“Millennials” and “electric vehicles.” Auto industry buzzwords used for years at conferences to convey youth, emerging trends in car-buying, newcomers or rising stars. Fact of the matter is, EVs are a “maturing” market, no longer considered “niche.” And millennials, well, many of us are in our 40s, have mortgages, children and/or pets and have been […] [Read More]

Tekion, developer of a cloud-native platform that serves the entire automotive retail ecosystem, has secured $200 million in growth equity capital from Dragoneer Investment Group. In a news release, the company said the financing round raises its market valuation to more than $4 billion and said it plans to use the capital to expand its […] [Read More]

The Presidio Group, an independent banking firm focused on mergers and acquisitions, capital and investments in the automotive retail sector, has named Bloomberg Intelligence senior automotive analyst Kevin Tynan as its new director of research. The company said he’ll be responsible for market insights, content creation and client engagement focused on the U.S. franchised dealer […] [Read More]

According to Black Book’s tracking, dealers are buying more vehicles at auction nowadays, but they’re also needing almost two additional weeks to get those cars retailed. Among two of the most interesting parts of the newest installment of Market Insights, Black Book reported the auction conversion rate increased last week to 61%, representing a 3% […] [Read More]

It’s possible the outage at CDK Global didn’t just limit the actual sales of used vehicles in June. The crisis may have affected the reporting of the pre-owned vehicle sales that did happen. In fact, Cox Automotive found that “reporting was more disrupted than actual sales,” but noted that July will likely make up for June’s disruption in the used-car market. And even with disruption, dealers increased ... [Read More]

Almost overnight, it seems artificial intelligence is revolutionizing industries worldwide, and its impact on automotive is no exception. With the help of AI, automotive finance and lease businesses are already streamlining processes, improving customer experience, and detecting fraud. For lenders, AI offers a more efficient underwriting approval process. For borrowers, AI-powered platforms make it easier […] [Read More]

The practice of markdowns has long been a cornerstone of retail strategy across various industries, and the auto sector is no exception. Historically, the manufacturer’s suggested retail price (MSRP) has been a constant part of a vehicle’s pricing, and an important element of the car-shopping process for consumers despite changing economic trends over the years. […] [Read More]

For the first time ever, an electric vehicle was the month’s best-selling vehicle at Manheim. Another first: two EVs cracked the auction’s list of five best-sellers in a month. That’s what happened in June, when the 2023 Tesla Model 3 ranked as the No. 1 seller for the auction company and the 2023 Chevrolet Bolt […] [Read More]

Next up on our series of Auto Remarketing Podcast episodes from the Canada’s Used Car Week Podcast Stage is a conversation with Megan Mahon, head of sales enablement at Premier Truck Rental. Mahon talks with Cherokee Media Group senior editor Joe Overby about her session “Find Your Fight Song,” which shows how music can help […] [Read More]

Wait, did I say if? I meant when! In this business, something will always eventually go wrong. Whether it’s because of outside forces or it’s self-inflicted, it’s only a matter of time before something disrupts how we operate. You can’t rely on things running smoothly all the time. It simply doesn’t work that way. You […] [Read More]