April 2021

Friday, Apr. 30, 2021, 01:55 PM ROCKVILLE, Md. –  DealerOn is now a provider in the Lincoln Website Solution program, and DealerOn will now help equip Lincoln dealers with DealerOn’s digital marketing technology to showcase the line of Lincoln automobiles at Lincoln dealerships. FordDirect selected DealerOn, which will be the second provider in the Lincoln Website Solution program. Lincoln dealers can now choose DealerOn’s website platform, as well as DealerOn’s approach to driving qualified traffic, leads, and sales through its SEO service. DealerOn said it has documented an average increase of… Read More »DealerOn now a certified website provider for Lincoln

Friday, Apr. 30, 2021, 01:36 PM BETHESDA, Md. –  If your service drive is getting pretty busy nowadays — and not just with completing reconditioning for your used inventory — new data compiled and shared by the Auto Care Association is perhaps a reason why. According to data gathered by Auto Care Association director of market intelligence Mike Chung, vehicle miles traveled (VMT) for March surpassed 300 million miles. It’s the first time that’s happened since the summer of 2019 when June, July and August each had readings at that level… Read More »Vehicle miles traveled in March returns to pre-pandemic levels

SOUTHFIELD, Mich. –  Credit Acceptance Corp. made two major announcements on Thursday afternoon; one involving top company leadership and the other in connection with a multi-million-dollar settlement with a state attorney general. First, the finance company that specializes in subprime paper said that Brett Roberts, Credit Acceptance’s chief executive officer and president and a member of the company’s board of directors, will retire at the close of business on Monday. Credit Acceptance continued in a news release that its board has unanimously elected and appointed the company’s chief financial officer, Kenneth… Read More »Credit Acceptance’s leadership changes & $27M settlement

NEW YORK –  Vroom has added two members to its board of directors, both with extensive backgrounds in the financial industry.  The new members are Paula Pretlow and Frederick Terrell, and Vroom chief executive officer, Paul Hennessy describes them as “two highly qualified executives with notable leadership experience at some of the world’s largest financial institutions.” Pretlow is former senior vice president of The Capital Group, a $2.4 trillion privately held investment management firm. At that company, she led the public fund business development and client relationship group. For 10 years,… Read More »Vroom adds 2 board members

Thursday, Apr. 29, 2021, 03:21 PM MEDFORD, Ore. –  Lithia Motors & Driveway continues its expansion path, this time adding more muscle in the Northeast. The retailer announced Tuesday it has acquired Planet Honda in Union, N.J., a store expected to bring in $230 million in annual revenues. “We are excited to welcome Bill Feinstein and his dedicated team to the Lithia and Driveway family,” Lithia president and chief executive Bryan DeBoer said in a news release. “Adding one of the highest performing Honda stores in the country further strengthens our… Read More »Lithia expands presence in Northeast with latest deal

LAWRENCEVILLE, Ga. –  Black Book has integrated its data into 360 AUTO, which provides tools, technology, and guidance to help auto dealers increase dealership lot visits and sales. Black Book data and analytics will integrate with 360 AUTO’s AutoRetail product. That digital retailing tool integrates into dealers’ websites to drive business into their retail location to help sales teams close more deals. The tool aims to make small and large dealerships more competitive for customers who don’t want to go into a dealership or who want to spend less time negotiating,… Read More »Black Book teams with 360 AUTO to help dealers close more deals

CARY, N.C. –  Brodie Cobb, the president and chief executive officer of The Presidio Group, joins the Auto Remarketing Podcast to discuss why the dealership buy-sell market has been so hot over the last six to nine months. Cobb also addresses the potential for buyers coming in from outside the industry and much more. Plus, he explains what made the recent Lithia Motors acquisition of The Suburban Collection somewhat unique. To listen to this episode, click on the link available below, or visit the Auto Remarketing Podcast page.  Download and subscribe to the Auto Remarketing Podcast… Read More »PODCAST: Presidio Group CEO on hot dealership buy-sell market

FRANKLIN, Tenn. –  Dealers Auto Auction will add a new auction in Columbia, S.C., marking its first location in the Carolinas, and Matt Laughridge will serve as the auction’s general manager. The new Dealers Auto Auction of Columbia will be the eighth auction for the group. Laughridge started in the auction business in 1999 with Manheim, and he would go on to serve roles in the management training program; national sales; government services; transition team for the ADT acquisitions; Hi-line Auction supervisor at Manheim Atlanta; and AGM Manheim Darlington. He led… Read More »Dealers Auto Auction Group expands to Carolinas; fills leadership posts

Thursday, Apr. 29, 2021, 11:18 AM PHOENIX –  It’s been a busy week for Carvana near the picturesque mountains of Utah and along the shores of the Gulf of Mexico. But Carvana hasn’t been on vacation. Rather, the company opened seven more locations to expand its digital retailing footprint for onsite delivery to 279 markets. The newest locations where Carvana now does business include the Utah cities of Ogden, Provo and Salt Lake City. In the South, Carvana now has operations in Alabama to serve potential buyers in Mobile and Daphne.… Read More »Carvana rolls into 7 more markets

WASHINGTON, D.C. –  As finance companies modify their ongoing strategies, perhaps what the Federal Reserve does with interest rates will give executives at least one consistent ingredient on which to build forward-looking plans. Members of the Federal Open Market Committee (FOMC) decided unanimously to keep the target range for the federal funds rate at 0 to 0.25%. The Fed said this week that the FOMC expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the committee’s assessments of maximum employment and… Read More »Interest rates likely to stay low for 2 more years