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GM’s Electric Vehicle Makeover Reverberates Far Beyond Detroit

PYMNTS

While the wisdom and strategy can be debated, there is no arguing the fact that GM’s decision to wean itself — and the world — off of fossil fuels will have tectonic effects that will be felt far beyond Detroit, and will take along for the ride scores of ancillary businesses that keep America’s love affair with the automobile rolling.

Detroit 256
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Auto Sales Race Toward A New Retail Future

PYMNTS

Close the door and buckle up – retail automotive sales are getting an upgrade. For instance, online marketplace and auction site eBay has released eBay Motors, a new app that uses AI to list a car in under five minutes, according to a report by The Verge. The Detroit office will be pivotal to the company’s future plans.

Retail 131
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Macy’s Online Customers Warned Of Data Breach

PYMNTS

After Macy’s cyber tools detected suspicious logins on June 11, the retailer is warning customers about a data breach. The retailer said that a threat targeted the profiles of customers for nearly two months, Detroit Free Press reported.

Online 134
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Millennials Represent Nearly 3 of 5 New 1Q Account Openings at Ally

Bank Innovation

The Detroit, Mich.-based based online-only bank, Ally Financial, had 120,000 new deposit customers in the first quarter on 2019, CEO Jeff Brown said on the bank's 1Q earnings call Thursday, bringing the Ally’s total depositor count to 1.77 million — a 20% YoY increase.

Detroit 186
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Vroom eCommerce Sales Platform Raises $254M

PYMNTS

Vroom , an online marketplace for buying and selling vehicles, has raised $254 million in a Series H funding round, according to a release by the company. The company opened an engineering port in Detroit this year. The Detroit office will be pivotal to the company’s future plans. Durable Capital Partners led the round, and T.

Detroit 131
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Amazon Takes Territory In US And Beyond

PYMNTS

Oakland, San Jose, San Francisco, Detroit, Austin, Boston and Chicago. Amazon is opening a 1 million-square-foot warehouse in metro Detroit and plans to hire 1,000 employees to fill it. Township leaders are ecstatic, yet some fear the company could kill more jobs than it creates because of its threat to the retail sector.

San Diego 164
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While Car Sales Decline, Prices Are Higher Than Ever

PYMNTS

The trend is one that has benefited Detroit automakers that have specialized in those vehicles for years. There has also been a shift to online car sales, with eCommerce car retailer Carvana reporting a $1.12 There has also been a shift to online car sales, with eCommerce car retailer Carvana reporting a $1.12

Detroit 177