March 2022

On Wednesday, Copart announced that its board of directors has appointed Jeff Liaw, who has been serving as president and chief executive officer North America, to be co-CEO in a move that’s effective on Friday. According to a news release, Copart said Jay Adair will continue his leadership of the company as co-CEO and as a member of the board of directors. The company recapped that Liaw joined Copart in 2016 as chief financial officer and was promoted to president in 2019. He was named CEO North America last February.… Read More »Copart elevates Liaw to be co-CEO

After announcing a move into used-vehicle financing during NADA Show 2022 earlier this month, Solera Holdings reinforced its management team on Thursday by appointing top insurance and automotive business executives to key roles. The company said Bill Brower, Mike Roberts, Dan Barrington and Lewis Scott will bolster Solera’s industry position in vehicle lifecycle management. “Solera is excited to welcome these highly respected industry veterans to our team. They share our passion for rapidly driving the digitalization and transformation of vehicle lifecycle management,” Solera chief administration officer Jing Liao said in… Read More »Solera hires 4 industry veterans to build company position in vehicle lifecycle management

Thursday, Mar. 31, 2022, 01:03 PM Axis Auto Finance has a new board member. The Canadian fintech company said Thursday it has named JM Holdings Corp. founder and chief executive officer Jim Nikopoulos to the board. Nikopoulos will replace Gerry Thom, who has retired from the position. MJ Holdings is an investment company that has invested in early-stage companies in several industries.  Nikopoulos’ prior positions include serving as founder and CEO of Core Data Centers, Inc., and president of ECN Capital Corp. “We are very pleased to welcome Jim to our… Read More »Axis names new board member

Along with recently broadening its foreign enterprise in Africa and Central America, IAA on Wednesday announced the domestic expansion of branches in Iowa and Illinois. According to a news release, capacity has doubled at the IAA Des Moines branch and IAA St. Louis has increased capacity by approximately 30%. IAA said the expansions will help to meet increased demand in the growing Midwestern market. “The branch expansions in Illinois and Iowa will help to meet growing demand from buyers and sellers in the Midwest,” said Tim O’Day, president of U.S.… Read More »IAA makes moves in 3 countries

Thursday, Mar. 31, 2022, 08:00 AM American Honda has expanded the eligibility of its Honda and Acura certified pre-owned programs by adding respective tiers that allow for vehicles up to 10 years in age to be certified.  The Honda brand has launched HondaTrue Used as a CPO program tier, while the Acura brand has debuted Acura Precision Used.  Each of these CPO tiers … Source Article

With the opening of Genesis of Lafayette in Louisiana, the Genesis brand now has its first standalone dealership in the U.S. The store, owned and operated by Arthur LeBlanc Jr. and Sterling Automotive Group, is the first of several dealerships Genesis has planned for the U.S., with six additional locations under construction and 20 more in the planning phase, the company said. “We are glad to partner with Arthur LeBlanc and Sterling Automotive Group on our first standalone retail facility in the United States,” Genesis Motor North America chief operating… Read More »Genesis opens first standalone US dealership, plus other dealer group moves

Wednesday, Mar. 30, 2022, 12:44 PM About a month before NADA Show 2022, Seventh Knight became a part of the NADA Affinity Provider Program. And the provider of unique ransomware protection solutions appeared on this episode of the Auto Remarketing Podcast recorded in Las Vegas, as vice president of business development Travis Odom described how vulnerable to ransomware attacks dealerships are as well as the importance of now collaborating with NADA. To listen to this conversation, click on the link available below, or visit the Auto Remarketing Podcast page.  Download and subscribe… Read More »PODCAST: Seventh Knight on dealership vulnerability to ransomware

Wednesday, Mar. 30, 2022, 12:40 PM The American Recovery Association (ARA) gained more traction on the compliance front this week. ARA announced through a news release that Flying A Information Resources has chosen the association’s compliance monitoring system to assist the firm in vetting and monitoring the compliance of its professional recovery agent network, including ARA’s site inspection program. ARA reiterated that it is dedicated to providing choices to the recovery industry regarding compliance and safety training programs, firm in the belief that recovery professionals have the right to choose… Read More »Flying A Information Resources chooses ARA compliance program

The Consumer Financial Protection Bureau database indicated that the agency received 527,243 consumer complaints during the 12-month span that closed on Feb. 28. Of that amount, only 8,042 complaints — or 1.5% — fell into the categories that the CFPB classified as “vehicle loan or lease.” The majority of the consumer complaints (335,161) during those 12 months fell within “credit reporting, credit repair services or other personal consumer reports.” The next highest category in the CFPB database for this timeframe was “debt collection” (70,696), following by “credit card or prepaid… Read More »While auto remains small part of complaint database, CFPB hunting for ‘repeat offenders’ within financial services

Exeter Finance announced its 2021 Exeter auction eXcellence and EMI awards at the recent CAR Conference in Las Vegas, recognizing auctions in divisions based on size and units sold. Taking home the honors were: Division III: DAA SeattleDivision II: Metro PhoenixDivision I: Bel Air Auto Auction The EMI winner was Indiana Auto Auction. “Our valued auction partners are a vital part of Exeter’s servicing arm. They are asked to transport, recondition and conduct redemptions of thousands of units, as well as – most importantly — market to our dealer base,”… Read More »Auction news roundup: Exeter’s annual auction winners & Manheim PA’s Xtreme Spring event