dealers and manufacturers.
Tags: direct mail, direct marketing, Wilen Auto
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 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
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
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.
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
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
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
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
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
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