April 2020

March auto defaults drop to lowest reading in 10 years

NEW YORK –  Perhaps still reflecting seasonality, S&P Dow Jones Indices and Experian noticed the auto-finance default rate improved in March. In fact, the rate not only improved, but it also dropped to the lowest reading going back 10 years. With other data sets are showing soaring unemployment and plunging used-vehicle values, the auto component of the March S&P/Experian Consumer Credit Default Indices came in at 0.81%, dropping 8 basis points compared to the previous month. And according to analyst data available going back to February 2010, the latest auto default… Read More »March auto defaults drop to lowest reading in 10 years

These are the best used hybrids, electrics under $20K

IRVINE, Calif. –  Kelley Blue Book describes the 2018 Toyota Prius as “smooth and precise.” It also says the vehicle is “comfortable, quiet and easy to drive.” “It’s also agile,” the company writes. For those reasons, Kelley Blue Book has placed the 2018 Prius at the top of its latest list of “10 Best Used Hybrids and Electric Cars Under $20,000.” No. 2 on the list is the 2017 Toyota Camry Hybrid, which Kelley Blue Book says is a good choice for those looking for a “comfortable, roomy, reliable way to save… Read More »These are the best used hybrids, electrics under $20K

Lobbying efforts by NAAA, dealer groups, others have ‘paid off’

CARY, N.C. –  After car sales, manufacturing, repair and other key pieces of automotive were found to be essential businesses in a guidance update from the Department of Homeland Security’s Cybersecurity & Infrastructure Security Agency on Friday, it begs this question: Would the wholesale and auto auction industry be included? “I think it’s still open to interpretation, but I would believe that it’s going to impact our business, as well,” National Auto Auction Association chief executive Frank Hackett said Monday of the CISA guidance. “It’s got to. We are essential. It’s… Read More »Lobbying efforts by NAAA, dealer groups, others have ‘paid off’

Digital Air Strike Partners with GoDaddy to provide free digital tools

SCOTTSDALE, Ariz. –  To help auto dealers and other small businesses continue their sales online during the COVID-19 crisis, consumer engagement technology company Digital Air Strike is partnering with GoDaddy for its #OpenWeStand campaign. To help businesses and consumers do more online and virtually through video, AI, social media and automation, Digital Air Strike is giving away its Virtual Retailing Program. Digital Air Strike, through the #OpenWeStand campaign, is offering GoDaddy’s customers Video Logix video technology free for 30 days. It is also offering Power Texting text blasts and a free budget… Read More »Digital Air Strike Partners with GoDaddy to provide free digital tools

AutoNation adjusts top execs for second time this month

Wednesday, Apr. 22, 2020, 12:24 PM FORT LAUDERDALE, Fla. –  The second top-level executive move involving AutoNation this month happened on Wednesday morning as the dealer group said executive vice president and chief operating officer Jim Bender has been appointed as president and chief operating officer. The action arrived 10 days after the AutoNation’s board of directors granted the request of Cheryl Miller, chief executive officer and president of the company, for a leave of absence for health reasons. That day the dealer group’s board had appointed Mike Jackson, its executive… Read More »AutoNation adjusts top execs for second time this month

ANALYSIS: Best practices in credit reporting coding in disaster scenarios

ATLANTA –  Given the unprecedented climate that has taken place resulting from the COVID-19 outbreak and containment efforts, we have received a large number of questions in regard to how this event impacts credit reporting particularly given the recent support from the lending community around payment deferrals, loan modifications, etc. We wanted to share some important resources and guidelines from the Consumer Data Industry Association (CDIA) to help industry professionals navigate through these very important days and weeks ahead. It is important to remember that the credit reporting industry has long… Read More »ANALYSIS: Best practices in credit reporting coding in disaster scenarios

3 bureaus now offer free weekly credit reports

ATLANTA, COSTA MESA, Calif., and CHICAGO –  With so many consumers’ financing in flux because of the coronavirus pandemic, individuals now can examine their credit report more frequently than just once per year. In a joint action, the three national credit reporting agencies in the United States — Equifax, Experian and TransUnion – said this week that they are offering free weekly credit reports to all Americans for the next year to help them protect their financial health during the sudden and unprecedented hardship caused by COVID-19. The free reports are… Read More »3 bureaus now offer free weekly credit reports

Leveraging artificial intelligence to facilitate contract modifications during COVID-19

PORTLAND, Maine –  Constant wants to reduce the burden finance company call centers are facing nowadays in assisting their customers who are experiencing job losses and income drops because of the coronavirus pandemic. And the Maine-based financial technology company created a solution powered by artificial intelligence to provide this assistance. Constant recently launched an AI-powered software platform for banks and non-bank consumer lenders that can provide faster and more accurate decisions about payment deferrals, loan modifications and other workouts. The company insisted its solution significantly can reduce massive incoming call volume… Read More »Leveraging artificial intelligence to facilitate contract modifications during COVID-19

ACV acquires inspection company ASI

BUFFALO, N.Y. –  ACV Auctions has purchased another inspection company, this time acquiring ASI, it said late Tuesday afternoon. ASI, which was previously part of SGS Transportation Services in the U.S., provides a variety of inspection services to the auto industry — including off-lease, which will be a major piece of its work with ACV. This purchase follow’s ACV acquisition of TrueFrame in December, a move that added retail inspections to ACV’s offerings. TrueFrame is the provider of the True360 vehicle inspections, which aim to provide dealers and consumers more context… Read More »ACV acquires inspection company ASI

COMMENTARY: 8 reasons for pre-owned optimism

PLANO, Texas –  I, like you, have been reading numerous articles about fear gripping the automotive industry. Thanks to the coronavirus pandemic, fear is running rampant. Fear has gripped our industry and many other industries right now, and the last time I checked, fear has never led to positive outcomes. It’s very easy to get caught up in news cycles and focus only on the negative. But at all costs, we must resist this tendency because it stifles our ability to think rationally. It also perpetuates more fear, which in turn… Read More »COMMENTARY: 8 reasons for pre-owned optimism