The Financial Accounting Standards Board (FASB) looked to reinforce its position concerning the upcoming mandates placed on banks, credit unions and finance companies in connection with reserving for losses, emphasizing the changes can be implemented without incurring “significant costs.” Last week, FASB issued a proposed Accounting Standards Update (ASU) that included amendments designed to address […] [Read More]

IAA, Inc. has completed its spin-off from KAR Auction Services and began trading the “regular way” on the New York Stock Exchange on Friday. Later in the day, IAA president and chief executive officer John Kett spoke with Auto Remarketing by phone from the NYSE. "It's almost a bit overwhelming," he said. "It really is […] [Read More]

A CDK Global plan to divest its digital marketing business allows the CDK management team to work on increasing momentum in its core auto software business and to accelerate fiscal 2020 growth, CDK Global president and chief executive officer Brian Krzanich said in a news release. The company’s digital marketing business includes all of its […] [Read More]

Partnering companies — like in this case, Manheim — help organizations such as the American Red Cross Greater Carolinas Region succeed in their mission to ease human suffering during emergencies. “Their support allows us to mobilize volunteers and provide hot meals and shelter when there is nowhere else to turn,” said that organization’s chief executive officer Angela […] [Read More]

Laughing. You might not think of that as an important aspect of handling sales calls. But according to a new study, it is. A new report from conversational analytics company Marchex analyzed 6,200 U.S. auto dealership sales conversations in January. The endeavor showed top sales performers laughed during more than half of their calls. Marchex said […] [Read More]

Cox Automotive chief economist Jonathan Smoke emphasized that the statement he was about to make was “not a negative thing.” Smoke and other Cox Automotive leaders were speaking to reporters and others gathered at the company’s Detroit-area offices on Wednesday, discussing Cox's 2019 Mid-Year Review and Outlook report. “The strongest part of the market — from […] [Read More]

This week, SubPrime Auto Finance News secured the affidavit connected with an FBI investigation of a South Carolina Mitsubishi dealership containing scathing details about store management manipulating trade-in values, down payments and income figures in an elaborate fraud scheme that might have impacted at least eight finance companies. Investigators said witnesses who claim to be […] [Read More]

It appears Hoosier State dealers like the tools Dealertrack provides since an endorsement of them now has existed for a decade. According to a news release distributed this week, the Automobile Dealers Association of Indiana (ADAI) has renewed its preferred endorsement of Dealertrack Registration and Title Solutions in a continued effort to bring a modern, […] [Read More]

Group 1 Automotive enhanced its financial resources this week to bolster its inventory and for other projects. The dealer group announced that it has completed a $1.8 billion five-year revolving syndicated credit facility with 23 financial institutions that will expire in June 2024. Group 1 said this facility can be expanded to $2.1 billion total […] [Read More]

In part because of what Mark Seng of IHS Markit describes as better technology and overall vehicle quality improvements, the average age of U.S. light vehicles in operation is back on the rise. According to new research from IHS Markit, the average age of U.S. light vehicles in operation has increased again this year to […] [Read More]