High demand amid limited new vehicle inventory has driven up used vehicle prices. But it’s also impacting the rate their values are depreciating.
Veteran technology sales executive Victor Fan has joined Auto/Mate Dealership Systems, where he will serve as the company’s Jacksonville, Fla.-based Southeast regional sales manager.
TrueCar has agreed to switch California auto dealers from a pay-per-sale to a flat-fee subscription model and double their indemnity to $50,000 to settle a lawsuit brought by the California New Car Dealers Association.
Fair’s latest funding round was led by BMW iVentures and includes investments from Penske Automotive Group and other investors. The startup also raised nearly $1 billion in debt funding from a group of investment banks and a Sherpa Capital-led entity.
Fair was founded last year by former TrueCar CEO Scott Painter and auto finance legend Georg Bauer. Today, the company launched its car-buying app, which allows a customer to get a pre-owned car with just a driver’s license and a bank account.
The partnership with TrueCar was one of a series of announcements made by the ecommerce site, which debuted an improved look to its website and tire installation services.
Ron Frey, former chief strategy officer and president of AutoNation Direct, has joined CU Direct as chief strategy officer of its automotive solutions. He will oversee the planning and direction of automotive solutions for the credit union technology provider.
Chase Auto Direct, which is being powered by TrueCar, will allow current Chase customers to shop for a new vehicle and secure financing on a desktop computer or smartphone. The portal will then connect shoppers to a dealership in the Chase dealer network.
'Da Man' wonders if the lead-generation business is gasping its last, wheezy breath.
A California judge has allowed the California New Car Dealers Association's lawsuit against TrueCar to proceed. TrueCar, however, was successful in getting the association’s federal Lanham Act claims dismissed.
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