Lane watch: More signs of slightly softening prices & conversion rates

How about these potential signals of improvements for used-car managers scouring the lanes for necessary inventory without using their entire floorplan allotment with a single click or tap? Black Book reported on Tuesday that car segments posted the lowest weekly gain in values in 17 weeks. Analysts added that truck values showed their lowest weekly improvement in 15 weeks. Source Article

PODCAST: Recurrent CEO Scott Case on used EV market

CARY, N.C. –  On its website, Recurrent said it aims to “more transparency and confidence in pre-owned electric car transactions” in hopes of driving further EV adoption. Its chief executive officer, Scott Case, joined the podcast to share how the company goes about doing just that. Plus, we discuss the fastest-selling used EVs, the infrastructure still needed in the pre-owned EV market and much more. To hear 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

LKQ launches enhanced remote & mobile services to boost repair efficiency

CHICAGO –  Here comes what might be some welcome help for independent dealerships with service departments, or franchised stores that have a vehicle come through their service drive that’s outside of their direct factory purview. LKQ’s diagnostic services business — now branded Elitek Vehicle Services — is expanding its services beyond on-site mobile diagnostics and repair to also include remote automotive diagnostics and remote programming. According to a news release, repair facilities can now call one company, Elitek, to service all their diagnostic service needs. With the addition of remote diagnostics,… Read More »LKQ launches enhanced remote & mobile services to boost repair efficiency

Lithia expands to Mississippi, sells California store

MEDFORD, Ore. –  Lithia & Driveway has extended its footprint to Mississippi through the purchase of Toyota of Jackson, the dealer group said Tuesday. Lithia expects the dealership to bring in annualized revenues of $95 million. Since announcing a five-year plan in 2020, Lithia is now at $7.6 billion in total expected annualized revenues acquired. “We are excited to complete our first year of the five-year plan to reach $50 billion in revenue and $50 of earnings per share well beyond expectations,” Lithia president and chief executive officer Bryan DeBoer said… Read More »Lithia expands to Mississippi, sells California store

RumbleOn hires outside counsel as new in-house general counsel

DALLAS –  Less than a week after naming an interim chief financial officer and a new addition to its board of directors, RumbleOn’s period of leadership change continued on Tuesday with the company’s outside counsel joining RumbleOn as general counsel. According to a news release, Michael Francis has worked with RumbleOn from the beginning, leading the company’s outside legal team at Akerman LLP. Now, Francis will operate within the confines of e-commerce company that leverages technology in an effort to simplify how dealers and consumers buy, sell, trade or finance pre-owned… Read More »RumbleOn hires outside counsel as new in-house general counsel

Used-car considerations for summer road trip season

Tuesday, Jun. 22, 2021, 10:25 AM LONDON, Ontario –  It’s about time to hit the road in Canada. Once the pandemic restrictions are lifted, 84% of Canadians say they might take a road trip this summer, says CARFAX Canada. And for those looking to buy a used car as the vessel for that trip, the company has three reminders to consider around accident reports, recalls and liens. First, CARFAX Canada indicates that a quarter of the used vehicles it evaluated have an accident(s) or damage reported. “Damage can impact a vehicle’s safety… Read More »Used-car considerations for summer road trip season

CFPB reinforces activities with potential MLA ties

WASHINGTON, D.C. –  The Consumer Financial Protection Bureau is taking another deeper look at industry activities and the Military Lending Act (MLA) that one compliance expert said that it “bears watching.” Last week, the CFPB issued an interpretive rule that explains the basis for its authority to examine supervised financial institutions for risks to active duty servicemembers and their dependents from conduct that violates the MLA. “The Military Lending Act is an essential law protecting the finances of our military families and we are excited to announce this rule change prior… Read More »CFPB reinforces activities with potential MLA ties

Latest Agora offering specialized for real estate & facilities

Tuesday, Jun. 22, 2021, 09:47 AM ARLINGTON, Texas –  Agora Data already worked with buy-here, pay-here dealerships to help them get the capital they need to acquire inventory. Now the company has a new offering to assist BHPH operators have improved facilities to display and turn those vehicles. On Monday, Agora Data launched of AgoraPoint, which offers financing for commercial real estate and facilities. The company described its action as another step to providing a “holistic, one-stop” funding solution for dealers.  “AgoraCapital provides more capital capacity than traditional lenders and enables… Read More »Latest Agora offering specialized for real estate & facilities

Buckeye forms alliance with ADSG to boost reinsurance investment & tax strategies

BOARDMAN, Ohio –  Sometimes, having an extra cook in the buy-here, pay-here kitchen can be helpful. At least that’s the intention of the new relationship between Buckeye Dealership Consulting and Auto Dealer Services Group (ADSG). Buckeye, a national provider of re-insurable finance and insurance products for BHPH and independent dealerships, recently teamed with ADSG, a division of Peachtree Planning Corp. and one of the nation’s largest financial planning firms with a team that specializes in working with independent dealers on reinsurance investment strategies and succession planning in a tax advantageous manner.… Read More »Buckeye forms alliance with ADSG to boost reinsurance investment & tax strategies

Pyle Family Auctions names Jane Morgan as chief client officer

Monday, Jun. 21, 2021, 04:27 PM CARY, N.C. –  Pyle Family Auctions has hired former ADESA executive Jane Morgan as the company’s chief client officer. Morgan started with the group, which includes Mountain State Auto Auction and Capital City Auto Auction, this month, and will head up sales growth, the client experience and operational efficiencies, Pyle Family Auctions said in a release. Morgan’s career in the auction business goes back more than 30 years and includes several leadership positions with ADESA. Her most recent post was a president of the ADESA specialty division and… Read More »Pyle Family Auctions names Jane Morgan as chief client officer