Honcker scores $3.6 million in seed funding

Joe Overby, Senior Editor

Online car leasing marketplace Honcker closed a seed financing round of $3.6 million on Thursday, and said it will now provide delivery to customers in eight states. Honcker plans to use the round, which was led by Evolution Corporate Advisors, to grow its dealership network, geographic footprint and customer... Read More

Assurant acquires The Warranty Group for $2.5 billion

AuSM Staff

Triggered in part by online vehicle retail sales activity gaining steady momentum, Assurant made a $2.5 billion acquisition of The Warranty Group, which works with more than 5,600 dealerships selling F&I products such as vehicle service contracts and GAP insurance. Assurant highlighted in a news release announcing... Read More

AutoGravity names new VP of dealer sales

AuSM Staff

AutoGravity has expanded its dealer network development program with the appointment of Chuck Schofield as new vice president of dealer sales, the company announced Tuesday. Schofield most recently served as western region senior manager for Mercedes-Benz Financial Services where he managed the U.S. finance products and... Read More

As car leasing rises, alternatives sprout

Joe Overby, Senior Editor

Amid changing car ownership models, autonomous vehicles, digital retailing and other innovations, there’s another area of automotive that’s perhaps ripe for disruption: the leasing process. Including, but not limited to, the used-car side of that business. Fair, for instance, is an app that provides... Read More

AuSM Staff

The National Automobile Dealers Association recently rolled out a resource for members to help stores leverage vehicle leasing in a way that results in happy customers and compliant deliveries. In light of the vehicle leasing business reaching an all-time high in 2016 with 4.3 million new units being leased, NADA... Read More

AuSM Staff

MUSA Auto Finance said its platform now offers capability that separates it from any captive or other provider specializing in leasing of new and pre-owned vehicles, especially for customers who already have strong credit backgrounds. MUSA Auto Finance announced this week the launch of automated decisioning for... Read More

Uber exits vehicle-leasing business

Nick Zulovich, Staff Writer

AuSM confirmed on Wednesday that Uber is out of the vehicle-leasing business. Based in part by what reportedly has been heavy residual value losses, an Uber spokesperson said the Uber will cease Xchange Leasing, the platform where drivers could lease vehicles and maintain monthly payments by serving as a... Read More

IFS president Janssen to retire Jan. 1

Joe Overby, Senior Editor

Innovative Funding Services president Tim Janssen, who founded the company in 2007, is retiring from his post on Jan. 1, the company said in a news release.  Chad Shoemaker, who is currently chief executive officer of IFS, will add the role of president to his title. Janssen managed the role of vice president of... Read More

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