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Tran discusses how lenders and dealers can find opportunities in today’s volatile market, the differences between subprime consumers and the rest of the economy, and his rapid rise from marketing intern to Trust Science’s executive vice president of corporate affairs.

Listen to the conversation in the window below.

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The new tool is designed to give consumers a quick and accurate estimate of their vehicle’s equity. Users can access the current residual value of their leased car, based on data GoodCar receives as an approved NMVTIS data provider, by entering the make, model and year. They can also sign up for free and look up residual values by entering their vehicle’s VIN or license plate information.

They can then compare that value with the payoff price listed in their lease agreement to determine the equity they have accrued.

As a result of the “seismic shift in used vehicle valuation” of the post-COVID era, GoodCar said in a news release, leased vehicles might now hold more value at the end of the lease term than previously anticipated, giving lessees the chance to trade in their vehicle or buy it out and sell it directly for profit.

The company said the goal of its new tool is to empower vehicle owners with the necessary resources to effectively navigate that opportunity.

“Our Residual Values tool is a testament to GoodCar’s commitment to equipping vehicle owners with the knowledge and resources they need to make informed decisions,” communications manager Emil Ashikyan said.

“We believe everyone should have access to comprehensive vehicle data at an affordable price, and this tool exemplifies our dedication to transparency and consumer empowerment.”

The tool is available at goodcar.com/residual-values.

Residual Values is the latest tool in GoodCar’s growing toolbox, which includes vehicle history reports, car loan and lease calculators, recall lookup and more.

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More than 100 million miles, in fact.

The vehicle subscription service announced its customers have surpassed that milestone in Flexcar vehicles.

“People who are in the market for a car today face record-high prices for buying or leasing, countless hours spent at dealers in unpleasant negotiations and signing lease or loan contracts that lock them into car payments for years to come,” Flexcar chief operating officer Ryan Quinlan said in a news release.

“At Flexcar, we’re focused on giving people the best possible way to have a car — one that saves them time and money while offering much more flexibility in switching vehicles to meet their needs.”

Flexcar said its memberships include insurance, maintenance, roadside assistance, title, inspection, the ability to swap cars, mileage and more in one monthly payment. Drivers can choose their car on the company’s website or mobile app, specify whether they’d like to pick up the car or have it delivered, and drive the car for as long as they want.

This year, Flexcar has added new options for customers, including vehicle delivery for customers in Massachusetts and Atlanta, and vehicle-level subscription pricing across its entire fleet, which allows customers to choose the exact car that meets their lifestyle and budget based on the vehicle’s year, model and mileage, as well as their credit score.

Flexcar is currently available in Massachusetts; the Atlanta area; Nashville, Tenn.; and Charlotte, N.C.; with plans to expand to additional markets in 2024.

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The U.S. OEM certification is the first for Car Media and its parent company AutoVerify, a Canadian-based technology platform that is now certified by a total of 13 brands in Canada and the United States.

AutoVerify CEO Keith Murray said his company is “thrilled to provide these solutions to GM’s U.S. dealers.”

“As a company, we aim to deliver a better customer experience by facilitating automotive transactions from anywhere,” he said. “CM Premium Capture and CM 360 fit perfectly within this goal as they allow dealers to amplify their sales by providing a more immersive consumer experience.

“The opportunity to extend the reach of these solutions is very exciting.”

CM Premium Capture and CM 360, which are eligible for GM’s in-market retail (IMR) matching funds, use proprietary machine learning for editing, color and contrast correction, image centering and exterior background replacements to deliver results that are fully compliant with GM brand standards, AutoVerify said in a news release.

“We anticipate great demand for these revolutionary, dealer-focused products,” Murray said. “CM 360 and CM Premium Capture will allow GM dealers to generate best-in-class vehicle media and syndicate the content to their dealership and dealer group websites as well as third-party listing sites.”

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The U.S. Navy coined the phrase “KISS” — aka “Keep it Simple Stupid”— in 1960 to refer to jet mechanics, and it was eventually adapted across the military and into software development.

But I am not a fan of the word stupid, so I rephrase KISS as “Keep it Sesame Street.” It’s a minimalist design principle that says systems should be as simple as possible to ensure the greatest levels of user acceptance and interaction. It’s also common sense that the clearer and cleaner a choice is, the more apt a consumer is to adopt and embrace it.

When it comes to the car buying experience, more choices and greater convenience from shopping to monthly payments reflect the changing landscape of financing and leasing. Online platforms, flexible terms, and digital payments each factor into the simplest possible path to put and keep each driver in their chosen vehicle. KISS!

Online financing and leasing platforms

Until recently, there was nothing simple about applying for a car loan. Piles of paperwork, long turn-around times, and head-scratching bureaucracy left many wannabe buyers ready to walk, not drive, home.

