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Auto Lenders are Increasingly Impacted by Fraud
Auto Lenders are at risk for $8.1 billion in fraud annually because loans are financed based on applications containing misrepresentations. Identity theft is cited as the cause of 20% of fraud. Auto dealers are on…
Time on Dealership Lots is Increasing
Auto dealerships are experiencing longer vehicle turnover times, with an average of 50.2 days spent on car lots over the last twelve months, marking a 23% increase from the previous year. June and July 2021…
Colonnade advises Stonemark on its sale to Imperial PFS
April 2, 2024 Imperial PFS® (IPFS), the leading provider of premium finance solutions in North America, has acquired Stonemark, Inc., a privately held premium finance organization. The transaction closed on April 1, 2024. Stonemark’s existing client base of…
Identity Fraud Costs Dealerships More than $700 Million Annually
84% of auto dealerships have experienced identity theft since COVID-19, costing the industry $700 mm annually. The remote nature of car retailing online, which accounts for 30% of sales, makes identity theft easier. Despite these…
Colonnade advises Valley National Bank on its sale of Agile Premium Finance to First Financial Bank
February 29, 2024 First Financial Bank has added Agile Premium Finance to its lineup of banking and specialty financial services available to businesses and owners. Agile was acquired from Valley National Bank. “Adding Agile and…
