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Automated Vehicle Inspection Company, UVeye, Raises $100 Million for U.S. Expansion
UVeye, the developer of AI-based vehicle inspection systems, raised more than $100 million in Series D funding at a valuation of nearly $800 million. The round was led by Hanaco VC, with participation from General…
EV Sales Surged in Past Two Years
According to the National Automotive Dealers Association and Wards Intelligence Data, dealerships sold five times as many electric vehicles in 2022 as in 2020. This same report projected that EV sales will continue to increase…
Lenders Concerned about Loan Frauds and Defaults
According to Point Predictive’s 2023 Auto Lending Survey, lenders are growing increasingly concerned about loan fraud amid the worsening economic conditions. The survey reported that 70% of auto lenders are expecting an economic recession this…
Capital One to Exit Auto Dealer Services Business This Year
Capital One has announced that it will terminate its auto dealer services business, including floorplan lending, later this year. Floorplan lenders extend a line of credit or short-term loans to dealers to buy inventory. The…
Equipment Finance Originations Decline 8% Year Over Year
New equipment finance business was estimated to be $9.7 billion in April 2023, a decline of 8% from April 2022, according to the Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25)….
