December 2020

Friday, Dec. 18, 2020, 02:07 PM WESTCHESTER, Ill. –  Saying that expansions will remain an important aspect of its investment strategy, global digital marketplace IAA said it was increasing capacity of its IAA High Desert branch in California and would also increase capacity in the overall Boston market. Regarding expansions in IAA’s Boston market, which will span the IAA Taunton, Templeton, and Shirley branch locations, the company said that market will see a 20% capacity increase. The IAA High Desert branch in Hesperia, Calif., will see an inventory space increase of more… Read More »IAA expansions a response to increased customer inventory needs

The entire team at Cherokee Media Group wishes you a safe and happy holiday season and a joyous new year. Saturday’s issue of Best of CMG Premium will be the final regularly scheduled e-newsletter from our team in 2020 before we take a holiday break. We thank you for your interest, support, readership and feedback this year. The Cherokee Media Group e-newsletters will resume on Jan. 4. We look forward to another outstanding year. Warm wishes for a happy and safe holiday season from all of us!  Source Article

BUFFALO, N.Y. –  ACV Auctions has redesigned its online buying experience, launching Marketplace 2.0 on Friday. The revamped marketplace is designed to provide a more streamlined interface, customized alerts, real-time notifications on auction activity, as well as new options for searching, browsing and filtering. “For dealers, time is money, and our platform enables them to make the most informed decisions in the least amount of time, maximizing their business potential and driving their bottom line,” ACV vice president of product solutions Greg Borowski said in a news release. “ACV is committed… Read More »ACV launches revamped marketplace

SANTA MONICA, Calif. –  Westlake Financial certainly appears to see immense value in the potential of subscriptions of used vehicles, saying that they might be at the development stage where leasing sat four decades ago. In fact, the company pegged that possible value at $400 million. Late Thursday, NextCar Holding Company (NXCR), a fintech and insurtech vehicle subscription platform, and Westlake announced that they have signed a letter of intent to secure a $400 million debt facility and to enter into a strategic partnership. “Subscriptions represent an entirely new way to get… Read More »Westlake enters $400M facility & partners with NXCR for vehicle subscriptions

Thursday, Dec. 17, 2020, 03:03 PM WEST PALM BEACH, Fla.  –  Roger Dean Chevrolet, located in West Palm Beach, Fla., is now Mike Maroone Chevrolet,  as Maroone USA takes on full ownership of the dealership. Maroone USA, which operates six dealerships in Florida and Colorado, said it partnered in 2017 with Patty Dean, daughter of namesake Roger Dean, to jointly own and manage the West Palm Beach dealership. Maroone USA now assumes full ownership of that store. The Maroone family has operated in South Florida automotive retail since 1977, when… Read More »Maroone USA assumes full ownership of West Palm Beach dealership

BINGHAM FARMS, Mich. –  Ford’s model-level strength helped it perform well in the eighth annual Vincentric Best Certified Pre-Owned Value in America Awards. Although Ford won more model-level awards than any other brand with eight, Toyota and Honda also had a strong showing with four model-level awards each. Vincentric president David Wurster said many people in the United States are looking to save money in the current uncertain economic times by purchasing used vehicles. “Consumers looking to buy a certified pre-owned vehicle want to know that their choice will give them… Read More »Ford, Toyota, Honda stand out for CPO value

OAKBROOK TERRACE, Ill. –  For Ford and Lincoln dealers that don’t already capture enough off-lease turn-ins to meet their inventory requirements, Ford Credit’s dealer-direct purchasing site, Accelerate, is now integrated with vAuto’s Stockwave used vehicle platform. In an effort to save time and energy, vAuto explained in Thursday’s announcement that the new integration can help eliminate the guesswork of what will sell and for how much for Ford and Lincoln dealerships through real-time local market data and pricing insights. That intelligence is designed to match upstream off-lease inventory to the right… Read More »Ford Credit integrates with vAuto for improved off-lease inventory opportunities

Thursday, Dec. 17, 2020, 11:06 AM DALLAS –  Tricolor, the used-vehicle retailer focused on Hispanic customers, recently added to leaders to its board of directors to help it to capitalize on consumer demand for its products and the appeal of its unique mission-driven, risk scoring platform powered by artificial intelligence. Kathryn Petralia, the co-founder and president of Kabbage, and Antonio Garza, who previously served as U.S. Ambassador to Mexico, now are part of the board. Tricolor highlighted that Petralia is a serial entrepreneur with more than 25 years of experience building… Read More »Tricolor adds 2 more members to board

Thursday, Dec. 17, 2020, 11:03 AM INDIANAPOLIS –  The Indianapolis Business Journal named Byrider’s Steve Mark as one of the publication’s Chief Financial Officer of the Year honorees this week, recognizing individuals who have demonstrated outstanding performance as financial leaders of their organizations. During his time at Byrider as CFO, the buy-here, pay-here franchise network highlighted that Mark made preparedness and transparency top initiatives for his team, which paid significant dividends during the pandemic. The company said Mark worked diligently to document processes and procedures in order to be ready for… Read More »Indianapolis Business Journal honors Byrider CFO

CARY, N.C. –  Buy-here, pay-here dealership expert and senior consultant for AMS Consulting Gene Daughtry returns for another podcast episode to share some of the most valuable lessons he and independent operators learned during the pandemic. Daughtry also has a handful of suggestions to help owners start 2021 positively. 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