EDMONTON, Alberta — AutoCanada's existing credit facility with HSBC Bank Canada has been beefed up and the interest rate on the facility has been cut, the company announced this week. The revolving term loan facility now has availability of $30 million, up from $20 million previously. The interest rate on the facility is now HSBC Prime Rate […] [Read More]

McLEAN, Va. — The average price that new-car dealers fetched for a used-vehicle on the retail market in 2009 dipped about 1.5 percent from the prior year, according to the NADA DATA 2010 report compiled by the National Automobile Dealers Association. Specifically, NADA noted that average used retail price was $14,976, compared to $15,201 in 2008. […] [Read More]

CHARLOTTE, N.C. — In a quarter that saw the company record its best-ever period for used-vehicle volume and used gross profit, Sonic Automotive's adjusted earnings from continuing operations climbed 41 percent. Specifically, these earnings were at $15.6 million for the second quarter, compared to $11.1 million in the year-ago period. Net income was $14.8 million, up […] [Read More]

DETROIT — The Cadillac CTS will likely make some headway in the resale value arena thanks to the 2011 CTS Coupe being brought into the fold this summer, July/August estimates from ALG indicate.  ALG indicated that a reduction in incentives, tighter inventory control and the focus toward design — all of which can be found in the CTS […] [Read More]

COSTA MESA, Calif. — A trio of domestic muscle cars are flexing their collective strength according to NADAguides.com. The website's daily list of Top 10 Most Researched Sports Cars and Coupes has been dominated recently by vehicles from Chevrolet, Ford and Dodge. The specific units include 2010 models of the Chevrolet Camaro, Dodge Challenger and Ford Mustang. […] [Read More]

LOS ANGELES — VINSCAN, a VIN barcode scanning device company, entered into a partnership this week with Carfax. Dealers now can use their VINSCAN handheld scanning device to access their Carfax account. The partnership is intended to help dealers have easier access to Carfax Vehicle History Reports from almost any remote location. Management explained that the VINSCAN device can eliminate […] [Read More]

AUBURN HILLS, Mich. — Announcing that the arbitration process for rejected dealers is now complete, Chrysler Group revealed that arbitrators favored the company in more than 70 percent of decisions. More specifically, the company said it prevailed in 76 of the 108 arbitration decisions. About 3 percent of the 789 dealers who were rejected as a […] [Read More]

CARY, N.C. — CarMark Certified, the independent vehicle certification program that is equivalent to the average factory CPO program, became operational last week in 41 states and the District of Columbia, with applications in the remaining nine states under active review and approval expected soon. In another major development, three major financial sources approved the […] [Read More]

BANDON, Ore. — The combined residual value losses on leases written between 2005 and June 2010 are expected to be greater than $10.4 billion, a recent CNW Market Research analysis discovered. CNW president Art Spinella noted that the 2010 figure is adjusted based on "added unit sales due to leasing, lessee purchases of leased vehicles, production profits, […] [Read More]

DETROIT — A GMAC financing deal that GM Certified Used Vehicles launched last month has been stretched out, giving the automaker's dealers even more time to use this offer to bring consumers into the certified pre-owned segment.   Dealers can now offering the following financing deal through Sept. 7 to well-qualified customers on model-years 2005 through […] [Read More]