Shift, CarLotz agree to merge

Shift and CarLotz have agreed to merge. The companies said in a release late Tuesday afternoon they have entered a definitive agreement to combine in a stock-for-stock merger, with the combined company set to trade under the SFT ticker on Nasdaq. Shift is an end-to-end used-car ecommerce platform, and CarLotz is a consignment-to-retail used-car marketplace that is largely brick-and-mortar. In the release, the companies said the merger creates “the destination for the best online and in-person used car purchasing experience, allowing the customer to seamlessly shop the broadest assortment of… Read More »Shift, CarLotz agree to merge

Autonomy places $1.2B order for 23,000 EVs

Electric vehicle subscription company Autonomy has placed a $1.2 billion fleet order for 23,000 EVs from 17 automakers across the world to broaden its subscription fleet. When Autonomy launched its EV subscription platform less than a year ago, it began by offering the Tesla Model 3, later adding the Model Y, with additional models from the automaker set to be included.   Then late last month, it announced a partnership with AutoNation to help scale the EV subscription platform, both in terms of geography and product offerings. Tuesday’s move, the moving… Read More »Autonomy places $1.2B order for 23,000 EVs

Lane watch: New data proving Black Book’s August prediction

Tuesday, Aug. 09, 2022, 03:40 PM Black Book chief data science officer Alex Yurchenko previously predicted, “We expect the wholesale prices to accelerate their declines in August as consumers are staying away from large purchases.” Black Book’s newest weekly data reinforced Yurchenko’s expectations, since wholesale values dropped another … Source Article

Church Mutual shares loss data as catalytic convertor theft continues

As a bipartisan proposal sits on Capitol Hill to combat rising catalytic convertor theft in the U.S., Church Mutual Insurance Co. offered more data and dollar figures on Tuesday to illustrate how much of a problem it is. The insurer of non-profits, schools and houses of worship said it has covered nearly $3 million in catalytic converter thefts during the past three-and-a-half years. The number of claims increased from 52 in 2018 to 1,095 in 2021, a 2,000% increase. “In addition to private passenger vehicles, thieves are also targeting cars,… Read More »Church Mutual shares loss data as catalytic convertor theft continues

PureCars buys AutoSigma to expedite car ad deployment

Tuesday, Aug. 09, 2022, 02:35 PM PureCars said Tuesday it has purchased AutoSigma, a digital marketing technology and services provider for car dealers. The addition of AutoSigma’s digital asset platform to PureCars can allow dealers get vehicle advertising out to multiple channels in a more timely manner, helping to alleviate sluggish “speed to market.” Terms of the deal were not disclosed. “AutoSigma solves the biggest pain points for dealers in getting vehicle offers to market,” PureCars chief executive officer Stephane Ferri said in a news release. “Speed to market has… Read More »PureCars buys AutoSigma to expedite car ad deployment

Semersky Enterprises buys Audi store in St. Louis

Tuesday, Aug. 09, 2022, 01:54 PM Semersky Enterprises has acquired Audi Kirkwood from LeadCar, according to a news release Tuesday from Haig Partners, which advised Semersky on the deal. Semersky has three Audi stores in the greater Chicago and St. Louis areas. “We are excited to add Audi Kirkwood to the Semersky family of Audi dealerships and bring our passion for Audi to another great city in the Midwest where we’ve been the leading Audi dealer for over 45 years,” Ernie Semersky, the dealer group’s chief executive officer said in… Read More »Semersky Enterprises buys Audi store in St. Louis

Ga. woman sentenced to more than 18 years in federal prison for complex fraud scheme

Federal authorities secured at least one conviction of an individual orchestrating a complex fraud scheme that could have impacted your dealership or finance company. According to a news release from the U.S. Attorney’s Office for district of South Carolina, Quinae Shamyra Stephens, of Douglasville, Ga., was sentenced last week to more than 18 years in federal prison after she was convicted by a jury for multiple charges relating to a multi-state identity theft and fraud ring she was running with her son. Officials explained Stephens was sentenced after being convicted… Read More »Ga. woman sentenced to more than 18 years in federal prison for complex fraud scheme

Wholesale vehicle prices appear to be de-escalating

Monday, Aug. 08, 2022, 04:12 PM While still up a double-digit percentage from a year ago, wholesale prices in July softened ever so slightly from June, marking the second straight month-over-month decrease. And there could be some moderation — even a reversal — in the year-over-year price differences as the second half of the year continues, according to Cox Automotive. The Manheim Used Vehicle Value Index for the month came in at … Source Article

Penske, Asbury report record earnings, navigate challenges

Monday, Aug. 08, 2022, 03:32 PM Penske Automotive Group chair and chief executive officer Roger Penske summed up his company’s second quarter 2022 earnings report by noting good news along with challenges. “Despite the supply constraints that continue to impact new vehicle inventory and availability, demand remains strong, and our pipeline of vehicles remains forward sold,” Penske said during the company’s second quarter 2022 earnings call that took place on July 27. The company reported all-time record quarterly earnings. Asbury Automotive president and chief executive officer David Hult shared similar… Read More »Penske, Asbury report record earnings, navigate challenges

Automotive Ventures adds strategic investor to DealerFund

Monday, Aug. 08, 2022, 02:59 PM Automotive Ventures announced Monday that it has added Wholesale Auto Supply Co., Inc. as a strategic investor. WASCO, based in Hackensack, N.J., is a purchasing cooperative owned by dealers in the Tri-State area (New York, New Jersey, Connecticut) and provides a resource for dealers to buy business supplies, including chemical/janitorial/office supplies, heavy equipment, OEM-compliant furniture and more. WASCO joining as a strategic investor helps expand Automotive Ventures’ DealerFund, which is designed to help dealerships “navigate through the next decade of unprecedented change, invest into and… Read More »Automotive Ventures adds strategic investor to DealerFund