Author: Staff Writter

Boca Raton, FL. – October 4, 2022 – Dominion DMS announced a partnership with Market Scan Information Systems, Inc., the industry-leading Automotive Payments as a Service™ (APaaS™) provider. Dominion DMS will integrate key data from Market Scan’s APaaS™ platform, enabling Dominion’s dealers to calculate payments with exact sales tax rates in any zip code in every state with unequaled, scientific precision using the customer’s address.

In today’s market, consumers are willing to travel to various destinations to find a vehicle that meets their needs. Historically, it has been a challenge for dealerships to quote all-inclusive consumer lease and finance payments accurately. Within VUE DMS, the sales department can accurately calculate payments and the sales tax, whether the buyer is in the dealership, across town, or in another state.

“We are excited to partner with Dominion DMS,” said Rusty West, President & CEO of Market Scan. “It has never been more important to present consumers with exact, consistent, and all-inclusive payment quotes online and in the store. Dominion realizes the importance and value of integrating our data into their DMS, resulting in a much-improved consumer experience.”

“Our dealer partners praise the value of this integration, especially in today’s challenging market. Dominion DMS looks forward to deepening our integration and improving the workflows through additional value-added services Market Scan offers.” – Arlene Clements, VP of Business Development.

This announcement is a compelling reason for dealers to consider what VUE DMS can offer. To learn more about Dominion DMS and its VUE DMS platform, visit VUEDMS.com.
 
About Dominion DMS:

Dominion DMS partners with automotive dealers to offer modern solutions in an ever-evolving landscape. Dominion DMS introduced VUE DMS, a cloud-native dealer management system that gives US-based franchised automotive dealers the digital security, flexibility, and efficiency to meet today’s rapidly changing market. Built on Microsoft Azure Cloud by a team with decades of experience serving dealerships, VUE DMS enables dealers to deliver seamless customer interactions, reduce costs and protect their business. Through its robust suite of certified SecureVUE APIs, VUE DMS provides technology partners with the access and workflows they need to satisfy our common customers, the dealers. Consider Dominion DMS today. For more information, visit our website, and like us on Facebook, LinkedIn, and YouTube.
 
About Market Scan?

Market Scan is the leading Automotive Payments as a Service™?provider for the automotive industry.?APaaS™ is the choice by industry leaders and retail powerhouses to generate Scientifically Perfect Payment Solutions™ for any conceivable automotive transaction. APaaS™ powers modern retailing solutions online – and in more than 10,000 dealerships. APaaS™ solutions enable automotive dealers, lenders, manufacturers, technology companies, and marketing firms to improve profitability, gain market share and provide consumers with a vastly improved experience.
For more information, call 800-658-7226 or go to www.marketscan.com.

Colorado dealerships will now be able to process registration and title transactions electronically with the Colorado Division of Motor Vehicles (DMV).
With streamlined processes that save time and money, dealers can finalize deals faster for their customers.
Having a paperless process mitigates errors while providing a new standard in consumer protection and fraud prevention, which is inherent in paper processes.

ATLANTA—Oct. 3, 2022—Cox Automotive announces today the Colorado Automobile Dealers Association (CADA) and Colorado Independent Automobile Dealers Association (CIADA) have both exclusively endorsed Dealertrack’s In-State Registration and Title solution, giving dealers the ability to electronically process registration and title transactions with the Colorado DMV.

“Colorado joins 30 other state DMVs that have embraced and adopted digital processes to streamline vehicle registration and titling,” said Tim Jackson, president and CEO of CADA. “It no longer needs to be a tedious process. This new offering provides consumer protection, fraud prevention and time saving benefits that our county clerks, dealerships and consumers will appreciate.”

Colorado’s Legislature joined the growing number of state jurisdictions authorizing the use of electronic registration and titling services. Dealers and authorized users can now perform these important registration and titling services at their locations, allowing Coloradoans the ability to make fewer trips to the DMV to obtain their plates and registration cards.

“Colorado DMV has taken another step in the right direction for local automotive dealers and car buyers,” stated David Cardella, CEO of CIADA. “The momentum behind digitizing registration and title shows no signs of slowing and Colorado stands out for its forward thinking by redesigning processes to save everyone involved in the vehicle purchase time and money.”

The Dealertrack In-State Registration and Title solution helps dealerships complete deals faster and save on unnecessary costs when compared to a manual paper process. With this new platform, Colorado dealerships will be able to:
•    Calculate exact taxes and fees and prepare transactions for the DMV in under four minutes  
•    Potentially save up to an average of $10,000 monthly per dealership location in unnecessary costs that have become inherent in manual documentation, shipping and handling processes
•    Achieve 70% faster turnaround on trade-ins when solution is paired with Dealertrack’s Accelerated Title, which manages the payoff, lien, and title release process
•    Save time and reduce errors related to re-keying by up to 90% when data is imported directly from the Dealer Management System (DMS)

“With growth in automotive ecommerce expected to rise, digital tools that connect all aspects of the car buying process, such as registration and title, are more important than ever before,” commented Kait Gavin, Vice President Operations, Dealer Services at Cox Automotive. “We congratulate Colorado dealerships and its DMV for adopting digital technology to make the car buying process easier and faster.”

For more information about this solution, visit our website.
 
