Month: November 2021

CARS Acquires CreditIQ Automotive Fintech Platform, Enabling Instant Financing For Consumers, Dealers and Lenders | News

CHICAGO, Nov. 4, 2021 /PRNewswire/ — Cars.com Inc. (NYSE: CARS) (“CARS” or the “Company”), a leading automotive marketplace platform that provides a robust set of industry-specific digital solutions, announces it has signed a definitive agreement to acquire CreditIQ, a cutting edge automotive fintech platform that provides instant online loan screening and approvals to facilitate online car buying. Consideration for the transaction will be $30 million at closing, funded using cash on hand, with the potential for up to an additional $50 million in performance-based cash consideration to be earned over the next three years. The transaction is expected to close this month.

“The acquisition of CreditIQ technology facilitates CARS’ entry into the rapidly-growing, multi-billion dollar Auto Finance market, expanding our TAM beyond the $35 billion Auto Advertising and Dealer Technology markets we operate in today. We’re excited to participate in this space with powerful digital solutions for dealers that

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Check Out Joe Rogan’s 1969 Camaro

⚡️ Read the full article on Motorious

This pony is a beast!

Lately there’s been a lot of talk about Joe Rogan and horses, which I don’t really understand. Maybe it’s that everyone’s excited about this beastly pony car of his, a 1969 Chevy Camaro built by Roadster Shop. If that’s what all the hubbub is about, I get it, because there’s plenty to be excited about with this restomod muscle car.

Check out Joe Rogan’s car collection here.

First and foremost, the Roadster Shop went big with this build by throwing in an LSA V8 built by Wegner Automotive. With 860-horsepower on tap, this powerplant really moves the ’69 Camaro in wicked ways.

Among the many styling changes is a unique front fascia, thanks in part to the tucked and smoothed bumper, a custom piece which showcases modern lines on the classic muscle car. Below that is a

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Automotive marketplaces face radical transformation, E-commerce explodes, new report shows

Published: Nov. 3, 2021 at 8:15 AM MDT|Updated: 13 hours ago

ALTAMONTE SPRINGS, Fla., Nov. 3, 2021 /PRNewswire/ — Automotive marketplaces are on a wild ride. All of the “coming soon” trends have arrived — cars sold through e-commerce, auto manufacturers retailing cars directly online, auto classified sites adding transactions, and more — with billions of dollars of investment driving them forward.

(PRNewsfoto/AIM Group)
(PRNewsfoto/AIM Group)

The AIM Group’s 2021 Automotive Marketplaces Annual provides a deep dive into the fast-changing worlds of car dealers, automotive e-commerce, integrated financing, used-car sourcing, and the auto marketplaces like Autotrader.com, Carsales and Mobile.de The report covers more than 150 companies, with case studies, charts, graphics and analysis.

“The pandemic compressed 10 years of evolution into nine months of breakneck innovation,” said Peter M. Zollman, AIM Group founding principal. “Automotive classified sites have to move quickly into transactions. If they don’t, they’ll be

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Car buyers cancel bookings as auto companies delay Diwali deadline



Car buyers cancel bookings as auto companies delay Diwali deadline


© Swaraj Baggonkar
Car buyers cancel bookings as auto companies delay Diwali deadline

Car buyers have started to cancel bookings which they made in anticipation that they would be able to take deliveries during the festive days as manufacturers continue to struggle to align supplies with demand.

Automotive dealers have seen a spike in the number of booking cancellations in the run up to Diwali in the past few weeks. While booking cancellations are normal in the automotive retail business, the level of cancellations this year is unusually high, say dealers.

“Enquiry levels and demand is very strong for passenger vehicles but along with that cancellations are also increasing because we are not able to commit the delivery date. People wait for the auspicious occasion and when deliveries don’t happen on those dates, they tend to cancel rather than extend the period,” Vinkesh Gulati, President, Federation of Automobile Dealer Association

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