November 2020

Used-car sales appear to slow in November

Tuesday, Nov. 24, 2020, 03:06 PM CARY, N.C. –  You can expect November to finish with 3 million used-vehicle sales, according to the latest forecast from ALG and TrueCar, which would mark a 1% year-over-year decline.  The drop from October would be even more pronounced (11%). In a Data Point report released Nov. 18, Cox Automotive indicated that a 30-day period covering pieces of October and November had the lowest used-car sales since the beginning of May. Pre-owned sales for that fall stretch were off 18% year-over-year and 28% softer than… Read More »Used-car sales appear to slow in November

Lane watch: What latest COVID-19 surge might do to wholesale volume

LAWRENCEVILLE, Ga. –  Black Book suspects the current surge in coronavirus cases happening nationwide likely will impact one particular segment of the wholesale market. Analysts pinpointed the specific area in their latest COVID-19 Market Insights report released on Tuesday, saying, “New restrictions have gone into place around the country, and this has and will continue to have an impact on the auction lanes. “As COVID-19 cases surge and consumers are encouraged to stay home during the holiday season, the rental business is expected to suffer,” analysts continued in the newest report.… Read More »Lane watch: What latest COVID-19 surge might do to wholesale volume

Jim Ellis program helps bring holiday cheer for children

ATLANTA –  Stacey Ellis of Jim Ellis Automotive Group says her company wants to bring smiles to disadvantaged children who deserve some joy in their lives. “It’s been a daunting year for many families, so it is more important than ever for us to make a meaningful difference this year and help put a smile on a child’s face as we spread some holiday cheer,” said Ellis, who is vice president of the company, in a news release. Jim Ellis Automotive Group is helping to provide some of that cheer, recently… Read More »Jim Ellis program helps bring holiday cheer for children

PODCAST: A view into Canada’s retail car market

CARY, N.C. –  In this episode of the Auto Remarketing Podcast, Sam LaPointe, who is director of sales in Canada at CarGurus, joins the show to discuss some of the challenges and opportunities facing car dealers in Canada, the country’s used-car market, digital retail in Canada and more. Plus, LaPointe shares some of the learnings from a Canadian dealer panel discussion he moderated last month at CarGurus’  online Navigiate conference.  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… Read More »PODCAST: A view into Canada’s retail car market

Credit Acceptance & Flagship each receive workplace accolades

CHADDS FORD, Pa., and SOUTHFIELD, Mich. –  The coronavirus pandemic certainly has impacted the workplace and made completing day-to-day tasks challenging at times. Credit Acceptance and Flagship Credit Acceptance not only have overcome those obstacles, each finance company recently received honors for the quality of its work environment. For Credit Acceptance, the provider specializing in the subprime market now has collected nine accolades so far this year after Credit Acceptance was named one of the Best and Brightest Companies to Work For in the nation. This is the ninth year in… Read More »Credit Acceptance & Flagship each receive workplace accolades

USEA shares its view of journey to consent order with CFPB

ORLANDO, Fla. –  In a message sent to SubPrime Auto Finance News on Tuesday, U.S. Equity Advantage (USEA) and chief executive officer Robert Steenbergh explained how they ended up entering into a consent order with the Consumer Financial Protection Bureau when the payment processing firm reached “a bridge too far” during its dialogue with the regulator. To recap, the bureau distributed a news release on Friday, saying it issued a consent order against USEA and Steenbergh. The CFPB said it found that the company’s disclosures and advertisements of its auto-finance payment… Read More »USEA shares its view of journey to consent order with CFPB

Drivably lands investment from Porsche Ventures

Monday, Nov. 23, 2020, 03:52 PM CHANDLER, Ariz. –  Drivably, a company that use artificial intelligence to help dealers acquire used-car inventory from private parties, has lined up an investment from Porsche Ventures. The company said it will utilize the investment to expand its technology and footprint. Drivably’s technology uses deep analytics to help dealers buy vehicles from consumers at scale. It also provides dealers market data to help them determine which vehicles make sense for their lots. Drivably identifies vehicle-selling consumers online, connects with them, puts together the right offer… Read More »Drivably lands investment from Porsche Ventures

Carvana opens Atlanta vending machine, now offers delivery in 263 cities

ATLANTA and HARRISONBURG, Va. –  Carvana sold its first car in Atlanta in 2013. Since then, the company has opened car vending machines across the United States. On Wednesday, Carvana said it was opening its 27th car vending machine, and the company said that would be in Atlanta, the city where it all started. “It’s fitting that our flagship location is in the community that has supported us from the beginning,” Carvana founder and chief executive officer Ernie Garcia said in a news release. Carvana also said the Atlanta car vending machine… Read More »Carvana opens Atlanta vending machine, now offers delivery in 263 cities

Carvana opens another Atlanta vending machine, now offers delivery in 263 cities

ATLANTA and HARRISONBURG, Va. –  Carvana sold its first car in Atlanta in 2013. Since then, the company has opened car vending machines across the United States. On Wednesday, Carvana said it was opening its 27th car vending machine, and the company said that would be in Atlanta, the city where it all started. “It’s fitting that our flagship location is in the community that has supported us from the beginning,” Carvana founder and chief executive officer Ernie Garcia said in a news release. Carvana also said the Atlanta car vending machine… Read More »Carvana opens another Atlanta vending machine, now offers delivery in 263 cities

PODCAST: Tyler Hall of Drivably talks Porsche Ventures investment & more

CARY, N.C. –  In this episode of the Auto Remarketing Podcast, Drivably chief executive officer Tyler Hall is back on the show to talk about the company’s investment from Porsche Ventures, Drivably’s growth in the past year and its expansion plans. Plus, he explains why the private-party market is such an important area for dealers to tap into. 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