Carvana celebrates $600M from investors, schedules online shareholder meeting

PHOENIX –  Along with announcing its annual meeting of stockholders will be held in a virtual format only, Carvana this week welcomed the influx of funding it gathered from investors. Through its previously announced initiative, Carvana said it has raised $600 million from investors in support of continued innovation and growth of what the company deems to be the “safer way to buy a car.” As consumers increasingly demand an online retail environment so they can get important resources like groceries or medication, Carvana also insisted potential vehicle buyers are reshaping… Read More »Carvana celebrates $600M from investors, schedules online shareholder meeting

Autonomous shuttles assist in transporting COVID-19 tests

JACKSONVILLE, Fla. –  With healthcare resources and personnel stretched thin, Mayo Clinic in Florida is using autonomous vehicles to transport medical supplies and COVID-19 tests. The Jacksonville Transportation Authority has partnered with autonomous shuttle fleet service provider Beep and autonomous driving systems company NAVYA to use autonomous vehicles to safely transport COVID-19 tests collected at a drive-through testing location at Mayo Clinic in Florida. JTA chief executive officer Nathaniel P. Ford Sr. called the deployment “a historic moment for the Jacksonville Transportation Authority.” “Along with our partners Beep, NAVYA and Mayo… Read More »Autonomous shuttles assist in transporting COVID-19 tests

PODCAST: NAF Association president shares current crisis observations

Friday, Apr. 03, 2020, 09:12 AM CARY, N.C. –  National Automotive Finance Association president Joel Kennedy joined senior editor Nick Zulovich for another episode of the podcast this week to share an update on how finance companies are navigating through the coronavirus pandemic. Kennedy, who also is the chief operating officer of Emerging 8 honoree TruDecision, reinforced the positive outlook he and the NAF Association have for the long-term prospects of the auto-finance industry once the crisis subsides. To listen to this episode, click on the link available below, or visit… Read More »PODCAST: NAF Association president shares current crisis observations

PODCAST: Steve Kapusta of SmartAuction

Thursday, Apr. 02, 2020, 04:11 PM CARY, N.C. –  Steve Kapusta of Ally’s SmartAuction joins the Auto Remarketing Podcast to talk about the platform’s 20th anniversary, its early days and the evolution of the platform and online wholesale at-large. We delve into what perhaps changed the momentum for online wholesale and the importance of customer service and building trust. Plus, Kapusta shares the market need that SmartAuction identified to launch the platform in the first place. Additionally, he offers a glimpse into the future of SmartAuction and online wholesale. To listen to… Read More »PODCAST: Steve Kapusta of SmartAuction

During downturn, retaining lease customers a top issue for dealers, lenders

TROY, Mich. –  As dealers and lenders navigate a constricting market and economic downturn, retaining lease customers is extremely important for those dealers’ and lenders’ profitability, says J.D. Power director of automotive finance intelligence Patrick Roosenberg. “Communication through customer-preferred channels is paramount as dealerships temporarily close and lease customers navigate an unprecedented event, uncertain of their available options to defer payments, extend or terminate their leases,” Roosenberg said in a news release. Retaining lease customers as the market heads into a downturn is a main theme of the J.D. Power 2020… Read More »During downturn, retaining lease customers a top issue for dealers, lenders

Xtime offers multiple service features at no additional charge

REDWOOD CITY, Calif. –  Technology company Xtime says COVID-19 social distancing measures have created a challenge for day-to-day service department operations and revenue. The company says a dealership’s fixed operations during these times are essential. Xtime, wanting to “help its dealership partners seize the moment,” is offering enhanced resources and multiple features at no additional charge. The company says that can help dealers provide consumers with a strong service experience during this time of changing landscape and can prepare them for a more digital and profitable future after the COVID-19 pandemic. Xtime… Read More »Xtime offers multiple service features at no additional charge

Kerrigan Index drops to lowest reading in 8 years

IRVINE, Calif. –  While remaining upbeat about the industry’s long-term prospects, Kerrigan Advisors acknowledged the ongoing tailspin experienced by franchised dealerships when the firm released its latest Kerrigan Index, which is comprised of the seven publicly-traded auto retailers. Through March 31, the Kerrigan Index generated a devastating 37.7% decline for the month, more than triple that experienced by the S&P 500. Year-to-date, the firm said the Kerrigan Index is down 42.6%, and the index is currently 47.9% below its 52-week high, which was achieved in mid-December, just three months ago. The… Read More »Kerrigan Index drops to lowest reading in 8 years

CFPB addresses credit reporting in latest policy statement

WASHINGTON, D.C. –  The Consumer Financial Protection Bureau addressed a crucial element of financial services thrown into a tailspin because of the COVID-19 pandemic. On Wednesday, the CFPB released a policy statement outlining the responsibility of credit reporting companies and furnishers during the crisis. In response to the pandemic, the bureau acknowledged many lenders and finance companies are being flexible when it comes to consumers’ making payments. The bureau said its statement underscores that consumers benefit if lenders and finance companies report accurate information about these arrangements to credit bureaus, so… Read More »CFPB addresses credit reporting in latest policy statement

As average auto APRs adjust, jobless claims spike past 10 million

CARY, N.C. –  As the auto-finance industry adjusted annual percentage rates (APR) on both used- and new-vehicle paper originated in March, the possibility your portfolio contains contract holders who no longer have their job jumped significantly, based on the newest data released by the U.S Department of Labor on Thursday morning. Labor Department officials said that during the week ending March 28, the advance figure for seasonally adjusted initial claims was 6,648,000, an increase of 3,341,000 from the previous week’s revised level. The figure represents the highest level of seasonally adjusted… Read More »As average auto APRs adjust, jobless claims spike past 10 million

Online retail an opportunity for car dealers to continue engagement

CARY, N.C.  –  Sure, consumers are not going to dealership showrooms right now. But it doesn’t mean they’ve stopped shopping or looking at vehicle inventory. Far from it. According to data from Cars.com, “tens of millions” of shoppers are still involved in the car-buying process — they’re just doing it online and looking for other avenues to transact or work with dealers besides in-store visits, as cleanliness concerns and stay-at-home mandates mount. Likewise, Black Book is hearing “good reports” from its dealer contacts on transitioning to a digital retail operation,… Read More »Online retail an opportunity for car dealers to continue engagement