HyreCar Inc., the carsharing marketplace for ridesharing and package delivery services, announced a partnership with Midway Car Rental, Inc. HyreCar’s innovative platform will increase utilization of Midway’s inventory to take advantage of growing opportunities in commercial vehicle rentals.

Midway Rental Car is the largest privately held rental car agency in Los Angeles and a part of the Hankey Group, with eight rental locations in Southern California. The Hankey Group’s interests include automotive, financial, technology, insurance, and real-estate enterprises and holds over $9.5 billion in assets.

Auto Financial Group (AFG), a source of residual-based financing and vehicle remarketing for financial institutions, announced recent partnerships with credit unions.

In the last quarter of 2019, AFG signed four new credit unions to the AFG Balloon Lending Program: Electro Savings Credit Union, Extra Credit Union, MAC Federal Credit Union and Awakon Federal Credit Union. The four credit unions represent combined assets of over $400 million and a reach increase of over 4.5 million consumers across three states. 

“We welcome these financial institutions to the growing AFG family,” said Richard Epley, CEO of AFG. “As has become evident in recent and extensive media coverage on vehicle affordability, borrowers are increasingly extending terms to manage their monthly payment even if it’s not in their best financial interest. These financial institutions, however, will now be able to provide a low monthly payment alternative with shorter terms to their borrowers through the AFG Balloon Lending Program.”

Experian announced at the National Automobile Dealers Association (NADA) Show 2020 an exclusive relationship with CarZing, the innovative online vehicle shopping portal. As part of the strategic alliance, dealerships with AutoCheck subscriptions can now list their inventory on CarZing.com and AutoCheck.com for no additional fees.

“We are committed to helping dealers streamline their processes and sell more vehicles,” John Gray, Experian’s president of automotive, North America, said. “Through our collaboration with CarZing, dealers can increase exposure of their inventory at no additional charge, while simultaneously making it easier for consumers to find the vehicle they want. Additionally, with AutoCheck reports included in the listings, consumers are assured of a more transparent transaction, and can feel more confident in their vehicle choice.”

PDP Group, Inc. has partnered with Hailsure Underwriting Managers, LLC to provide a parametric hail insurance program for the auto dealer marketplace.

The program will partner with five leading global insurance carriers, expanding coverage capacity to all hail-prone states.

The program includes indemnification for economic damage resulting from an eligible hail event in Illinois, Indiana, Iowa, Missouri, South Dakota, Wyoming, Oklahoma, Minnesota, Texas, eastern Colorado, Arkansas, Kansas and Nebraska. The dealer selects a supplemental limit to offset the economic impact of the underinsured hail exposure, and the recovery amount is determined by hail size. No adjuster is involved in the claim process.

EBlock announced a strategic partnership and exclusive integration with Auction Edge that will provide brick-and-mortar auctions with technology to compete in the dealer-to-dealer auction space.

The partnership will begin with the McConkey Auction Group in the Pacific Northwest this month, followed by an expansion of the program to other Auction Edge customers nationwide.

The EBlock/Auction Edge integration - the first of its kind in the U.S. - will provide McConkey Auction Group (MAG) clients with a state-of-the-art dealer to dealer auction platform (called MAG Now) that complements the buying and selling experience that dealers would expect when attending an auction.

Besides enhancing the physical auction experience, EBlock gets brick-and-mortar auctions up and running competitively in the dealer-to-dealer auction space.

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