Day: November 1, 2021

AutoBuy, the Automotive Remarketing Disruptor, Marks Triple Digit Growth

AutoBuy’s innovative remarketing model and efficient, virtual appraisal process for consumers results in steady stream of fresh inventory for auto dealers, driving record growth: 180% sales growth, $2 billion in inventory appraised to date, and expansion into four more states

Published: Nov. 1, 2021 at 9:00 AM CDT|Updated: 7 hours ago

WEST PALM BEACH, Fla., Nov. 1, 2021 /PRNewswire/ — AutoBuy is delivering fresh, high-quality used vehicle inventory to dealers at a record pace, resulting in triple digit sales growth year-over-year, a nearly 500% increase in EBITDA, over 300K customers served and $2 billion in inventory appraised to date.  The company’s virtual buying and appraisal process is driving much of this growth, including recent expansion into four more states: Georgia, Tennessee, South Carolina and North Carolina.

AutoBuy, a car buying company
AutoBuy, a car buying company

“Our virtual appraisal process was already in progress when the pandemic hit and

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It’s Gonna Be A Bad Time For A Long Time To Need A New Car

A car dealership stands in Manhattan on October 28, 2021 in New York City. 

If you are in need of a new car, I do not envy you. All that and more in The Morning Shift for November 1, 2021.

1st Gear: Car Buying Is Going To Be A Total Mess All Next Year

Inventories at car dealerships are low, and will still be low for some time, according to car dealers at least. That’s who spoke with Automotive News detailing the situation on the ground:

Penske CEO Roger Penske said he expects them to last “at least the next 12 months.” Penske dropped to a 12-day supply of new vehicles in the U.S. at the end of September. For some brands, inventory was even tighter.

“We’re running in the single digits on volume foreign, which is our Toyota, Honda, Nissan, Hyundai-type businesses,” Penske spokesman Anthony Pordon said. “That is something that we are working with the manufacturers to manage every single day.”

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Investigation finds many auto buyers are massively overpaying

Anyone who’s ever purchased a new or used car through an automotive dealership knows that while searching for cars and finding the one perfect for you is typically fun, most people dread the finance office. The finance office is where you’re often pressured to add on all sorts of ancillary warranties and services that can run the price per month for your new ride up significantly. However, a lot of people don’t know that the finance office is where you could also pay significantly more interest on your new purchase than your credit score and history qualify you for.

Anyone who’s sold cars may be familiar with the tactic that happens in the finance office called “holding points.” Holding points occurs when someone comes in with a credit score that qualifies them for a 1.9 percent interest rate, for example. However, many dealerships and banks allow the finance office to

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