November 2022

Wednesday, Nov. 30, 2022, 03:08 PM Cherokee Media Group recognized its 2022 Used Car Awards winners, an overall program sponsored by KAR Global, at Used Car Week in November. The conference was held Nov. 14-17 at the Manchester Grand Hyatt in San Diego. Spotlighted during the Used Car Awards Luncheon, also sponsored by KAR, were the following: CPO Dealer of the Year: Andy Mohr FordAccepting Award: Dennis Pennington (Used-Car Director)Award sponsored by KAR Global Independent Dealer of the Year: Auto SavvyAccepting Award: Brett Parham (CEO) & Cory Goodfellow (CFO)Award sponsored… Read More »2022 Used Car Award winners honored at Used Car Week

As the holiday season gets rolling, companies in the auto retail space are giving back to their communities and helping those in need.  Auto Remarketing will keep tabs on these endeavors and shared them in coming weeks. Starting with Step One Automotive Group, the retailer kicks off its 25 Days of Giving program on Thursday, when it will participate in charitable endeavors across the Alabama, Florida and Georgia communities it calls home. The full list of events, sorted by state, can be found below: ALABAMACruisin’ into Christmas St. Jude Rocks! RadiothonGrace Place Christmas… Read More »Auto retail companies ramp up holiday giving

Wednesday, Nov. 30, 2022, 02:26 PM Used-car sales this month are likely to be consistent with October’s figures, but fall 13% year-over-year, according to a forecast released Wednesday by TrueCar. The company is projecting just under 3 million used-car sales for the month. Looking at other pre-owned data points from the report, TrueCar said used-car deals had an average interest rate of … Source Article

Wednesday, Nov. 30, 2022, 02:14 PM Think you and your dealership have the best phone skills, not just in your market, but perhaps nationwide? Well, Car Wars is now offering you a chance to prove it. This week, the call tracking and phone handling solution for automotive dealers announced a new annual dealership award program. Car Wars’ Dealership CRISP Award program is intended to recognize top dealerships that prioritize phone handling and provide customers with an optimal phone experience. Car Wars emphasizes four key phone metrics — connect, request and… Read More »Car Wars rolls out dealership phone performance award program

Nordis Technologies and Solutions by Text (SBT) contend that a growing number of auto finance company customers want to receive statement alerts and payment reminders by text, especially with direct links to online account management and payment portals. To enhance integrated omnichannel customer communications with expanded text messaging capabilities, the companies finalized a partnership on Wednesday so Nordis Technologies’ clients can now compose and send one-time and recurring, compliant text messages using the company’s patented Expresso CCM platform, enabled by SBT. “We are dedicated to developing and delivering the best… Read More »Nordis Technologies partners with Solutions by Text to boost customer communications

Ahead of his appearance on stage during Used Car Week 2022 in San Diego, PAR North America’s Ryan Hawley took time for this episode of the Auto Remarketing Podcast. Hawley described how the forwarding industry is getting ready for an expected upturn in vehicle repossessions during 2023. To listen to 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

Wednesday, Nov. 30, 2022, 11:00 AM Following their keynote presentation at Used Car Week 2022 in San Diego, a trio of experts reiterated how complex product refunds can be for finance companies following a vehicle repossession or total-loss insurance claim. Anne Holtzman and Peter Krall of Allied Solutions, along with Stephen McDaniel of F&I Sentinel, offered some recommendations in this episode of the Auto Remarketing Podcast that could help to satisfy both consumers and regulators. To listen to the conversation, click on the link available below, or visit the Auto Remarketing Podcast… Read More »PODCAST: Revisiting complexities of product refunds

Keyless entry is one of the convenience features of used electric vehicles that dealership salespeople can highlight to potential buyers. And it’s also one of the paths hackers use to get control of EVs, according to a report released on Tuesday by VicOne, an automotive cybersecurity solutions provider established by cloud security company Trend Micro. VicOne’s 2022 automotive cybersecurity report warns that the EV industry faces growing cybersecurity risks, especially through keyless entry, charging stations and in-vehicle entertainment (IVI), resulting in vulnerability to attacks. Experts said the threat of ransomware… Read More »VicOne’s cybersecurity report offers 4 projections involving EVs

Tuesday, Nov. 29, 2022, 02:44 PM As electric vehicles sales rise, so will the number of used EVs on the market. Two panels at Used Car Week earlier this month addressed the importance of determining EV residual values and how subscription services will play a role in EV adoption. “The time is now for EVs,” said EY partner and eMobility automotive leader Felipe Smolka on the “Managing Residual Values in An Era of Rapid Technological Change” panel. By 2035, some 85 million EVs will be on the road in the United… Read More »EV residual value determination becomes more important as sales set to take off

Tuesday, Nov. 29, 2022, 11:22 AM NADA Show 2023 kicks off in Dallas in less than two months, but one of the nation’s largest dealer groups is already making a move in the DFW area. Lithia & Driveway announced Tuesday that it has purchased Meador Chrysler, Dodge, Jeep, Ram in Fort Worth, which the retailer says is the second-largest CDJR dealership in the market. Lithia anticipates Meador CDJR will generate annualized revenues of more than $200 million. That would bump the company’s total expected annualized revenue to more than $3.3… Read More »Lithia acquires 2nd largest CJDR dealership in DFW area