With millions of Americans working from home due to office and school closures, the Auto Care Association acknowledged many dealerships and other industry participants are wondering about vehicle miles traveled (VMT) statistics. The association explained VMT statistics are correlated with the health of the entire automotive industry — the more miles driven, the more that […] [Read More]

In a report from Friday, J.D. Power Valuation Services indicated that franchised dealers saw close to a 40% week-over-over decline in retail used-vehicle sales the final full week of March. Meanwhile, Cox Automotive estimated that total used-vehicle sales for the month fell 18.4% from March 2019. And similar to what has happened in the overall used-car market […] [Read More]

Alex Perdikis of auto dealer Koons of Silver Spring says his company realizes that as the COVID-19 crisis continues, “these are the most challenging times we may ever experience in our lifetime.” Because of that, his company is offering pay the rent, lease or mortgage payment for the next two months, up to $1,500 a month, […] [Read More]

Richard Cordray, the first director of the Consumer Financial Protection Bureau, posted what he called a white paper containing 16 points of action the CFPB should take during the COVID-19 crisis. In one of those specific points, Cordray directly addressed repossessions in the composition that resembled a letter or email message to current CPFB director […] [Read More]

Agora Data is trying to give buy-here, pay-here dealers every tool necessary to navigate through these challenging times. On Monday, the firm released its newest BHPH dealer focused feature — AgoraInsights — which is designed to provide contract originators with what Agora Data contends is an “unprecedented and accurate” look into the value of their […] [Read More]

The latest bankruptcy filing data is being described as “a calm before the storm,” as businesses have been turned upside down because of the coronavirus pandemic. According to data provided by Epiq Systems, the American Bankruptcy Institute (ABI) reported that total commercial Chapter 11 bankruptcy filings for the first quarter increased 14% year-over-year. The figure […] [Read More]

Amid the COVID-19 pandemic, the vehicle showroom has become a virtual one. And car dealers, like many other businesses, are having to shift their business to a mostly digital one. With that in mind, Cox Automotive's Mo Zahabi joins the show to discuss his Digital Retailing Best Practices webinar and how dealers can adjust to […] [Read More]

Franchised dealerships in the nation’s capital are answering the call to help healthcare workers with patients who have the coronavirus. On Monday, the Washington Area New Automobile Dealers Association (WANADA), also producers of The Washington Auto Show, made a $50,000 donation to MedStar Georgetown University Hospital, to help support its work screening and treating patients […] [Read More]

Carvana’s rush of recent activities continued on Monday with the online used-vehicle retailer making a move to help buyers who just took delivery. The company announced on Monday that it is now giving customers up to 90 days to make their first payment. Customers financing with Carvana are eligible to opt in to the payment […] [Read More]

More than 40 ADESA auctions in North America are set to run simulcast-only sales this week, following a roughly two-week stoppage of all ADESA physical sale operations (which included Simulcast) announced on March 20, in response to the COVID-19 pandemic. The first of those simulcast sales was set to begin Monday in the U.S. and […] [Read More]