Auto tech investments take center stage at AIS

CARY, N.C.  –  Part II of the all-digital Auto Intel Summit’s live sessions begins with a look at the role of venture capital in the world of automotive technology. The “Auto Industry Venture Capital Fireside Chat — Exploring the 2020 Environment” session will be moderated by Spiffy co-founder and CEO Scot Wingo and include the following panelists from the investment community: —Jason Caplain, Co-Founder and General Partner, Bull City Venture Partners—Lister Delgado, Managing Partner, Idea Fund Partners—Steve Greenfield, Co-Founder and CEO, Automotive Venture The session is set for 11 am… Read More »Auto tech investments take center stage at AIS

Current real-estate trends that could help vehicle sales

MENLO PARK and SANTA CLARA, Calif. –  Understandably, dealerships and finance companies are currently at the point of the month when they’re likely focused on sustaining sales momentum generated during the first half of the sales period or looking to rebound before the calendar turns the page. However, two surveys originating from the real-estate world might provide some optimism about the longer-term prospects for vehicle deliveries and contract originations. The separate projects showed notable consumer sentiment about moving out of cities and into suburbs or even more remote locations where owning… Read More »Current real-estate trends that could help vehicle sales

Carvana opens newest car vending machine in Kentucky

LOUISVILLE, Ky. –  Just like the racing at nearby Churchill Downs, Carvana is looking to speed past the used-vehicle retail competition in Louisville, Ky. To help, Carvana on Tuesday launched its latest car vending machine in Louisville within 30 minutes of the famous horse racing venue. Standing eight stories tall with a 27-vehicle capacity, Carvana’s newest car vending machine offers buyers what the company says is a “a one-of-a-kind experience.” Carvana customers who choose touchless pickup at a car vending machine can enjoy the unique experience Carvana has become known for… Read More »Carvana opens newest car vending machine in Kentucky

NARS rescheduled again; now moved to April

Wednesday, Aug. 12, 2020, 11:55 AM IRVING, Texas –  The American Recovery Association (ARA) has rescheduled the North American Repossessors Summit (NARS) for the second time because of the ongoing COVID-19 pandemic. According to a message distributed this week, the NARS committee shifted its event that had been on tap for Oct. 1-2 to April 15-16 at the newly renovated Omni Mandalay in Irving, Texas. NARS 2020 originally was scheduled for May 7-8 of this year, but the committee made the change back in March to try to host an in-person gathering in… Read More »NARS rescheduled again; now moved to April

PossibleNOW marks 20th anniversary with donation to Feeding America

DULUTH, Ga. –  Part of PossibleNOW’s 20-year anniversary celebration includes a donation to a well-known charity aimed helping people with little or nothing to eat. The provider of customer insights, enterprise consent and preference management solutions, and direct marketing compliance, announced it agreed to a $20,000 donation to Feeding America.  PossibleNOW said its donation will aid in Feeding America’s hunger relief program that spans across the country. Feeding America is one the nation’s largest domestic hunger-relief organization. Thanks to donations and support from businesses, government organizations and individuals alike, the Feeding… Read More »PossibleNOW marks 20th anniversary with donation to Feeding America

APCO Holdings taps board member for senior executive role

Wednesday, Aug. 12, 2020, 11:42 AM NORCROSS, Ga. –  An independent member of APCO Holding’s board of directors now is taking on an executive role for the provider and administrator of F&I products and home to the EasyCare and GWC Warranty brands. According to a news release, APCO Holdings announced that Scot Eisenfelder has been named senior vice president of strategy and planning. With extensive experience in the automotive industry, the company said Eisenfelder will guide APCO Holdings in developing corporate plans for business development and aligning company strategy and priorities… Read More »APCO Holdings taps board member for senior executive role

COMMENTARY: Dealers flock back to CPO strategy to generate more sales, build brand loyalty

In the initial quarantine period of the COVID-19 pandemic in March and April, the rush to move vehicles off lots caused dealers to shy away from certified pre-owned (CPO) strategies. As a result, CPO sales dropped by 39.5% in the first quarter of 2020. Sales did climb back to finish the first half of the year down only 11.6%. The reason was straightforward. There was little appetite for investing in rigorous certification processes in the fog of fighting a pandemic. And with shoppers unable to purchase vehicles at physical locations… Read More »COMMENTARY: Dealers flock back to CPO strategy to generate more sales, build brand loyalty

Black Widow hires former ADESA chief technology officer

O’FALLON, Mo. –  Black Widow reinforced its leadership on Tuesday with a technology expert who arrives from ADESA. The automated imaging company with a drive-through camera system that can capture images and 360-degree virtual tours within seconds named Chris Dillow as chief technology officer. Black Widow said Dillow, who brings more than 30 years of enterprise information technology experience to his new role, will ensure its information systems continue to scale with the company’s rapid growth in the automotive remarketing space.   Through high-end image technology, Black Widow emphasized that it’s focused… Read More »Black Widow hires former ADESA chief technology officer

Bankruptcies remain down year-over-year, but concern remains

ALEXANDRIA, Va. –  While overall bankruptcies remain lower year-over-year, a rise in a portion of commercial filings during July has the leader of the American Bankruptcy Institute (ABI) concerned about what might be happening later this year. According to data provided by Epiq, ABI said total commercial Chapter 11 filings in July 2020 increased 52% from the previous year. Officials determined commercial Chapter 11 filings totaled 643 in July, climbing from the July 2019 total of 423. Conversely, ABI found that total commercial filings decreased 17% in July 2020, as the… Read More »Bankruptcies remain down year-over-year, but concern remains

20 US subprime auto ABS transactions stay on CreditWatch negative

NEW YORK –  The investment community is maintaining close observations on subprime auto financing. S&P Global Ratings on Monday said that its ratings on 27 classes from 20 U.S. subprime auto ABS transactions will remain on CreditWatch, where they were placed with negative implications on May 12. The finance companies connected with these transactions include: — American Credit Acceptance— Consumer Portfolio Services— DriveTime Automotive— Exeter Finance— First Investors Financial Services— Flagship Credit Acceptance— Global Lending Services— Prestige Financial Services— Sierra Auto Finance— Westlake Financial Services “We are continuing to assess the… Read More »20 US subprime auto ABS transactions stay on CreditWatch negative