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Castlelake provides up to $155M in financing to Voyager Global Mobility

The investment community continues to push funds into the fleet sector. On Tuesday, Castlelake, a global alternative investment manager with approximately 17 years of experience investing in asset-rich opportunities, announced that as part of its income investing strategy, it has reached an agreement to provide up to $155 million in fleet financing to Voyager Global Mobility (VGM), a leading provider to the smart mobility marketplace. The financing is earmarked for the acquisition of more than 3,200 vehicles to rideshare, car-share and micro-mobility driver-subscribers in the United States and Latin America.… Read More »Castlelake provides up to $155M in financing to Voyager Global Mobility

New paycheck-to-paycheck research with ‘unhappy summer’ looming

With S&P Global Ratings acknowledging that the U.S. economy “could be facing an unhappy summer,” LendingClub Corp. released findings from the 11th edition of the Reality Check: Paycheck-To-Paycheck research series, conducted in partnership with PYMNTS.com. LendingClub highlighted the Financial Distress Factors Edition examined the financial lifestyle of U.S. consumers who live paycheck to paycheck, the factors that cause financial distress — life-cycle events or life-altering events — and the impact of these financial stressors on their lives. One of the intriguing takeaways from the new research was 65% of paycheck-to-paycheck… Read More »New paycheck-to-paycheck research with ‘unhappy summer’ looming

Auction of pristine BMW raises $33,500 for NIADA Foundation

Dare Saul wanted to raise money for the NIADA Foundation. And the Arkansas operator wanted a highline model he could immediately list online, too. Saul accomplished both goals last week during the final day of the NIADA Convention at the MGM Grand in Las Vegas. Saul, owner of D3 Auto Sales in Des Arc, Ark., made good on his goal by bidding $33,500 to outlast his friend, Colorado dealer Tim Gaylord, and claim a sparkling white 2018 BMW 330i SPT with just 22,000 miles on the odometer in an auction… Read More »Auction of pristine BMW raises $33,500 for NIADA Foundation

Lithia & Driveway boosts footprint in Florida & Nevada

Many folks love to vacation either in south Florida or Las Vegas. Lithia & Driveway are looking to retail more vehicles to potential buyers who might reside in those locations. The company announced on Tuesday it has expanded its south Florida footprint with the purchase of nine Lehman Auto World stores and two Esserman International stores in Miami-Dade County. Together, these 11 stores are projected to generate $850 million in annualized revenue, according to a company news release. According to a news release from Haig Partners, which served as the… Read More »Lithia & Driveway boosts footprint in Florida & Nevada

carsales.com to acquire 100% of Trader Interactive

Mergers and acquisitions are happening in automotive adjacent industries, too. On Monday, carsales.com, one of the largest online marketplaces in Australia focusing on the automotive, motorcycle, and marine spaces, announced the intention to purchase the remaining 51% of Trader Interactive from the current investors, Eurazeo and Goldman Sachs Asset Management to bring its holding up to 100%. The move to acquire Trader Interactive first started last year, when carsales purchased 49% of Trader Interactive in August. The deal is expected to close during the third quarter, according to a news… Read More »carsales.com to acquire 100% of Trader Interactive

ACV collects workplace accolade

Evidently, ACV is a great place to work. The digital automotive marketplace and data services partner for dealers and commercial partners announced on Monday that it has been named one of the Best Workplaces in New York in 2022 by Great Place to Work and Fortune. The Fortune Best Workplaces in New York accolade is based on employee feedback collected through one of America’s largest ongoing annual workforce studies of more than 1 million employee survey responses and data from companies representing more than 6.1 million U.S. employees. The survey… Read More »ACV collects workplace accolade

Dealer Image Pro survey highlights shortfalls of current ad spending & strategy

Dealer Image Pro recently announced results from an industry survey it commissioned to better understand how dealers are using vehicle photography and video to best merchandise cars and trucks in today’s digital retailing landscape.  Dealer Image Pro presented an online survey to more than 3,000 automotive dealer professionals during June. According to a news release, only 12% said they use a software or application to take and upload their own vehicle photos, with another 30% saying they have to train someone new to take photos every week. The company discovered… Read More »Dealer Image Pro survey highlights shortfalls of current ad spending & strategy

Dealer group notes: Moves at John Elway, Knight, Putnam & Vaughan

This dealership news roundup begins with another Canadian-based group expanding its footprint in the United States. A couple of days after Steele Auto Group finalized an acquisition with Group 1 Automotive, Knight Automotive Group made a deal with the John Elway Dealership Group. According to a news release from Performance Brokerage Services, the firm assisted in the sale of John Elway’s Claremont Chrysler Dodge Jeep Ram in California to Knight. The firm said the dealership will remain at its current location at 620 Auto Center Drive in Claremont, Calif., and… Read More »Dealer group notes: Moves at John Elway, Knight, Putnam & Vaughan

Dealer Inspire partners with Subaru to help more than 570 franchised dealers

Dealer Inspire (DI) recently finalized a new OEM partnership with Subaru of America. The Cars.com company that provides advanced technology and digital advertising solutions to the automotive industry has been named a certified website provider in the Subaru Certified Retailer Program. According to a news release, DI will have the opportunity to partner with Subaru’s more than 570 U.S.-based retailers to help them increase sales and efficiency through a connected website platform. The company currently partners with retailers within the Subaru Certified Chat Program and can leverage existing relationships to… Read More »Dealer Inspire partners with Subaru to help more than 570 franchised dealers