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Shift Secures $140M in Funding Backed by Lithia Motors

The online car retail and finance platform Shift Technologies secured a $140 million series-D funding round led by Lithia Motors Inc. last week. The funding includes a strategic partnership that will give the startup access to physical locations to scale its business, Toby Russell, co-chief executive of Shift, told AFN. Shift enables consumers to shop […]

Buyers Stick With Longer Loans, New Cars, Despite Higher Sticker Prices

On paper there’s cause for concern that higher sticker prices on new cars could drive customers to settle for used cars, but in practice, dealers and lenders say longer terms and leasing continue to move the metal, and high used-car prices also discourage buyers from switching. In addition, several dealers including some of the publicly […]

AutoNation Record F&I Per Vehicle, Squeaks Past Group 1

AutoNation reported record average F&I revenue per vehicle of $1,528 in the second quarter on Wednesday, on a same-store basis, leading the field along with Group 1 Automotive, which reported a near-record $1,525 for its U.S. dealerships. The other four publicly traded, new-vehicle auto retailers have a lot of ground to make up, led by Asbury […]

Wells in Strong Position in Lithia-DCH Deal

Wells Fargo Dealer Services Inc. appears to be the lender best-positioned to take advantage of Lithia Motors’ pending acquisition of DCH Auto Group, Auto Finance News has found. Although Lithia does not plan to announce any further specifics about its acquisition of DCH until after the deal closes in the fourth quarter of 2014, certain […]

Lithia: Still In the Money After DCH Deal

Following the announcement on Sunday that Lithia Motors will acquire DCH Auto Group, Lithia has said that the first component of funding for the transaction will come from a $600-million expansion of their existing credit facility.
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