T H E C A R M A V E N
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From funding for vehicle loans for vending machine company Carvana, to self-driving cars hitting the road in Arizona, to a large dealer group paying a hefty fine for deceptive advertising, it has been a day of unique developments in the industry. In a "Skimm-like" fashion, we will provide the high hard ones for you, to keep you updated in an incredibly lucrative car-buying season for the auto shopper.
First let's address the new technologies; Carvana, the company who we discussed in a previous blog and who delivers used vehicles via vending machines in certain geographic locales, received a significant vote of confidence today from Ally, an automotive lender who provides vehicle loans and leases. They are providing $2 billion in financing for online used vehicle contracts for the next year. Then, in a major move towards new technology hitting the roads, Waymo, the division of Google's subsidiary Alphabet, announced that their self-driving Chrysler Pacificas will hit the road in Arizona offering rides for the public. These trends are further proof that the traditional automotive model is changing and its changing fast.
Finally, in a somber report today, a very large dealer group will be paying approximately $1.4M in fines for deceptive advertising which occurred in 2014. The dealer group was advertising to the public that customers could pay nothing up front to lease a vehicle. Because there were many details regarding upfront fees that were not included in the advertising, the FTC imposed action against the dealer, which forbids them from using this type of deceptive advertising in the future.
SOURCE: Automotive News
In an industry that involves the primary mode of transportation for most of us, The Car Maven's reason for being is to simplify. We stay abreast of the trends, and explain how they may or may not impact you. Follow us on Facebook and LIKE our page to stay informed.
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