Leaders representing the major constituencies of the auto auction industry continued their weekly teleconference calls on Monday, updating one another on their respective responses to the COVID-19 pandemic. Auto Remarketing caught up with National Auto Auction Association chief executive officer Frank Hackett by phone for a rundown on the latest. Among the updates: NAAA president […] [Read More]

The American Bankers Association. American Financial Services Association and the Consumer Bankers Association represented half of the industry groups that sent a letter on Sunday to the Securities and Exchange Commission (SEC) to delay implementation of the Current Expected Credit Loss (CECL) accounting standards. To recap, the Financial Accounting Standards Board (FASB) is looking to […] [Read More]

NextGear Capital is offering a relief package to support independent dealers during the COVID-19 crisis. Among those measures are base rate reduction by 50 basis points, deferred curtailment and extension payments for eligible floorplan advances and no late fees. Company president Scott Maybee stated in a letter to the dealers that he hoped the measures “can […] [Read More]

With the phone now being an even more crucial tool for dealerships when overcoming COVID-19 impact, the National Automobile Dealers Association offered assistance for another side effect of the coronavirus pandemic — an emerging call-blocking issue stemming from illegal robocalls. NADA said it has recently received reports that dealers also are facing issues involving calls […] [Read More]

Dealers Auto Auction of Chattanooga says auctions receiving ARI’s regional award must prove their performance every day of the year. ARI’s various benchmarks for each auction partner include days to sell, days to condition report, percentage of Black Book, and days to fund. Dealers Auto Auction of Chattanooga said on March 17 that it received […] [Read More]

Along with an extensive letter articulating several important activities — including advocacy for independent operators, its annual convention and 20 groups — National Independent Automobile Dealers Association chief executive officer Steve Jordan made an urgent plea for members to reach out to their Congressional representatives. In separate messages sent on Sunday, Jordan emphasized the U.S. […] [Read More]

Along with many finance companies offering their own programs, Experian also is accelerating and enhancing its financial education in response to the urgent and rapid changes associated with COVID-19. With expected delays in bill payments, unprecedented layoffs, hiring freezes and related hardships, Experian said on Monday that it seeks to aid consumers in understanding how […] [Read More]

CallMiner is leveraging its 17 years of experience to offer a free webinar to help finance companies keep one of their most important departments functioning as the coronavirus impact intensifies  — their call centers. CallMiner’s Steve Chirokas and Brian LaRoche are set to be joined by Donna Fluss of DMG Consulting for an educational session […] [Read More]

As COVID-19 continues to make routine financial transactions more complicated, here is another example of how fintech solutions are answering the call to help consumers maintain their commitments. MoneyGram International, a facilitator of payments and money transfers, last week reported nearly 60% year-over-year transaction growth for MoneyGram Online year-to-date through February  — an acceleration from […] [Read More]

Next up in our series of Auto Remarketing Podcast episodes recorded at NADA Show 2020 last month is a conversation with Kirsten Von Busch, senior product manager for Experian AutoCheck. Von Busch shares how a growing used-car market underscores the importance of vehicle history reports, how AutoCheck uses data to help the remarketing industry, recall repairs […] [Read More]