October 2021

CARY, N.C. –  Consolidation has been a big theme in the auto industry this year, and a move announced Thursday involved the fleet/lease space. The combination of Wheels, Inc., and Donlen, LLC has closed, announced Athene Holding Ltd., a financial services company that is the lead investor in the transaction.  Athene had previously purchased Donlen from Hertz Global Holdings for $891 million, a deal that closed in the first quarter. The chief executive officer of the combined entity will be Shlomo Crandus, currently the chief financial officer of Wheels.  “Today’s announcement… Read More »Wheels & Donlen merge, form new company

Friday, Oct. 29, 2021, 02:27 PM SANTA MONICA, Calif. –  TrueCar has added a new director to its board, announcing the election of Match Group chief strategy officer Faye Iosotaluno on Thursday. Iosotaluno has held that role at Match since February 2020, previously serving as senior vice president for new business initiatives. Her background also includes time with SoundCloud where she was vice president for strategy and business development. In her role on the TrueCar board, Iosotaluno will serve on the audit committee. “We are excited for Faye to join TrueCar’s… Read More »TrueCar adds Match Group executive to board of directors

PEACHTREE CORNERS, Ga. –  Mighty Distributing System, which provides parts, lubricants and other supplies for service departments, recently added the 14th dealership group to its franchise system. Now operating three Mighty Auto Parts franchises in two states is the Florida-based Step One Automotive Group. According to a news release, the new Mighty businesses are based in Orlando, Fla., Pensacola, Fla., and Dothan, Ala., operating as separate, vertically integrated distribution points servicing the greater Orlando market, the Florida Panhandle, as well as southern Alabama. Step One Automotive Group was founded in 2016… Read More »Mighty adds 14th dealership group to its franchise system

SAN ANTONIO –  On Thursday, CarMax gave an initial gift of $100,000 and started a philanthropic partnership with Operation Homefront, a national nonprofit serving America’s military families. According to a news release, CarMax already had quite a connection with the military since more than 1,700 company associates served in the armed forces. “As an organization that has thousands of associates who have served our country, it is our honor and privilege to support those who serve,” CarMax director of community relations Leslie Parpart said in the news release. “Guided by the… Read More »CarMax opens partnership with Operation Homefront by donating $100K

Friday, Oct. 29, 2021, 10:38 AM LOS ANGELES –  Westlake Financial Services is continuing to diversify its portfolio but leveraging a lending strategy that’s gained industry traction this year. Along with originating indirect auto financing, this week Westlake launched what it’s calling, Cash Now Pay Later. The company said this new product available through its LoanCenter division can provide financial flexibility to its customers by enabling them to borrow cash today and pay it back at a later date. According to a news release, Cash Now Pay Later is currently being… Read More »Westlake uses current customer base to test new cash program

COSTA MESA, Calif. –  Experian is looking to help finance companies complete one of the most important parts of underwriting — verification of income and employment status. This week, Experian introduced new verification capabilities that can connect finance companies to more than 120 million consumer permissioned payroll accounts. By leveraging technology from Citadel API, Experian is bolstering its existing suite of digital verification solutions to provide finance companies and other lenders with access to permissioned payroll records from more than 40 of the top payroll providers across the United States. “We’re… Read More »Experian collaborates with Citadel API to expand verification solutions

CARMEL, Ind. –  As KAR Global chief economist Tom Kontos just highlighted, wholesale prices continue to rise. To help consignors take advantage of the situation, ADESA deployed a new tool on Thursday to enhance the reconditioning process and optimize return on investment for sellers. By leveraging millions of data points on vehicles, repairs and sales, the company highlighted this technology arms sellers with actionable repair suggestions that maximize the profit opportunity on the resale of those vehicles in the wholesale channel. KAR mentioned in a news release that the new tool… Read More »New tool from ADESA aims to boost recon & return for consignors

Thursday, Oct. 28, 2021, 11:18 AM MARKHAM, Ontario –  Like the 1970s Canadiens or 1980s Islanders, the wholesale vehicle market in Canada is on a streak. Wholesale prices have now climbed 11 straight weeks, according to Canadian Black Book, which said in a market update that values were up in 21 of 22 segments for the week ending Friday. Specifically, there was a 0.60% increase in overall wholesale values last week, CBB said. That follows a 0.64% uptick for the week ending Oct. 15. For the same week of 2017 through… Read More »11 straight weeks of rising wholesale vehicle prices in Canada

CARY, N.C. –  StoneEagle F&I senior vice president of business development Joe St. John made his monthly appearance on the Auto Remarketing Podcast to discuss what’s happening in dealership finance offices. Senior editor Nick Zulovich asked about which elements helping F&I departments this year could be sustained and which ones might be unique to 2021. 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

CARY, N.C. –  Auto Remarketing publisher and Used Car Week parent company Cherokee Media Group has welcomed Caroline Rush aboard as a marketing coordinator, where she will work with CMG’s automotive conference and events teams. Rush most recently was a marketing consultant for Sinclair Broadcast Group, where she primarily managed digital marketing campaigns for local and national clients. Her background also includes time in the automotive space, as Rush was previously a marketing and communications specialist for the North Carolina Automobile Dealers Association. Working with the state’s franchised new-car dealers, Rush… Read More »Cherokee Media Group welcomes Rush as marketing coordinator