Vroom opens new hub location in Atlanta

Monday, Jun. 21, 2021, 04:22 PM ATLANTA –  Vroom said Monday it has launched new hub in the Atlanta area designed to prove “a more customized driveway experience” for consumers within a 25-mile radius that includes nearly 500 zip codes and 7 million people. In the past two-and-a-half months, Vroom has added hubs in Denver, Chicago, Los Angeles, Detroit, Dallas and now Atlanta. The used-car ecommerce platform has delivered in the Atlanta area since its 2012 founding, but its new hub — located in Fairburn, Ga. — aims to provide “an… Read More »Vroom opens new hub location in Atlanta

Cox Automotive study: 65% of dealerships looking to hire

ATLANTA –  While perhaps not as light as their inventory levels nowadays, dealerships appear to be short on personnel, too, especially in the departments that generate the most store revenue. Like many industries, Cox Automotive indicated, the U.S. automotive retail segment is struggling to find enough employees for dealerships to be fully staffed, much less meet their 2021 growth goals. In fact, according to the 2021 Cox Automotive Dealership Staffing Study released on Monday, 72% of franchised dealers surveyed said that finding and hiring the right employees is currently a challenge.… Read More »Cox Automotive study: 65% of dealerships looking to hire

IAA purchases Auto Exchange

Monday, Jun. 21, 2021, 10:18 AM CARY, N.C. –  Continuing a busy season of automotive M&A — a run that includes the wholesale segment — IAA announced Monday it has acquired Marisat, Inc., which does business as Auto Exchange. IAA will now operate Auto Exchange’s business, which is based out of New Jersey and provides personal service and security for the salvage recovery industry. “Bringing Auto Exchange under the IAA umbrella will allow us to provide premier service to our selling and buying customers in the New Jersey area,” IAA chief… Read More »IAA purchases Auto Exchange

Kerrigan Advisors recaps ‘historic’ Q1 dealership M&A activity

INCLINE VILLAGE, Nev. –  The “once-in-a-lifetime environment” for dealerships changing hands doesn’t appear to be dissipating. At least it didn’t in the first quarter. Kerrigan Advisors highlighted the dealership buy/sell market once again set records to begin 2021, a result of a unique confluence of market factors that resulted in 66 completed transactions, up 20% quarter-over-quarter. The firm indicated the performance capped 12 months of consolidation activity that resulted in an “unprecedented” 300 completed transactions.  In Q1, Kerrigan Advisors pointed out that most dealerships — regardless of location, franchise and facility… Read More »Kerrigan Advisors recaps ‘historic’ Q1 dealership M&A activity

Wholesale used-car prices maintain record pace, but increases slow

CARY, N.C. –  While Cox Automotive’s measure of wholesale vehicle values is still at an all-time high, the rate of week-over-week increases has slowed in the first half of June. And values may have reached an apex. That’s according to the mid-month reading of the Manheim Used Vehicle Value Index, which came in at 203.6. That is up 36.4% from June 2020 and compares to May’s full month-reading of 203.0. The latter was the fourth straight record month for the index, which hit the 200 mark for the first time ever.… Read More »Wholesale used-car prices maintain record pace, but increases slow

RumbleOn taps Rath as interim CFO, adds Levy to board

DALLAS –  RumbleOn made a trio of executive-level moves on Thursday; one triggered by unforeseen circumstances. According to news releases from the e-commerce company that leverages technology in an effort to simplify how dealers and consumers buy, sell, trade or finance pre-owned vehicles, RumbleOn announced that Beverly Rath will act as interim chief financial officer, effective immediately. The change follows the unexpected death of RumbleOn co-founder and CFO Steven Berrard on June 7. The company said Rath will report to RumbleOn chairman and chief executive officer Marshall Chesrown. The company also… Read More »RumbleOn taps Rath as interim CFO, adds Levy to board

More executive changes at Credit Acceptance

Friday, Jun. 18, 2021, 11:37 AM SOUTHFIELD, Mich. –  The high-level executive changes at Credit Acceptance continued this week. About three months after chief executive officer Brett Roberts announced his retirement, the subprime auto finance company said through a filing with the Securities and Exchange Commission that chief legal officer and corporate secretary Charles Pearce is making a similar move. Credit Acceptance said Pearce decided to retire from the company effective Dec. 31 The company also indicated Pearce submitted his resignation from his current positions effective June 30. At that time,… Read More »More executive changes at Credit Acceptance

EFG Companies reinforces field team with 3 new additions

DALLAS –  EFG Companies announced three new additions to its national field team, tapping professionals who have experience at places such as Cox Automotive, dealerships and academia. According to a news release distributed this week, Jay Gordon, former director of enterprise accounts at Cox Automotive, has joined EFG as regional vice president of dealer services. The company also said Brian Townsend and Shane Hildy joined the powersports division serving clients as account executives. “At EFG, we take pride in the caliber of our team members and expertise we provide our clients,”… Read More »EFG Companies reinforces field team with 3 new additions

LotLinx compiles new whitepaper focused on inventory stocking & pricing fluctuations.

Thursday, Jun. 17, 2021, 12:23 PM PETERBOROUGH, N.H. –  LotLinx is offering dealerships more resources to overcome what might be the most pressing challenge they’re currently facing — inventory stocking and pricing fluctuations. This week, the inventory marketing technology company released its latest whitepaper, which leverages LotLinx’s proprietary data network that has been tracking the industry’s stocking and pricing fluctuations to determine the most effective way to mitigate this potential risk. LotLinx explained its proprietary data set is pulled from a deep integration into the automotive ecosystem, tracking 100 million vehicles and indexing… Read More »LotLinx compiles new whitepaper focused on inventory stocking & pricing fluctuations.