October 2020

CHARLOTTE, N.C.  –  Sonic Automotive ramped up its online retail efforts with three executive moves announced Friday. The retailer has hired its first-ever chief digital retail officer, bringing in former Hertz executive Steve Wittman, as well as a vice president of eCommerce, hiring former Belk exec Stephen Conrad. Sonic also promoted director of brand management Marti Eulberg to serve as chief creative officer. In that role, Eulberg will report to Sonic president Jeff Dyke (who is also president of the company’s EchoPark Automotive used-car stores). She will work alongside Wittman,… Read More »Sonic adds to eCommerce strength with trio of exec moves

Friday, Oct. 30, 2020, 03:52 PM WESTCHESTER, Ill. –  IAA said it would break ground for three new branch locations in Colorado Springs, Colo., West Palm Beach, Fla., and Port Murray, N.J. Highlights of the new facilities include vehicle inspection center space, a dedicated VIC drop zone area, and covered motorcycle storage. The company also indicated the new West Palm Beach and Port Murray locations will help boost IAA’s ability to serve the needs of the catastrophe-prone Atlantic coastal region. IAA said the real estate investments will expand its footprint count across Colorado,… Read More »IAA expands footprint in Colorado, Florida, New Jersey

SANTA MONICA, Calif. –  Since TrueCar started the program, DrivenToDrive, in 2016 to help injured veterans regain their independence and get back behind the wheel of a vehicle, the program has awarded four disabled veterans with brand-new vehicles. This week, TrueCar said it is again teaming up with AutoNation and DAV, or Disabled American Veterans, for its DrivenToDrive program. New for this year, NASCAR driver and Naval officer, Jesse Iwuji, who is TrueCar Military’s brand ambassador, will participate in the 2020 DrivenToDrive program and present a vehicle to the recipient on Veterans… Read More »TrueCar, AutoNation, disabled veterans group partner for military car-buying program

SANTA MONICA, Calif. –  Scott Painter, who is a founder of Fair.com, TrueCar and CarsDirect, has revealed his next project. Painter is launching NextCar Holding Company, a vehicle subscription platform also known as NXCR, “in response to COVID-19 and the heightened relevance and expected demand for a Car-as-a-Service (CaaS) mobility model for consumers,” according to a news release announcing the company. Vehicle subscription, he said, is an affordable option for consumers that “takes the burden of debt off the shoulders” who are looking for a flexible, affordable model of mobility. “Vehicle… Read More »Scott Painter launches new vehicle subscription company

BOSTON –  CarEdge.com, a provider of analytical tools that automotive dealers and leasing companies use to assess vehicles’ current and future values, has introduced a vehicle financing calculator that compares the expected depreciation of a vehicle with the future balance on a car loan.   The company designed the calculator to make consumers aware of the risks associated with certain car loans. CarEdge said the calculator can help consumers stay away from loan structures that will put them into difficult financial positions. The company also launched its vehicle resale rankings. The rankings highlight… Read More »CarEdge calculator helps consumers navigate car loans & depreciation

Friday, Oct. 30, 2020, 12:27 PM CARMEL, Ind. –  Wholesale prices are softening, but KAR Global’s September data show they still have a way to go before returning the level auctions and dealers saw a year ago — or even before the pandemic arrived. According to KAR Global Analytical Services’ monthly analysis of wholesale used-vehicle prices by vehicle model class, wholesale prices in September averaged $12,928, which is down 4.2% compared to August. However, that average remains 14.0% higher compared to pre-COVID/February and 15.9% relative to September of last year. “Average… Read More »KAR notices wholesale prices still way above year-ago & pre-COVID readings

Friday, Oct. 30, 2020, 11:05 AM ESTERO, Fla. –  Another ramification of Hertz’s bankruptcy filing surfaced on Friday. Hertz Global Holdings announced that its common stock will start trading exclusively on the over-the-counter market. Stock quotations will be available on the OTC Bulletin Board — known as Pink Sheets — under the ticker symbol HTZGQ. The company explained that the New York Stock Exchange (NYSE) determined that Hertz was no longer suitable for listing following the company’s May 22 Chapter 11 bankruptcy filing and its review of the company’s appeal of… Read More »Hertz common stock set to trade via Pink Sheets

Friday, Oct. 30, 2020, 10:57 AM CHICAGO –  Perhaps nowadays more than ever, risk decisions are based on consumer income and employment information to grasp a potential retail installment contract holder’s ability to pay This week, TransUnion rolled out a new seamless and real-time service to provide finance companies and other businesses access to verified income and employment data so underwriters have a more complete picture of their potential customer. For the first time, TransUnion said this income and employment verification can be seen directly within the credit report. The company explained… Read More »TransUnion blends income & employment verification into credit report

Friday, Oct. 30, 2020, 10:32 AM NAPA, Calif. –  This week, AUL Corp. welcomed industry veteran Corey Ginsberg as the F&I provider’s new software development manager to lead the company’s team building custom applications. The company said Ginsberg’s experience and technical expertise will help AUL remain an industry leader in providing dealers, agents, finance companies and contract holders with a positive and seamless experience. For the past 13 years, Ginsberg served as manager of global application development with Assurant. At Assurant, he managed teams supporting 22 applications and successfully developed and… Read More »AUL reinforces software development team

CARY, N.C. –  To get a sense of how this year’s all-digital Used Car Week will begin, picture a sandwich.  If Thanksgiving week is the leftover turkey, stuffing and cranberry sauce, then the weeks of Auto Fin Con and Repo Con are the slices of bread bookending those feast-filled days. Before the holiday season kicks off, we’re bringing you Auto Fin Con, which will run concurrently with the National Auto Finance Association’s Annual Non-Prime Auto Financing Conference this year, from Nov. 16-20. And once we’ve had our post-Turkey Day naps and… Read More »Auto Fin Con, Repo Con kick off Used Car Week