CARY, N.C. –  Through Sunday, month-to-date used-vehicle retail sales for franchised dealers are off 15% from pre-virus forecasts, according to J.D. Power. But there’s actually some good news to unpack from that, including one particular retailer that anticipates being back to original expectations for used sales by July. Here is that silver lining from J.D. Power: Not only is that aforementioned used decline much less severe than the drop in new-car sales, which are down 27%, the slowdown in used retail has eased. “This is a stark improvement from April and evidence that… Read More »Momentum continues in used retail & wholesale sales recovery

PARKLAND, Fla. –  Many business practices and processes that were common for automotive reconditioning businesses just weeks ago are no longer advised, and they may not even be possible. For those businesses such as PDR, wheel repair, paint, glass, interiors, detailing  or SMART repairs, the current global health crisis is unsettling, says auto reconditioning software company AutoMobile Technologies, or AMT. To ease that unsettling feeling, ReconPro by AMT allows technicians to deliver complete estimates for approval via email. That means the customer can use an email quick-link to respond with an… Read More »Software helps recon techs serve customers at a distance

Wednesday, May. 20, 2020, 12:33 PM CARY, N.C. –  In this episode of the Auto Remarketing Podcast, Cherokee Media Group president Bill Zadeits chats with John Possumato, founder and chief executive officer of DriveItAway. Possumato talks about “an accelerated evolution of innovation” spurred by the business impact of COVID-19, his take on Carvana and Vroom, and more. Plus, he explores the advantages dealers may have over startups and disruptors. To listen to this episode, click on the link available below, or visit the Auto Remarketing Podcast page.  Download and subscribe to the Auto Remarketing Podcast… Read More »PODCAST: DriveItAway CEO on ‘accelerated evolution of innovation’

Wednesday, May. 20, 2020, 12:08 PM ST. LOUIS –  Through a new partnership between tech-enabled automotive logistics and services company ACERTUS and auto inventory management platform company AutoIMS, ACERTUS will be able to connect to AutoIMS as a logistics provider. According to the companies, that will connect automotive auction and consignment shippers to capacity of pre-approved, vetted carriers representing 20,000 trucks. ACERTUS co-founder and chief executive officer William Billiter said his company was excited to work with like-minded partners sharing the vision of simplifying automotive logistics through “powerful technology solutions.” “Through… Read More »ACERTUS, AutoIMS partner to ‘help remarketers move inventory faster’

SAN DIEGO –  Editor’s note: This commentary is the second in a series compiled by Joel Kennedy, who is the current president of the National Automotive Finance Association and board adviser at TruDecision, looking at the intricacies of repossessions and recovery. The first segment is available here. I founded an auto-finance business during the peak of the Great Recession in early 2009. I knew credit, risk, analytics, finance, compliance — you name it. But when it came to loan servicing and managing delinquent borrowers, skips, recoveries, asset disposal — it was a… Read More »ANALYSIS: Examining Top 8 collateral-recovery challenges

JACKSONVILLE, Fla. –  LAUNCHER.SOLUTIONS (Launcher) entered the credit-union world on Tuesday to offers a solution the company believes can work exceptionally well in both the prime and the subprime market with regard to risk assessment and complex workflows. The technology provider specializing in loan originations announced that it now can serve credit unions market with its configurable loan origination system appTRAKER. Launcher’s full suite of software solutions will now be available to credit unions as well as other lenders and financial institutions. “We have found that in addition to a loan… Read More »Launcher rolls out origination solutions tailored for credit unions

JACKSONVILLE, Fla., and TROY, Mich. –  The COVID-19 pandemic and government measures to slow its spread are altering the way Americans bank, pay and shop on an unprecedented scale and with rapid speed, according to a survey recently released by financial services technology provider FIS. J.D. Power pointed out that banks have been confronting a difficult paradox for the last several years. According to the J.D. Power 2020 U.S. Retail Banking Satisfaction Study, the most satisfied retail banking customers use both branch and digital services to conduct their personal banking, while… Read More »COVID-19 intensifying customer-satisfaction challenges for banks

PONTE VEDRA BEACH, Fla. –  Personnel within one of the most important dealership departments still need help as the coronavirus pandemic continues. Organizers of the F&I Providers Relief Fund for F&I managers have raised more than $500,000 in only about a month — half of its $1 million fundraising goal — but the board is still looking for donors to meet the overwhelming need for financial assistance grants to F&I managers. Only about three weeks after announcing a seven-member board of directors and $1 million fundraising goal, the F&I Providers Relief… Read More »F&I Providers Relief Fund strives toward $1M goal as need grows

DALLAS –  On Tuesday, Santander Consumer USA Holdings finalized a voluntary settlement topping $550 million with 33 states and the District of Columbia that alleged that contracts that the finance company funded through certain dealers dating back to 2010 violated consumer protection laws because of the high risk that certain individuals would default. Officials said SCUSA has also agreed to injunctive terms that they believe make important changes to its underwriting practices. The complaint alleged that Santander violated law by approving contracts that it expected would default at rates of greater… Read More »SCUSA reaches $550M settlement with 33 states over subprime paper

CHICAGO –  In the current COVID-19 crisis environment, Cars.com is seeing more people considering buying a vehicle, as many view their car purchase as a much-needed escape and safe mode of transportation, said Cars.com editor-in-chief Jenni Newman. “The good news is, consumers no longer have to leave their home to purchase a vehicle, as we’ve seen thousands of dealerships nationwide adopt digital buying practices such as virtual test drives and appointments and home delivery options,” Newman said in a news release. Virus concerns and steep discounts on cars are motivating 33%… Read More »Memorial Day weekend: Steep discounts motivating car shoppers