June 2021

IRVING, Texas –  Exeter Finance is changing hands from one investment firm to another that already has a robust automotive portfolio. The finance company that specializes in the subprime market announced on Monday that it has entered into a definitive agreement to be acquired by an investor group led by Warburg Pincus from funds managed by Blackstone. According to a news release, terms of the private transaction were not disclosed. “We are thrilled to partner with the Warburg Pincus-led investor group as we enter this next phase of growth for Exeter.… Read More »Warburg Pincus set to acquire Exeter from Blackstone

EL DORADO, Ark. –  “The Mailman” now is delivering Toyota, Ford, Lincoln and Chevrolet vehicles in Arkansas. Karl Malone, who had that nickname while playing basketball in the NBA for 19 years, grew his business this week with the Karl Malone Auto Group by acquiring three new-vehicle franchises in El Dorado, Ark. According to a news release, the Teague stores — including Teague Toyota, Teague Ford/Lincoln and Teague Chevrolet — are now Karl Malone Toyota of El Dorado, Karl Malone Ford/Lincoln and Karl Malone Chevrolet, respectively. “They are proud to continue… Read More »Karl Malone expands dealership group with 3 stores in Arkansas

ESTERO, Fla. –  Delayed for about a year because of the pandemic, Hertz’s effort to help the Jack & Jill Late Stage Cancer Foundation (JAJF) came to fruition. On Friday, Hertz announced that the donation of its 2020 Hertz-Hendrick Motorsports Camaro ZL1 has raised $250,000 for JAJF. Hertz donated the No. 1 production model of only 24 limited-edition custom Camaros that it commissioned to JAJF, which was auctioned off at the Barrett-Jackson LIVE Las Vegas Auction on June 19. According to a news release, Brenda and Rick Nielsen purchased the Camaro… Read More »Auction of 2020 Hertz-Hendrick Motorsports Camaro ZL1 generates $250K for charity

CARY, N.C. –  We went straight to the orchestrator of the 2021 Cox Automotive Dealership Staffing Study for this episode of the Auto Remarketing Podcast. Cox Automotive senior industry intelligence manager Angela Drake shared additional insight about the study, which was initially distributed on Monday. To hear the 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

CARY, N.C. –  Cherokee Media Group senior editor Joe Overby recently shared a conversation with EBlock chief operating officer John Brasher, who moved into his current role on May 3. Brasher discussed both company activities and the current state of the wholesale market. To hear the 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

RICHMOND, Va. –  CarLotz reached the closing stage of a busy second quarter by announcing plans to open its first hub in Georgia. On Thursday, the consignment-to-retail used vehicle marketplace highlighted this new hub will provide CarLotz’s customers in the greater Atlanta area with easy access to its service, value and inventory. The company said this new hub located at 4400 Stone Mountain Highway in Lilburn is expected to open later this year. “We believe that being national in reach is critical but serving local communities is a competitive advantage.” CarLotz… Read More »CarLotz rounding out busy Q2 with plans for Georgia hub

CAMBRIDGE, Mass. –  CarGurus discovered consumers are becoming more interested in autonomous vehicles (AVs), but the majority still isn’t ready to take its foot off the gas and hands off the wheel completely On Thursday, site officials released details of the CarGurus Self-Driving Vehicle Sentiment Survey that compiled and analyzed consumer feedback on AV-related topics such as comfort with self-driving, how people imagine utilizing the technology and timeline to adoption. CarGurus indicated that the study has shown that over the past two years, familiarity with AVs has grown while excitement has… Read More »CarGurus study: Consumers still unsure about autonomous vehicles

CARY, N.C. –  Jack Tracey was a man I looked up to — literally and figuratively. Likely similar to scores of other industry executives, I was jarred this week to learn of the passing of Jack Tracey, a founder and the only executive director the National Automotive Finance Association ever had. Jack possessed both a notable physical stature — standing well above 6 feet tall — as well as a significant industry presence as part of lifting the non-prime auto financing industry out of what he acknowledged as being “populated with… Read More »From the editor: Remembering Jack Tracey

HANOVER, Md. –  The National Automotive Finance Association said one of its founders and the only executive director it’s ever had passed away earlier this week. The NAF Association confirmed in a statement on Friday that Jack Tracey passed away on Monday after a brief illness. The NAF Association said his funeral in Hydes, Md., is scheduled for next Monday. “He will always be remembered as a founder, leader and fierce advocate for the non-prime automotive lending industry,” the NAF Association said in its statement. The NAF Association plans to proceed… Read More »NAF Association executive director Jack Tracey passes away

Friday, Jun. 25, 2021, 02:00 PM SAN FRANCISCO –  Shift recently created the position of chief accounting officer and filled it with an executive familiar to chief financial officer Oded Shein. The auto ecommerce platform announced on Thursday that Jason Curtis has been appointed as chief accounting officer in a move that was effective on June 1. In this role, Shift said Curtis will be responsible for all accounting and reporting functions to the Securities and Exchange Commission. Shift highlighted that Curtis extensive public company finance and accounting experience in the… Read More »Shift chooses new chief accounting officer familiar to company leadership