About Dealertrack

Dealertrack provides industry-leading software solutions that give dealerships, lenders, and partners the confidence to thrive in an ever-changing automotive market. The company’s integrated suite of powerful easy-to-use products and services helps dealerships, and their lending partners grow by increasing efficiency and improving decision-making. Dealertrack is part of the Cox Automotive family, a company that is transforming the way the world buys, sells, owns and uses cars. Dealertrack—along with its unmatched network of dealerships and lending partners—is improving the car buying experience by embracing the technologies that will shape the future of automotive retail. For more information about Dealertrack, visit www.dealertrack.com.
 
 
About Cox Automotive

Cox Automotive Inc. makes buying, selling, owning and using vehicles easier for everyone. The global company’s more than 27,000 team members and family of brands, including Autotrader®, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with annual revenues of nearly $20 billion. www.coxautoinc.com
 

September 27, 2022 09:00 AM Eastern Daylight Time

NEW YORK–(BUSINESS WIRE)–Tenet, the leading EV financing platform, today announced a partnership with Xcelerate Auto, a financial technology company with an emphasis on electric vehicles, to couple its EV extended warranty into Tenet’s loan options.

“Working with a company whose mission aligns with ours to revolutionize the EV buying experience is the perfect complement to what we do at Tenet,” said Alex Liegl, CEO and Co-Founder of Tenet. “We are excited to partner with KJ and the Xcelerate Auto team to make Teslas and all EVs more affordable, and look forward to ushering in the mass adoption of electric vehicles.”

Xcelerate Auto designed the first and only Electric Vehicle Service Agreement for Tesla in 2019, and with this partnership, Tenet customers will now have access to package XCare with their current loans. XCare, a comprehensive exclusionary service coverage, is the highest level of coverage that a vehicle qualifies for outside the manufacturer’s warranty, meaning Xcelerate Auto will cover the entire vehicle with the exception of certain excluded items. Since XCare was originally built for Tesla, it was designed to work around Tesla’s direct-to-customer service model, so owners will not have to worry about servicing their vehicles in any different way than intended by Tesla Service.

“We couldn’t be more excited for this partnership and the opportunity to provide products like XCare EV Protection to Tenet and its drivers,” said Xcelerate CEO KJ Gimbel. “The moment we met the Tenet team, we recognized the same mission-driven mentality in each other and knew this was the perfect recipe to collaborate. We expect big things to come and can’t wait to work together on our shared mission of making EVs affordable for the average consumer.”

To learn more about how to save on purchasing an electric vehicle, visit www.tenet.com.

09/20/2022

Press Release

Agora Data, Inc., the FinTech company transforming automotive financing by providing U.S. independent auto dealers and finance companies precision loan performance analytics and access to ample, affordable capital, closed a $100 million revolving credit facility with Credit Suisse Group AG. This latest transaction facility allows Agora Data to accelerate and expand its ability to deliver efficient capital to loan originators who offer in-house financing solutions for non-prime auto buyers.

“This $100 million credit facility adds to Agora’s other capital strategies and is the latest of many strategic steps that support the expansion of our core mission to provide highly accurate loan performance data and low-cost capital to auto dealers who serve the non-prime buyer,” said Steve Burke, CEO, Agora Data.

The new $100 million credit facility marks another milestone in Agora Data’s growth trajectory. The company closed the first-ever crowdsourced auto securitization in late 2020, ushering in a new way to provide independent auto dealers access to capital markets financing. Since then, Agora Data has closed multiple crowdsourced securitizations using its proprietary AI and machine learning algorithms. With patent-pending modeling, Agora Data aggregates independent dealers and finance companies with auto loan portfolios ranging from $100 thousand to more than $60 million into a single securitization.

Access to fair, competitively priced capital has been a challenge for auto dealers that offer in-house financing across the U.S. Before Agora, dealers were highly reliant on financing with high-interest rates, restrictions, and personal guarantees. Agora Data provides auto dealers with competitive and abundant financing and resources, such as advanced AI/ML modeling, that helps them construct their loan portfolios with high predictability and improved performance. This transformative fintech approach enables auto dealers to safely grow their business and offer improved lending terms to non-prime customers.

The Ioniq 6 is the most aerodynamic vehicle ever produced by Hyundai. No tweak was too small to achieve the 0.21 drag coefficient, compared with 0.29 for the Ioniq 5, which landed this year.

Monthly sales fall at Ford. GM boosts Bolt production while adding some EV expertise to its board. Former Toyota executive Jim Lentz joins Lithia’s board. Plus, Hyundai Canada CEO Don Romano talks about why the agency model works for Genesis, and where it may not work.

Musk’s latest proposal to match the original deal terms means Twitter is facing a future under the leadership of a mercurial billionaire who has spent months publicly criticizing its management and questioning its value.

I’m interested in hearing about how dealers are thinking about the digital path forward, particularly as the pandemic and inventory constraints appear likely to linger.

Ford Motor Co.'s U.S. light-vehicle sales rose 16 percent in the third quarter, despite the automaker stumbling to the finish line with a 9 percent decline in September fueled by ongoing parts shortages.

American Honda's sales fell in September and the third quarter as both the Honda and Acura brands continue to be dogged by parts supply and logistical problems. The Honda CR-V and Ridgeline and Acura MDX were standout sellers.