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]

Fitch Ratings explored the potential ramifications on used-vehicle values and the impact on recoveries as the auto leasing origination market soars, reportedly spiking by as much as 248 percent in May alone. Fitch contends that continued competition from new-vehicle sales and increasing wholesale market supply will maintain recent pressure on used-vehicle values and have some […] [Read More]

Most problems new-car buyers report in the first 90 days of vehicle ownership deal with design, according to J.D. Power and Associates, which said these types of issues are significantly harder to fix when the consumer comes into the dealership than defect-related issues.  But in a silver lining, one piece of the J.D. Power 2013 […] [Read More]

There are thousands of miles between the Keyes Automotive Group in Van Nuys, Calif., and the Serra Automotive Group in Birmingham, Ala.  But the one thing these two dealership groups have in common — and 123 other dealership groups from Maine to Malibu — was their membership in last year’s Auto Remarketing feature “The Top […] [Read More]

Consumers won’t be the only ones helped by Chrysler’s announcement Tuesday that it will recall certain Jeep models after coming to terms with National Highway Traffic Safety Administration. According to Kelley Blue Book senior analyst Alec Gutierrez, the automaker was likely spared declines in the used values of these vehicles as well as sales damage. […] [Read More]

Auto Remarketing Conferences announced today that Primeritus Financial Services and Digital Recognition Network have signed on to return as co-lead sponsors of the Re3 Conference this year. In addition, Primeritus will be sponsoring the name badges at this year’s Re3 Conference and is a general conference sponsor for the brand-new SubPrime Forum. “These two companies […] [Read More]