NextGear Capital formed a partnership with AuctionACCESS on Tuesday, resulting in auctions having the capability to show dealers updated credit availability before they enter the lanes, both physical and online. Officials also highlighted this automated system can allow auctions to quickly and efficiently originate floor plan transactions for their dealer customers. NextGear Capital chief information […] [Read More]

Some of the May metrics included in the latest RDN Monthly Analytics Update reversed course from the downward movement reported a month earlier. Analysts indicated May recovery volumes ticked up 2 percentage points versus the April level. Looking year-over-year, the May volumes figure moved 7 percentage points higher than the year-earlier mark. However, RDN still […] [Read More]

Following the completion of a four-market pilot program, nationwide repossession and skip-tracing firm American Recovery Service selected Recovery Industry Services Co. as its partner to perform compliance inspections for the entire ARS collateral recovery agent network. ARS highlighted that RISC performed in-depth inspections on agents in Miami, Phoenix, Dallas, and Houston. Inspections are currently being […] [Read More]

Though retail interest in trucks continues to rise with growth in construction and housing development, auction prices for these vehicles took a downward turn last week after showing price strength through much of the spring. Black Book’s Ricky Beggs explained that all 14 truck segments experienced price declines last week, with the smallest decline being […] [Read More]

For dealers who have parents in their showroom looking for a used vehicle for that new young driver in the household that’s safe, reliable and cheap to run, CarInsurance.com created a list of 14 models that fit the mold. To land on the list titled, “Best Cars for Teens,” the site examined four-year-old models retailing […] [Read More]

Two auto industry leaders who have close relationships with Rick Hackett, the assistant director of the Consumer Financial Protection Bureau whose jurisdiction included vehicle financing, shared nothing but glowing assessments of the regulator who announced he was leaving the agency by the end of the month. FinCo Management president Toby Reiley used words like "humble" […] [Read More]

Group 1 Automotive completed a $1.7 billion five-year revolving syndicated credit facility with 25 financial institutions last week. The dealer group indicated the facility will expire in June 2018 and can be expanded to $1.95 billion in total availability. Executives highlighted the revolving facility will provide $1.38 billion for inventory floorplan financing.  They noted the […] [Read More]

Ally Financial executives recently joined in a celebration of one New York auto dealer. They were honoring a finalist for the 2013 TIME Dealer of the Year awards, Don Carbone of Carbone Auto Group in Utica, and presented charitable grants to support his efforts in this central New York community.   A $5,000 grant on […] [Read More]

Used Car Week 2013, presented by Auto Remarketing, has announced even more speakers for its series of four conferences set for Nov. 11–15 at the Manchester Grand Hyatt in San Diego. [Read More]

Just when the industry got closely acquainted with the primary regulator from the Consumer Financial Protection Bureau who oversees auto financing, word comes that the official is departing the agency. Auto Remarketing received confirmation Wednesday that assistant director Rick Hackett intends to leave the bureau by the end of the month. The CFPB already has […] [Read More]