Used car marketplace Vroom has closed a whopping $146 million series G round of funding led by automotive retail giant AutoNation, with participation from “funds and accounts” advised by T. Rowe Price Associates, L Catterton, General Catalyst Partners, and Fraser McCombs Capital, as well as a bunch of individual investors. Founded out of New York in 2013, Vroom serves as a platform for buying, selling, and trading in second-hand vehicles that are delivered direct to the buyer’s door. The company also offers financing services to help fund transactions. Prior to now, Vroom had raised around $320 million, and with another $146 million in the bank, it said that it plans to “enhance key technologies and processes,” as well as build its customer base and make new hires. “We are incredibly encouraged by this recent round of funding as investors, including those in the traditional auto retail space, continue to recognize that the Vroom model … [Read more...] about Used car marketplace Vroom raises $146 million
Billion used cars
The 10 slowest-selling used cars in America
Brian Pascus, provided by Published 6:07 am PDT, Saturday, September 22, 2018 Porsche The automotive search engine iSeeCars.com recently commissioned a study to look at the used car industry. They studied a pool of four million used cars that were one to three years old and had been sold between January and July 2018. iSeeCars.com found that the slowest selling used car on the market is the Porsche Cayenne, with the Porsche 911 not too far behind in the four spot. "Cars that remain on market for longer than average indicate that supply is higher than demand, which could mean the pricing is too high or that the car isn’t as well-liked as its competitors," said iSeeCars CEP Phong Ly in a statement. The automotive search engine iSeeCars.com recently commissioned a study to look at the used car industry, where they found the best used-car deals out there. But the study also took a more specific measurement of which are the … [Read more...] about The 10 slowest-selling used cars in America
VW’s $4 billion connected car push includes its own operating system
Where conventional cars from VW and other brands frequently have dozens of separate control systems each with their own vendor-specific software, vw.OS would boil things down to just a few systems running on one common platform. This not only promises to greatly streamline self-driving technology, but promises "continuous updates and upgrades." If it sounds familiar, it should -- Tesla already uses a custom platform to both add features and change the performance of its cars.You'll first see vw.OS in the I.D. series of electric cars in 2020, right at the same time as VW plans to connect its whole lineup. It'll also establish a "One Digital Platform" cloud framework that will power the entire Volkswagen Auto Group. It will take several years, but VW is determined to leave its traditional, scandal-ridden past in the dust and become a technological vanguard. … [Read more...] about VW’s $4 billion connected car push includes its own operating system
Susan Tompor: How will you spend your tax refund? Many use it to buy used car
Tom Staperfenne, 34, isn’t ashamed to admit that he went out and spent most of his family’s income tax refund for 2017 right away.Nearly the entire $3,700. Gone.But don’t wrongly label Staperfenne as a spendthrift. Most of that money went toward the loan for a 2012 silver Ford Fusion that he bought used last summer for around $8,200.“I paid it all off in one fell swoop and it was gone,” said Staperfenne, who lives in Grosse Pointe Woods, Mich., and teaches 10th grade economics at University Prep Academy High School, a charter school in Detroit.Sure, many people love to dream about taking a great vacation with a four-figure tax refund or maybe about shopping for something special.But the reality is that many of us are plunking tax refund cash back into our cars. Repairing the transmission. Fixing the brakes. My husband is thinking that maybe it’s time to get a set of new tires for his SUV.Used car sales even ride on tax refund cash, according to … [Read more...] about Susan Tompor: How will you spend your tax refund? Many use it to buy used car
The EPA’s push for dirtier cars is based on old data
Eight days before Donald Trump was sworn in as president of the United States, the Environmental Protection Agency decided to lock in higher standards for automakers meant to curb greenhouse gas emissions and raise the average fuel economy of their cars. Last week, the EPA officially changed its mind. The latest decision suggests the current EPA cares more about relaxing regulations at all costs, regardless of what experts say. It’s also one that dismisses breakthroughs already being made by the auto industry. The agency, led by Scott Pruitt, now argues its predecessors “rushed” their approval out “just days before leaving office.” It says the standards are too high, will be hard for automakers to reach, and will cost consumers more. The current EPA provides little evidence to support these arguments, though, and instead relies heavily on talking points from auto industry lobbyists and old data. Those things — not the most recent data or expert … [Read more...] about The EPA’s push for dirtier cars is based on old data