Richard Cordray is staying as director of the Consumer Financial Protection Bureau, the agency that has been intensifying its regulation of vehicle financing since the spring. The U.S. Senate confirmed Cordray to remain at the position late Tuesday, stirring mostly positive reaction from industry associations as well as lawmakers who wanted the vote taken much […] [Read More]

Confirmation of Richard Cordray remaining director of the Consumer Financial Protection Bureau advanced on Tuesday as the U.S. Senate voted in favor of cloture being invoked, meaning debate had to end and a final vote to keep him at the post needed to be completed. As of press time, that vote to confirm Cordray had […] [Read More]

Along with selecting its outside legal counsel, Recovery Industry Services Co. recently formed the RISC Compliant Agent Network (RISC CAN). RISC highlighted membership is open to any professional collateral recovery agency owner who can meet the stringent requirements of the firm’s network and adhere to the RISC Code of Ethics. The company is out to […] [Read More]

The brands that saw the biggest surges in consumer interest this past month ranged the gamut from luxury to rugged, domestic and import. Topping the list for the biggest increase in consumer activity in June for used models is Buick, which notched a 7-percent year-over-year increase, according to NADAguides.com data provided in the latest Guidelines […] [Read More]

While recent bulletins from federal regulators have been associated with F&I elements such as dealer participation, RouteOne reminded principals and managers about the potential consequences for not complying with rules associated with adverse action notices and risk-based pricing. RouteOne digital marketing manager Francis Gojcaj shared a question often asked by dealers, stating, "If I didn't […] [Read More]

Avis Budget Group has purchased Payless Car Rental in a $50 million cash deal.  In announcing the news this morning, Avis indicated that adding North America’s sixth largest car-rental company “will give Avis Budget Group a strong position in the fast-growing deep-value segment of the car rental industry.” [Read More]

Late last week, Black Book provided its analysis on depreciation during June, which showed that compact cars led the pack, dropping by 2.6 percent in value from May. Average segment values at the end of June were $8,765, a significant 18.9 percent lower than they were during the same time last year. Of course, gas […] [Read More]

SubPrime Auto Finance News, our sister publication, was on hand at the NAF Association’s 17th annual Non-Prime Auto Financing Conference last month. On the docket of SubPrime’s extensive coverage was a keynote session that included a question-and-answer dialogue between Hudson Cook chairman Tom Hudson and Rick Hackett, the then-assistant director at the Consumer Financial Protection […] [Read More]

More than three-fourths of all certified pre-owned sales in the first quarter included financing, according to J.D. Power and Associates. This point certainly helps back up the assertion that CPO and financing are “highly co-dependent” on each other, as Kia’s Brad Beer put it. [Read More]

Auctions values are on the way down as used supply continues to increase. And with gas prices remaining relatively stable this past month, fuel-efficient small cars and alternative-energy vehicles led the declines in June. Overall, according to data from Kelley Blue Book’s latest Blue Book Market Report, auction values fell by an average of 1.2 […] [Read More]