July 2021

SCOTTSDALE, Ariz. –  Acquisitions aren’t just happening among dealerships. Auctions and other automotive service providers are in the mix, too, with the latest move involving the rarest of vehicles. On Thursday, Barrett-Jackson Holdings, the parent company of Barrett-Jackson Auction Co., announced the acquisition of the Phoenix-based Collector Car Network, including ClassicCars.com, AutoHunter, The ClassicCars.com Journal and the Future Collector Car Show. The company said through a news release that the acquisition furthers Barrett-Jackson’s mission to grow the collector car market through strategic alignment of best-in-class brands and world-class customer service. “Barrett-Jackson… Read More »Barrett-Jackson broadens collector-car reach via acquisition

ST. LOUIS –  Enterprise Holdings is making quite a financial commitment to addressing social and racial equity gaps facing youth and families in communities across the globe. Through the Enterprise Holdings Foundation, the company that operates the Enterprise, National and Alamo rental car brands is awarding its inaugural local Enterprise Holdings ROAD Forward grants to nearly 700 nonprofit organizations. According to a news release, the grants total more than $7 million. The company highlighted that this announcement is another step in the ROAD Forward initiative to allocate $35 million over five… Read More »Enterprise Holdings supporting nearly 700 nonprofits working to advance social and racial equity

RICHMOND, Va. –  Since the early stages of my career, I have strongly disliked being called or thought of as a “female leader.” Those two words used together reminded me that the word “leader” was still thought of as implicitly male. Instead, I prefer to be thought of as a “great leader,” or just a “leader.” As a female executive in the male-dominated auto industry, there has been no shortage of challenging experiences, especially regarding gender bias. While this behavior is unacceptable, it is the reality of the world we live… Read More »COMMENTARY: Overcoming gender-bias in male-dominated industry & becoming a better, stronger leader

HANOVER, Md. –  This week, Hudson Cook reinforced its stable of legal experts with the hiring of new partner Megan Nicholls along with new associates Laura Bacon and Robert Tilley. “We are thrilled to welcome Meg, Laura and Rob to the Hudson Cook team, supplementing our core consumer financial services compliance, privacy and litigation practice areas,” Hudson Cook managing partner Lisa DeLessio said in a news release. “As we prepare to celebrate the firm’s 25th anniversary, Meg, Laura and Rob’s diverse experiences will help us to continue to provide our clients… Read More »3 attorneys join Hudson Cook offices in Texas, Maryland & Washington D.C.

WASHINGTON, D.C. –  Earlier this year, compliance expert Randy Henrick dissected the complex new law in Illinois that’s creating challenges for dealerships, finance companies and service providers. Now some members of the U.S. Senate want to use a similar path to create nationwide policy with lawmakers examining the issue during a hearing on Thursday. American Financial Services Association president and chief executive officer Bill Himpler cautioned Senators from making that choice when he testified before the Senate Banking, Housing, and Urban Affairs Committee in a hearing titled, “Protecting Americans from Debt… Read More »AFSA & CBA caution Senators about expanded use of MLA to create rate cap

CARY, N.C. –  When CarGurus purchased a majority stake in CarOffer this winter, one of the benefits to the deal was that it could give CarGurus dealer partners another digital avenue to source used inventory. That capability came to fruition Friday with the launch of CarGurus Instant Max Cash Offer, a CarOffer-powered platform that allows dealers to acquire used cars online from consumers. And for many, the timing perhaps couldn’t be better, with an auto industry grasping for used-car supply that has run dry amid the fallout from a chip shortage,… Read More »CarGurus launches platform for dealers to buy used cars online from consumers

Friday, Jul. 30, 2021, 08:55 AM CARY, N.C. –  In a message to its members Thursday, the National Auto Auction Association said that Auto Auction of New England co-owner Bill DeLuca, Jr. died Wednesday.  DeLuca founded the Bank of New England and finance company Auto Use. He also owned the Bill DeLuca, Jr. Family of Dealerships.  Funeral arrangements and further information are forthcoming, NAAA’s message said.  “National Auto Auction Association extends its deepest sympathy to the DeLuca family and friends,” NAAA said in its message.  A statement on the Auto Use… Read More »Auto Auction of New England co-owner, Auto Use founder DeLuca passes away

CARY, N.C. –  ACV continues to grow beyond its beginnings as a digital dealer-to-dealer online wholesale platform. Mike Pokora, who heads up research and development for ACV, joined the Auto Remarketing Podcast to discuss the company’s expansion into other areas of tech, how its Audio Motor Profile technology utilizes machine learning, what pieces of the tech puzzle need to be solved next, plus much more. To listen to the episode, 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

CHARLOTTE, N.C. –  Sonic Automotive said Thursday its board of directors has begun a review of “potential strategic alternatives” for its EchoPark Automotive standalone used-car store program, given the success in the program’s strategy and “our confidence in our runway for continued expansion.” Sonic’s board is working with Lazard as its financial advisor in this process and Kirkland & Ellis, LLP as its legal advisor. In a news release on Sonic’s latest quarterly earnings report, the retailer said it is, “considering a full range of potential alternatives with respect to its… Read More »Sonic board to review ‘potential strategic alternatives’ for EchoPark

Thursday, Jul. 29, 2021, 12:39 PM ARLINGTON, Texas –  Antonio Rajan knows the buy-here, pay-here industry well stemming from his time as chief revenue officer at Autostar Solutions. This week, Rajan took on the same executive position but with Agora Data, which strives to provide BHPH dealers and small to mid-sized finance companies access to abundant and affordable capital. Rajan’s broad industry expertise includes knowledge about dealer management software, CRM, underwriting, GPS, and finance solutions. Prior to joining Autostar, he served as vice president of sales at LexisNexis. In a news… Read More »Agora Data appoints Rajan as chief revenue officer