Digital transformation has made it simpler for consumers to explore and secure financing and leasing options from their browser or specialty apps. Today’s fintech platforms offer quick and easy online applications with minimal documentation. It’s no longer necessary to pull out a file cabinet and produce years of paper tax returns and pay stubs, complete pages of hand-filled applications, make copies, and send by certified mail.

And applicants don’t have to wait what used to be days or weeks for what is now a super-quick (often instant) approval and equally fast and secure digital distribution of funds.

This vastly improved online application and approval process also gives the consumer a leg-up in negotiating. Knowing in advance what they can borrow gives them the confidence to approach the sales experience fully in charge. And pre-approval lets the salesperson know that this is a qualified buyer in a particular price range.

So, whether the buyer is applying in person with a dealership finance manager or on their iPad at home: KISS!

Flexible lease and financing terms

Automakers and financial institutions are offering more flexible terms for leases and loans to encourage car ownership and win against the competition. Fintech platforms use data analytics to offer customized loan options unique to each borrower. And non-traditional credit sources like rent payments, utility bills, and other related monthly debt payments that show responsibility and reliability make loans more accessible to a larger pool of potential borrowers.

Whether it’s an offer of lower payments or reduced interest rates, a shorter lease or a longer loan period, today’s innovative solutions offer a workable plan for nearly any buyer, giving them greater control over their financial life and the chance to build a stronger credit profile that will benefit them in the long term. KISS!

Digital payment methods and apps

Finally, once the consumer is in their car, mobile apps and digital payment methods make consummating their new financial obligation easier than it’s ever been. Automatic payments take the worry out of remembering the due date each month. Account management for updating contact information or making payment changes can be performed online.

Balance inquiries make it easy to check how much is due or how long is left on the loan. Single payments for off-cycle buy-downs and pay-offs through mobile apps make it simple for borrowers to stay on top of their financial obligations.

It’s a win-win-win for lenders, sellers, and buyers in today’s digital Fintech world. Consumer-friendly choice and convenience ensures penny perfect payments. Chef’s KISS!

Aaron Bickart is general manager at OfferLogix

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LeTourneau, who has been with Cox since 2012, will start the new role as executive vice president and CFO on Tuesday. He will head up the company’s finance functions and have responsibility for NextGear Capital.

Current CFO Mark Bowser is retiring at the end of the year. Bowser has been the Cox Automotive CFO for six years.

“I am excited to add Scott LeTourneau to our outstanding leadership team at Cox Automotive,” Cox Automotive president Steve Rowley said in a news release.

“He is a strategic leader with an operator’s mindset and his experience with a variety of industries and business models will help us continue to lead the automotive industry and grow long into the future,” Rowley said. “We all look forward to seeing the impact he will make on this incredible business.”

Before his Cox Enterprises role, LeTourneau was vice president of corporate development at Cox Communications.

“Cox Automotive is a dynamic business that is leading the fast-paced automotive industry during a period of significant evolution,” LeTourneau said.

“I am honored to join an experienced leadership team and excited to work with the passionate employees across our businesses to bring innovative products, services and solutions to our customers.”

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Plus, Cory discusses his journey in automotive, his work in F&I development with dealers, how he got his nickname, and much more.

Listen to the conversation below and learn more about Used Car Week here.

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The data enhancement incorporates detailed state-by-state and province-by-province updates for the U.S. and Canada, including electric vehicle tax credits, and, Vincentric said, it helps ensure cost of ownership calculations for new vehicles, used vehicles, fleet vehicles and electric, hybrid and plug-in hybrid vehicles use current governmental data.

“We strive to provide our users with the most comprehensive and accurate data available,” Vincentric president David Wurster said in a news release. “This kind of full-scale update of our fees and taxes data helps ensure our users receive the most thorough and up-to-date data possible.”

That company pointed out that, while often overlooked, administrative costs such as vehicle registrations, license plate fees, property taxes and sales taxes at the state/provincial and local level can significantly impact the cost of owning a vehicle. Up to date information also helps with understanding the cost of ownership impact of electric vehicle tax credits and rebates at the national and state/provincial level.

Vincentric said its data analysts conducted a detailed review of automotive-related fees and taxes charged by all 50 U.S. states, plus Washington D.C., and all 10 Canadian provinces, plus the Northwest Territories.

The review used a wide variety of governmental sources to find the specifications and qualifications of each individual regulation to help ensure they are represented and fully and accurately accounted for in Vincentric’s cost of ownership results.

The data enhancement is available to users through Vincentric’s Dynamic Cost to Own lifecycle cost tool and Vincentric’s various application program interfaces), including the New Vehicle API and EV API.

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