Monday, Oct. 31, 2022, 03:52 PM When the final results are tallied, look for October’s used-car sales market to be down double-digits from a year ago, but steady with September. In a forecast released Friday, TrueCar projected slightly less than 3 million used-car sales for October, which would be a 13% year-over-year decrease and static month-over-month. Through nine months of the year, there were … Source Article
Two dealership service providers now are working together to help managers get their inventory to stand tall on the front line faster. Dealer Image Pro, a leader in professional photo, video, and interactive 360-degree software for dealerships, announced it has integrated its Photo Assistant and Autoport software with Rapid Recon’s reconditioning workflow software to improve the time to market for a dealership’s reconditioned vehicles. Now displayed within the Photo Assistant and Autoport inventory dashboard, dealership sales teams can view the Rapid Recon status of their used vehicles in real-time to… Read More »Dealer Image Pro integrates with Rapid Recon to improve inventory efficiencies
Monday, Oct. 31, 2022, 01:58 PM Vroom said Friday it has added Fernwood Holdings CEO and managing director Timothy Crow to its board of directors. In addition to his time with that venture capital investment firm, Crow has held executive roles with The Home Depot and Kmart. “We are thrilled to announce the addition to our board of directors of Tim Crow, who brings his deep experience in human capital management at leading global retailers to Vroom. He is a highly skilled executive with notable leadership experience at large retail… Read More »Vroom announces new director on board
Dealers Auto Auction Group has acquired Atlas Auto Auction, a move that adds the Little Rock, Ark., market to the auction group’s footprint. With the purchase of Atlas, DAAG now has 10 auctions throughout the Southeast. “We are very excited about the acquisition of the Atlas Auto Auction and entering the Little Rock market,” DAAG CEO David Andrews said in a news release. “As a premier auction service provider, DAAG listens to our customers and continues to expand DAAG’s ability to provide services and facilities to additional key markets across the… Read More »Dealers Auto Auction Group makes another acquisition, expands reach to Arkansas
The noise that you are about to hear — loud and clear — in the used-vehicle market during the next few months will not be the loud pop of a market bubble being pierced; rather, it will be the slow and steady hiss of air being released from an admittedly overheated market. While the cooling effects of resurging production and the easing of truly unprecedented demand are already beginning to leave their mark on the sector, J.D. Power is projecting that the path to a more traditional vehicle valuation mean… Read More »COMMENTARY: Recession headlines distract & detract from true understanding of market dynamics in used-vehicle sector
Friday, Oct. 28, 2022, 10:45 AM Quick action by Group 1 Automotive enabled it to show a slight annual increase in U.S. same-store used retail units sold in the third quarter despite turmoil in the used-car market, said outgoing CEO Earl Hesterberg on the third-quarter earnings call. “One of the challenges we faced in the US in the quarter was a decline in industry used-vehicle price levels. This required quick action by our team to rapidly sell through our existing inventories so we could … Source Article
Friday, Oct. 28, 2022, 10:40 AM Penske Automotive Group had a rough third quarter where used vehicles were concerned, with sales falling 7.0% to 65,523 units compared to the same quarter in 2021. Used-vehicle revenue fell 4.1% and gross profit was down 32% to $131.3 million. On the earnings call, chairman and CEO Roger Penske dissected the environment. On the premium side of the business, the number of leases has dropped, and people are buying out their cars rather than returning them, he said. “We aren’t getting the trade; that… Read More »Penske’s used sales & profit drop as appropriate inventory gets harder to find
Friday, Oct. 28, 2022, 10:10 AM Another warranty and service contract provider now is in the market to serve franchised and independent dealerships. This week, Titan Warranty Administration publicly launched its all-digital platform, specializing in manufacturing and administering customized service contracts and limited warranty programs. Titan Warranty’s products include vehicle service contracts, certified pre-owned wraps, certified pre-owned limited warranties, guaranteed auto protection, customized multi-protection, maintenance plans, lease wear and use, and more. The company also provides a variety of customized participating programs including producer-owned warranty companies, reinsurance, contingent compensation and… Read More »All-digital provider enters warranty space for dealers
Friday, Oct. 28, 2022, 10:09 AM This week, insurance marketplace Polly announced a collaboration with Cox Automotive’s VinSolutions to create what the companies called a “powerful” set of solutions that can help marketing, sales, service and operations workflows stay in sync. This new collaboration will provide benefits for dealer customers of both Polly and VinSolutions, according to a news release. The companies explained the integration also offers dealers a more efficient way to connect potential customers with Polly for insurance options, by pulling customer information from the dealership’s CRM to… Read More »Polly integrates with VinSolutions to boost dealer marketing, sales & service
The Consumer Financial Protection Bureau started the year by launching an initiative in connection with what the federal regulator called “exploitative junk fees.” Last week, the CFPB turned its attention to what it’s calling “junk data.” The bureau issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk data” from consumers’ credit reports. The CFPB said companies need to take steps to “reliably detect and remove inconsistent or impossible information from consumers’ credit profiles.” For example, officials said many children in foster care… Read More »After previously examining ‘junk fees,’ CFPB now focuses on ‘junk data’