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CARMEL, Ind. — Vehicle remarketing and technology solutions provider KAR Auction Services Inc. has named Edmund Field president of the company’s Preferred Warranties Inc. (PWI) business unit, which offers extended service contract plans for pre-owned vehicles and serves independent used-vehicle dealers, small franchise retail automotive, and powersports dealers. Field will be responsible for leading PWI’s ... Read More »
Read More →SANTA MONICA, Calif. — Zero percent finance deals were slower to materialize for car shoppers in July, according to the latest report from Edmunds. Zero percent finance deals accounted for 6.92% of sales in July 2018, compared to 11.34% in July 2017 and 11.18% in July 2013. Analysts note that this is the lowest share ... Read More »
Read More →CARMEL, Ind. — Digital auction platform provider TradeRev partnered with CarsArrive Network to save dealers money while fostering an expanded, coast-to-coast auction marketplace, the companies announced. TradeRev is offering free vehicle transportation for dealers purchasing vehicles in qualifying states. TradeRev and CarsArrive Network are business units of KAR Auction Services Inc. “TradeRev is committed to making the ... Read More »
Read More →WASHINGTON, D.C. — Three weeks after announcing the completion of a seven-state sweep regarding compliance with its Used Car Rule, the Federal Trade Commission announced on Wednesday it has charged a group of four dealerships with a range of illegal activities, including falsifying consumers’ income and down payment information on credit applications and misrepresenting financial ... Read More »
Read More →IRVINE, Calif. — Thanks to market demand quickly backing away from cars, average transaction prices in July rose 2.9% from a year ago, or $985, to $35,359, Kelley Blue Book reported this week. Cars are expected to make up only 31% of July sales, down from 36% in the year-ago period. This decline is pushing ... Read More »
Read More →PALO ALTO, Calif. — Retail automotive software development leader Bridget Townsend has joined Rapid Recon as vice president of development, the company announced. “Bridget is a well-established innovator with a remarkable record of leveraging software to bring operational and profitability solutions to auto retailers. Before choosing to join Rapid Recon, she was actively pursued by some of ... Read More »
Read More →ORLANDO, Fla. — Organizers of the annual P&A Leadership Summit announced that registration for the 2018 event, scheduled for Oct. 8–10 at the Caribe Royale Orlando in Orlando, Fla., is now open at the event’s website. First held in 2013 as the successor to the former VSCAC conference, P&A Leadership Summit remains the industry’s only event designed ... Read More »
Read More →ORLANDO, Fla. — Organizers of the annual P&A Leadership Summit released the advisory board roster for the 2018 event, which will be held Oct. 8–10 at the Caribe Royale Orlando in Orlando, Fla. Led by longtime advisory board chair David Trinder, CEO of F&I Administration Solutions, this year’s advisory board includes: Cindy Allen, CEO of StoneEagle Lee Bowron, ... Read More »
Read More →PORTLAND, Ore. — Automated HR and compliance program solutions provider Compli announced the introduction of CMS University, a four-course series of free masterclass-level online seminars focused on how to build a best-practice compliance management system. While the series is ideal for finance and auto finance companies, the content is applicable to additional regulated businesses, including ... Read More »
Read More →PONTE VEDRA BEACH, Fla. — National Auto Care Corp. announced it will be acquired by Lovell Minnick Partners, a private equity firm with offices in Philadelphia, Los Angeles, and New York. The acquisition is subject to receipt of standard regulatory approvals and satisfaction of customary closing conditions. NAC, established in 1984 and acquired by Trivest ... Read More »
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