October 2020

ARA partners with ACV to sell repos from members’ storage facilities

IRVING, Texas –  The American Recovery Association is looking to smooth one of the most challenging parts of the recovery process through what the organization is calling a “ground-breaking” partnership with ACV Auctions. With access to ACV’s inspection services and active marketplace, ARA said on Wednesday that its members now can leverage ACV to seamlessly inspect, list and sell vehicles same-day directly from ARA member storage facilities. To recap, ACV is an online wholesale automotive marketplace driven by technology to provide transparency and national scale through third-party, accurate vehicle condition reports and… Read More »ARA partners with ACV to sell repos from members’ storage facilities

Copart names new COO, among other C-level executives

DALLAS –  Copart has made a trio of senior leadership moves this week, including naming a new chief operating officer, chief marketing and product officer and chief financial officer. Starting with the new COO to replace the recently retired Sean Eldridge, appointed to that position was Steve Powers, who had been the company’s Eastern Division vice president of operations. Powers has been with the company since 1995, joining when Copart acquired New England Recovery, and became VP of operations in 2010. Meantime, Copart has named former Avis Budget Group and Lithia Motors… Read More »Copart names new COO, among other C-level executives

Campaign to highlight TrueCar military car buying program

SANTA MONICA, Calif. –  TrueCar has launched a new brand marketing campaign that it says will help build brand awareness and brand affinity for its TrueCar Military program. NASCAR driver and Naval officer Jesse Iwuji, will be TrueCar Military’s first brand ambassador for the new campaign, titled “Drive On.” Iwuji is the only NASCAR driver currently racing at the national levels who has ever served in the military, according to TrueCar. The company says the campaign will help build awareness for its military program through research and “emotional storytelling that engages and empowers… Read More »Campaign to highlight TrueCar military car buying program

Lane watch: Wholesale atmosphere improves for independent dealerships

LAWRENCEVILLE, Ga. –  Fall’s arrival appears to be bringing welcomed relief for independent dealerships looking to build their inventory. Black Book explained why through its latest COVID-19 Market Insights released on Tuesday. Analysts recapped in the report, “This past week, we saw more independents being the successful bidder. This is a welcome sight as we’ve talked to so many buyers that struggled over the summer to compete with the money the larger buyers were willing to spend to secure inventory.” Not only are those larger buyers such as CarMax and Carvana… Read More »Lane watch: Wholesale atmosphere improves for independent dealerships

Lithia buys Latham Ford, making it 12 stores added in last 2 months

MEDFORD, Ore. –  Lithia Motors continued its busy second half of expansion Tuesday, announcing it has acquired Latham Ford in the Albany, N.Y., area. This move marks the 12th store to be added to Lithia’s network in the last two months, along with several others announced earlier in the summer.   Lithia announced the purchase of Jim Cogill CJDR in Knoxville, Tenn., in late September. Three weeks earlier, Lithia purchased the remaining six stores in the John Eagle Dealerships family, having announced its purchase of four John Eagle stores on Aug.… Read More »Lithia buys Latham Ford, making it 12 stores added in last 2 months

PODCAST: What is ‘social listening’ and what does it mean for car dealers?

CARY, N.C. –  What is social listening and how does it apply to the automotive industry? And how is it different than social media metrics? Troy Scheer, chief marketing officer at Binary Automotive Solutions, joins the Auto Remarketing Podcast to explain.  To listen to the entire conversation, click on the link available below, or visit the Auto Remarketing Podcast page.  Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.  Source Article

KAR honors employees for ‘giving back, doing good’

CARMEL, Ind. –  KAR Global employee Jenny White has volunteered as a sponsor and advocate with Compassion International, making five trips to Uganda and “forging and making connections with children that will last a lifetime,” according to KAR. Because of that work, KAR recognized White during the annual Jefferson Awards ceremony, which honors community volunteerism. The awards are a program of nonprofit service organization, Multiplying Good. KAR executive vice president and chief people officer Lisa Price said KAR is passionate about “giving back and doing good.” “And we celebrate our incredible… Read More »KAR honors employees for ‘giving back, doing good’

Showing rapid growth, ACV appoints new board members

BUFFALO, N.Y. –  As it invests further into strategic growth areas, ACV Auctions has appointed three new independent members to its board of directors. Those new board members each offer decades of experience from their respective industries, according to ACV. That can “enrich ACV’s perspective in key growth areas from transportation and capital to product innovation,” the company stated in a news release, adding that the additions come at a time of rapid growth for the business. The three new board members are Eileen Kamerick, René Jones and Kirsten Castillo. ACV… Read More »Showing rapid growth, ACV appoints new board members

COMMENTARY: Considering data security in the times of COVID-19

MINNEAPOLIS –  The global outbreak of COVID-19 and the subsequent shutdowns across our nation have made an unprecedented impact on lenders and the way they conduct business. From the pandemic’s onset, lenders have faced multiple external and internal challenges, and they continue to struggle months into the outbreak. For auto lenders, this means that previously developed processes and long-established ways of conducting business may no longer work. To adhere to stay-at-home orders and social distancing requirements, auto lenders have had to quickly pivot to create new, touchless processes to work with… Read More »COMMENTARY: Considering data security in the times of COVID-19

Tricolor obtains $50M loan from Kennedy Lewis

NEW YORK –  A little more than a week after rolling out the sixth securitization in company history, Tricolor Auto landed a significant financial commitment from Kennedy Lewis Investment Management. Kennedy Lewis, which classifies itself as an opportunistic credit manager, has funded a $50 million committed secured corporate loan facility to Tricolor Auto, a Community Development Financial Institution (CDFI) and used-car retailer focusing on the sale and financing of vehicles to Hispanics. According to a news release, this loan provides financing to Tricolor against its portfolio of auto receivables and highlights… Read More »Tricolor obtains $50M loan from Kennedy Lewis