CarGurus dealers now have access to PriceVantage, a new tool designed to use machine learning to deliver pricing recommendations based in part on shopper behavior and inventory datasets. +
Edmunds reports the average transaction price for a U.S.-sold pre-owned vehicle increased by 5% to $31,067 in the third quarter, accompanied by a four-day uptick in lot times. +
The Michigan Department of State briefly suspended LaFontaine Chevrolet’s license after accusing the store of selling “new” vehicles that don’t qualify as such under state law. +
Nearly half a million U.S.-sold vehicles built by Ford Motor Co. have been added to NHTSA’s list of recalled units thanks to an array of potentially faulty parts. +
A new survey of dealership workers finds 82% are satisfied with their jobs, up from 74% a year ago. “I enjoy the people I work with” is the most frequently cited reason. +
Automotive News reports U.S. new vehicle sales registered a 1.2% overall improvement in October despite waning EV demand, led by increases for Toyota, Ford, Honda and Kia. +
Protective has agreed to purchase Portfolio, combining two of the nation’s leading F&I and reinsurance providers and adding to a string of major acquisitions that includes AUL, Revolos and U.S. Warranty. +
The Federal Reserve Board has reduced its target lending rate by one-quarter of a point for the second time this year, with a third cut planned for December, Chairman Jerome Powell announced. +
Lotlinx has launched LotGPT, a new AI chatbot designed to serve as a personal dealer advisor, backed by historic VIN-level and shopper data and billed as an industry first. +
Fitch Ratings analysts say the escalating cost to purchase and maintain a vehicle has pushed defaults, repossessions and the rate of loans more than 60 days past due to historic levels. +
