Innovation & Technology | Auto Finance News - Part 3

More dealers use CarGurus, TrueCar than other digital platforms

When it comes to dealerships’ digital functionality and presence, CarGurus is the most widely used third-party digital platform, according to new data from an Auto Finance News dealer insights survey. The survey tapped a sampling of dealers nationwide to unveil digital trends directly from the showroom. Among dealers surveyed, 45% said they leverage CarGurus’ platform, a marketplace […]

DriveItAway expands rideshare offering to consumers, small fleets

DriveItAway is expanding its product offering to non-rideshare drivers, said Chief Executive John Possumato. The Haddonfield, N.J.-based company, which connects rideshare drivers with dealerships’ idle stock, will now connect individuals and small businesses with fleets to partnering dealerships for long-term rentals. “The whole idea is to be this functional mobility platform,” Possumato said, noting that […]

EXCLUSIVE: Ford Credit sells Canvas portfolio to Fair 

Used-car leasing app Fair has finalized a deal to acquire the assets of Ford Motor Credit’s subscription service Canvas, the company announced today. The Canvas acquisition increases Fair's fleet by 1,000 for active consumer subscribers and 600 that can be used for rideshare or consumer demand — adding to the 45,000 active users Fair currently […]

Daimler Mobility expands ePayment services

Daimler Mobility is integrating its ePayment service, Mercedes pay, into Mercedes-Benz vehicles, the company announced at the International Automobile Exhibition in Frankfurt. The service will allow Mercedes-Benz owners to pay for parking, gas and Mercedes-provided services through the multimedia system MBUX. Mercedes-Benz owners will be able to pay for or renew services such as navigation, […]

Fleet management startup scores $5m credit line from MBFS

Mercedes-Benz Financial Services has granted a $5 million credit line to VMAC Holdings, a fleet management firm that provides inventory for rideshare companies.  The new line of credit will be used for VMAC’s incoming projects, including expanding its mobility-as-a-service business into “various municipalities” across the U.S., Co-Owner and Chief Operating Officer Grant Stark, told Auto […]
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