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Saturday, 03 February 2018 14:48

Consumer Confidence Rebounds

The Conference Board Consumer Confidence Index increased in January, following a decline in December. 
The Index now stands at 125.4, up from 123.1 in December. 
Consumers’ outlook for the job market was also less negative. The proportion expecting more jobs in the months ahead was virtually unchanged at 19 percent, while those anticipating fewer jobs declined to 11.8 percent from 15.9 percent. 
Regarding their short-term income prospects, the percentage of consumers expecting an improvement decreased to 20.4 percent from 22.7 percent, while the proportion expecting a decrease also declined, to 7.7 percent from 9 percent.
Published in Finance
Friday, 02 February 2018 01:56

CarLotz Moves into Florida

CarLotz, a Richmond, Va.-based used-vehicle consignment business, announced the opening of its first store in Florida.The new store is located at 801 E. Bears Ave. in Tampa. It is the company’s sixth retail location and first in Florida.Since launching in 2011, CarLotz has opened five locations throughout Virginia and North Carolina.
Published in buy here
Wednesday, 31 January 2018 21:57

Santander Originates More Chrysler Leases

Santander Consumer USA Holdings Inc. reported total auto originations of $4.3 billion, down 5 percent from the fourth quarter of 2016.Core retail auto originations were $1.5 billion, down 27 percent. Chrysler Capital loan originations were $1.5 billion, flat with the fourth quarter 2016 results. Chrysler Capital lease originations were $1.3 billion, up 31 percent. Santander offered and sold $2.2 billion in auto-backed securities in the fourth quarter.Santander was a leading auto ABS issuer in 2017, with $7.9 billion in ABS offered and sold. This included SC's inaugural lease securitization, Santander Retail Auto Lease Trust, and SC's first public Drive securitization.
Published in Finance
Wednesday, 31 January 2018 21:57

Car-Mart Grows in Kentucky

America’s Car-Mart Inc. announced the opening of a new dealership in Bowling Green, Ky.  The dealership is the chain’s second dealership in Bowling Green and the 12th dealership in Kentucky.This is the third new dealership opening for fiscal year 2018. The dealership will be managed by Jesse Robb.
Published in buy here
Wednesday, 31 January 2018 21:57

Carvana Expands in North Carolina

Carvana has doubled its market presence in North Carolina.The online retailer has entered the Piedmont Triad market. By visiting Carvana.com, Greensboro, Winston-Salem and area residents in High Point can now shop more than 10,000 vehicles, finance, purchase and trade in their current vehicle.Area customers who want to experience one of Carvana’s fully automated, coin-operated Car Vending Machines can travel to Raleigh, N.C., to pick up their vehicle.
Published in buy here
Wednesday, 31 January 2018 00:21

Group One Expands in Texas

Group 1 Automotive, Inc. announced the expansion of its business presence in the El Paso, Texas, market with the acquisition of two new dealerships. The dealerships are Audi El Paso and Subaru El Paso, and are expected to generate approximately $65 million in annualized revenues.“We are pleased to expand our dealership footprint in the fast-growing El Paso market and increase our existing partnership with Audi and Subaru,” said Earl J. Hesterberg, Group 1’s president and chief executive officer. The acquisition expands Group 1’s total representation in El Paso to seven automotive franchises (Audi, BMW, Buick, Ford, GMC, MINI and Subaru) and one collision center.
Published in buy here
CoreLane Technologies announced that Automotive Credit Corp. will make the CreditLane platform available to its automotive dealers.The CreditLane platform integrates into the auto dealer’s DMS and the lender’s loan origination systems. Dealers receive real-time notifications as the loan status changes The CreditLane Lender Directory provides dealers with access to marketing information from lenders enabling them to easily identify, connect and submit applications to CreditLane lenders.
Published in buy here
Friday, 19 January 2018 15:17

CPS Closes Securitization

Consumer Portfolio Services Inc. closed its first term securitization of 2018.  The transaction is CPS's 27th senior subordinate securitization since the beginning of 2011 and the 10th consecutive securitization to receive a triple "A" rating on the senior class of notes from at least two rating agencies.  In the transaction, qualified institutional buyers purchased $190 million of asset-backed notes secured by $193.6 million in automobile receivables originated by CPS.  The weighted average coupon on the notes is approximately 3.46 percent.
Published in Finance
Wednesday, 17 January 2018 23:02

LotLinx Names COO

LotLinx announced Gee Leung has joined the company as chief operating officer. Leung has been a trusted advisor to hundreds of digital media and technology companies over a career spanning multiple decades. Leung joins LotLinx as it transitions from an innovative start-up to an established technology leader in the automotive digital marketing sector.Leung began his technology career in the late 1990s, and had a front row seat during the early Internet technology boom. Most recently he served as partner at AGC Partners, one of the leading boutique technology investment banks in the country. Leung will work out of LotLinx’ newly expanded Chicago headquarters.“We are extremely pleased to add Gee’s caliber of experience to the team,” says Len Short, founder of LotLinx. “I am confident his energy and dynamic background will resonate with our customers, and our team will greatly benefit from his skillset and unique perspective.”
Published in Tech News
Sunday, 14 January 2018 22:17

Chase Partners with Fintech

Chase announced a partnership with d, a financial technology company that helps customers select and finance vehicles through their automotive dealers’ website and reduce the time it takes to complete the sale. Chase is the first national bank on the AutoFi platform.The AutoFi digital retailing platform connects dealers with buyers and lenders. Chase will deliver financing terms online through the AutoFi platform.
Published in Tech News