Carvana enters 2 new markets in Arkansas

Wednesday, Sep. 15, 2021, 06:01 PM FAYETTEVILLE Ark. & FORT SMITH, Ark. –  The rapidly growing online retailer Carvana entered two new Arkansas markets this week, expanding into Fayetteville and Fort Smith. Those represent its fourth and fifth markets in the state, respectively. “Growing our footprint in Arkansas helps us bring ‘The New Way to Buy a Car’ to even more customers looking for an easy, transparent car buying experience,” said Carvana founder and chief executive officer Ernie Garcia said in a news release announcing the Fayetteville launch. “We look forward to offering… Read More »Carvana enters 2 new markets in Arkansas

CarDoor receives $3M seed financing via Framework Venture Partners

Wednesday, Sep. 15, 2021, 05:30 PM TORONTO –  Toronto-based online car retailing platform CarDoor has received  $3 million in seed financing. The new injection of funding comes from Framework Venture Partners.  CarDoor said the latest financing will help the company expand its online platform and service to “reach across Canada in upcoming months.”  Here’s a little more about CarDoor, launched earlier this year in July. The company offers a complete online buying deliver concierge service to consumers. The end-to-end online ecommerce solution includes trade-ins, financing and insurance. At-home test drives and… Read More »CarDoor receives $3M seed financing via Framework Venture Partners

5 more states added to CarGurus Instant Max Cash Offer platform

Wednesday, Sep. 15, 2021, 04:07 PM CAMBRIDGE, Mass. –  CarGurus said Wednesday it has brought its CarGurus Instant Max Cash Offer program — which allows dealers to acquire used cars online from consumers — to five more states. CarGurus Instant Max Cash Offer launched in late July and was initially available in Florida, Massachusetts and Texas. The company has now added Georgia, Michigan, Pennsylvania, Connecticut and Rhode Island to that list. “CarGurus Instant Max Cash Offer has struck at the core of the two most prevalent trends impacting automotive today,” CarGurus president… Read More »5 more states added to CarGurus Instant Max Cash Offer platform

Manheim reveals Client Shared Service Center for faster post-sale ops

ATLANTA –  Manheim announced this week it has delivered process improvement solutions for its commercial clients in the form of a new Client Shared Services Center. Manheim said the center will serve to meet clients’ needs for easier, faster post-sale operations — especially for commerical clients who sell vehicles across multiple Manheim locations.  This improvement solutions aims to deliver consolidated reporting, centralized accounts receivable services and faster sales reconciliation with greater consistency. Manheim explained the new center provides commerical clients with:  Dedicated support Simplified and consistent touchpoints  Performance results delivered within hours Additionally, the… Read More »Manheim reveals Client Shared Service Center for faster post-sale ops

AutoNation adds first of 2 pre-owned vehicle stores in Denver

Wednesday, Sep. 15, 2021, 02:53 PM FORT LAUDERDALE, Fla. –  AutoNation said Wednesday it has opened the second of the five standalone used-car stores it plans to launch this year. AutoNation USA Denver 104 is the first of two pre-owned stores the retailer intends on opening in the area during 2021. By the end of 2026, the dealer group expects it will be operating more than 130 AutoNation USA stores. In May, the retailer said it opened AutoNation USA San Antonio, its fourth pre-owned store in Texas. In addition to the… Read More »AutoNation adds first of 2 pre-owned vehicle stores in Denver

KeyBank sells $3.2B auto portfolio

Wednesday, Sep. 15, 2021, 12:02 PM CLEVELAND –  In an effort to satisfy shareholders, KeyCorp is getting out of auto financing. Last week, KeyCorp announced that KeyBank has sold its indirect retail auto portfolio, and that KeyCorp has entered into an accelerated share repurchase (ASR) program. According to a news release, the company said KeyBank sold its $3.2 billion indirect retail auto portfolio to an entity managed by a wholly-owned subsidiary of Waterfall Asset Management. Concurrently with the sale, KeyBank said purchased $2.8 billion of senior notes from a securitization collateralized… Read More »KeyBank sells $3.2B auto portfolio

PODCAST: Lena Bourgeois of Equifax on auto-finance trends that demand more attention

CARY, N.C. –  In this episode of the Auto Remarketing Podcast, Lena Bourgeois discussed auto-finance metrics that are not getting as much attention nowadays but perhaps should. The senior vice president and general manager of automotive services at Equifax also shared anecdotes from recent client meetings about what’s top of mind at dealerships and finance companies. To listen to the episode, 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

Spiffy acquires Tennessee-based Pit Crew

RESEARCH TRIANGLE PARK, N.C. –  Spiffy said Wednesday it has purchased Pit Crew, an acquisition that not only expands the on-demand car care, technology and services company into Tennessee, but is likely to bring new preventative maintenance services into the Spiffy fold. Pit Crew, which operates in the Tennessee cites of Nashville, Memphis and Knoxville, has primarily focused on oil and tire change services since its launch in August 2018. However, Pit Crew has dipped it toes into new services like providing replacement batteries, wiper blades, headlights and tail lights. “Spiffy… Read More »Spiffy acquires Tennessee-based Pit Crew

Getaround offers new bonus program that rewards sharing additional vehicles

Tuesday, Sep. 14, 2021, 06:23 PM SAN FRANCISCO –  Carsharing marketplace Getaround has launched a new program to incentivize its audience to drive market expansion. The New Frontiers Bonus Program rewards car owners for sharing additional vehicles in eligible markets — up to $750 per vehicle. According to Getaround, the North American carsharing market is projected to exceed $4.8 billion by the close of 2024. The new program is designed to “amplify” Getaround’s Power Host city launch proposal initiative. This program targets car owners with two or more cars — Power Hosts — to… Read More »Getaround offers new bonus program that rewards sharing additional vehicles

VINData reports now available through Innova & MotoMate123

Tuesday, Sep. 14, 2021, 06:17 PM KEY BISCAYNE, Fla. –  VINData has announced integrations with motorcycle and auto companies: Innova and MotoMate123, respectively. VINData vehicle history and title reports are now available through the two auto and motorcycles and powersports leaders.  Begining in June of this year, Innova Electronics Corp., a supplier of test equipment and diagnostic reporting for automotive aftermarket professionals, DIYers and consumers, began offering VINData reports via its RepairSolutions2 app. “Anyone with a pre-owned vehicle should be interested to see the history,” said Bob Madison, director of technical services… Read More »VINData reports now available through Innova & MotoMate123