Financial

Auto haulers crisscross the American kaleidoscope of highways and interstates, but the vehicle transport and logistics space took to a new route this week: Wall Street. Proficient Auto Logistics said Wednesday it priced its initial public offering at $15.00 per share, with the 14,333,333 common stock shares in the IPO expected to generate total gross […] [Read More]

Vehicle affordability is an issue that has been much talked about recently. As the pandemic and its related supply chain issues limited vehicle production as the decade began, auto manufacturers made concerted efforts to richen their mixes, building highly contented, more expensive vehicles. While this was a sensible reaction to the situation, it also left […] [Read More]

Sometimes electric vehicles can be difficult for dealers to blend into their floorplan. DriveItAway Holdings and Westlake Financial collaborated on a solution. Last week during the Auto Intel Summit + National Remarketing Conference, DriveItAway announced the offering of its retail app, software platform and lead base to all interested dealers, combined with fleet credit line […] [Read More]

This feature is part of Auto Remarketing’s upcoming “Beyond the Transaction” edition, which is the May print issue of the magazine. It is available for Cherokee Media Group Premium subscribers now.  For consumers, the greatest concern when it comes to buying a car can be summed up in one word. Affordability. While the price of cars has dropped over the past year, they remain substantially elevated compared to before the COVID pandemic. Currently, the average price of a used vehicle is in the $25,000-$28,000 range, depending on which analyst’s data you’re looking at — well above the sub-$19,000 average of early 2020. And with interest rates soaring to their highest point in ... [Read More]

This feature is part of Auto Remarketing’s upcoming “Beyond the Transaction” edition, which is the May print issue of the magazine.  It is available for Cherokee Media Group Premium subscribers now.  There are still times, Justin Osburn said, when he can see the wheels spinning in a car dealer’s head as he explains to them how reinsurance works. “When you understand it, it’s a no-brainer,” said the founder and CEO of Automotive Reinsurance Concepts, “but it can be complicated to explain to somebody how it works, which can create fear. Because anytime you start using words like ‘offshore company tax advantages’ and ‘IRS,’ you can get this thing running through a dealer’s head like, ‘Well, what does that mean? And who are you?’” Fortunately, those sorts of conversations are ... [Read More]

Data collaboration platform InfoSum and Experian are teaming up to help automotive brands use their own data to better connect and engage with the right buyer at the right moment. The companies have launched a solution designed to securely access insights about in-market or current vehicle owners, extend match rates and improve targeting, which they […] [Read More]

Ally Financial has its next chief executive officer who said he admires the company’s “leading position in automotive finance.” Late on Wednesday, Ally announced Michael Rhodes will be its new CEO, starting at the company on April 29. Rhodes will also be appointed as a member of Ally’s board of directors at that time. Ally […] [Read More]