With a credit report being such a significant element in the vehicle financing process, Consumer Financial Protection Bureau director Richard Cordray told the gathering assembled for a credit reporting field hearing how regulators might oversee how credit report providers do business. Cordray insisted on Monday that, “credit reporting plays a critical role in consumers’ financial […] [Read More]

With regulation constantly evolving especially from the Consumer Financial Protection Bureau, Recovery Industry Services Co. recently enhanced its offerings for recovery professional and repossession agents. One of the newest RISC products is a document geared to meet CFPB requirements — the Compliance-Complaint Checklist. “After a review of our training programs by a law firm that […] [Read More]

Penske Automotive Group — which ranked third on Auto Remarketing’s list of the top 125 dealership groups in the U.S. based on 2011 used-vehicle sales —  revealed this week it completed the redemption of $63.3 million in outstanding 3.5 percent senior subordinated convertible notes due 2026. The company said it settled the obligation in cash; […] [Read More]

When it reaches the dealer’s lot, today’s trade-in has three to four more years on it than the cars that consumers were bringing in just a few years back, according to Black Book. And the stores most likely to gain from this trend are the buy-here, pay-here businesses, the firm said. [Read More]

Kelley Blue Book’s Eric Ibara says the commonly held notion that gas prices will “inevitably rise” should be reconsidered, citing oil production increases in the U.S. as grounds for this assertion. But a potential drop in gasoline prices could prove detrimental to OEMs and manufacturers if they are not prepared Ibara , director of residual […] [Read More]

As summer heats up and high fuel prices have eased, it seems gas sippers are on the way out and consumers are turning their eyes towards vehicles for “heavy-duty” activities. According to  Kelley Blue Book’s Hot User-Car Report, commercial or utility-oriented vehicles make up the top five segments with the greatest change in traffic share […] [Read More]

Flagship Credit Acceptance, a national indirect automobile finance company, announced the issuance of its first asset-backed securitization. The total amount was $109 million in a transaction that was completed Thursday. Officials highlighted the securitization will increase Flagship’s liquidity position and will allow the company to further grow its auto finance business. As part of the […] [Read More]

As the industry gears up for the 2012 Center for Automotive Research Management Briefing Seminars this August, officials revealed some key speakers for the event, as well as hot-button topics. Leaders from automotive manufacturers and suppliers, along with the governors from the states of Michigan and Tennessee, “will discuss strategies to keep the momentum of […] [Read More]

Say a shopper interested in buying a certified pre-owned vehicle walks onto a dealer’s lot and his or her credit isn’t mature yet, or perhaps it has taken some lumps. That’s one area where Scott Penza has found the F&I element of CPO has come in handy for his dealers. [Read More]

Several dealers have asked about the value of using a dealership’s website analytics for managing used-vehicle inventories. [Read More]