The narrative sometimes pushed by critics of subprime auto finance is that consumers who encounter financial problems in part because of their substantial vehicle payment turn to personal loans with interest rates sometimes higher than the ones connected to the risk associated with their retail installment contract. Well, information from the Federal Reserve Board’s latest […] [Read More]

The Ken Garff Automotive Group has extended an agreement for auto dealer software company Reynolds and Reynolds to provide the dealership management solution for Ken Garff new-car franchised dealerships. The extension is part of a five-year agreement. The companies said in a news release that through Reynolds, Ken Garff will look to improve the customer […] [Read More]

In this episode, Mike Cavanaugh of MAXDigital chats with Joe about the demands of the modern consumer in the car-buying process and how dealers can adapt. Plus, what "collaboration" between a shopper and dealer looks like during car shopping. Mike also explains some of the missing profit opportunities for dealers in the transaction. The full […] [Read More]

Credit Acceptance Corp. created a new executive position this week and appointed an individual who has been with the company for 17 years to the position. According to a filing with the Securities and Exchange Commission posted on Thursday, Credit Acceptance named Jonathan Lum as chief operating officer. Lum has been with the company since […] [Read More]

Along with touching on the latest certified pre-owned sales data he could share, KAR Auction Services chief economist Tom Kontos used a gardening analogy to describe how the spring wholesale market reached “full bloom in April.” According to ADESA Analytical Services’ monthly analysis of wholesale used-vehicle prices by vehicle model class, analysts reported that wholesale used […] [Read More]

If your dealership isn’t looking outside the box for new ways to acquire the right used vehicles, you’re missing out on sales. Consumer interest in used cars is on the rise with new-car sales slowing down. Kelley Blue Book data shows the average price paid for a new vehicle is approaching $37,000, putting that option […] [Read More]

E-commerce company RumbleOn experienced strong growth in 2018, and the company’s founder, chairman and chief executive officer Marshall Chesrown said in a news release that Peter Levy was “instrumental in the execution of our vision and continual success of this company.” RumbleOn has rewarded Levy for that work. The company announced the promotion of Levy […] [Read More]

In response to what it describes as growing demand from its customers for mobile sales, ADESA on Thursday named Matt Laughridge to the newly created position of general manager of ADESA Mobile Auctions. Also, the company promoted Sawyer Walker from regional to national manager of the company’s dealer-to-dealer sales program, ADESA UVA. ADESA said in […] [Read More]

Only once during the past 12 months has the auto finance default rate topped 1%. And the April reading remained steady on a sequential basis. This week, S&P Dow Jones Indices and Experian released data through April for the S&P/Experian Consumer Credit Default Indices. The April auto reading stayed at 0.94%, which is the same […] [Read More]

Century Motors of South Florida owner Frank Fuzy has bought about 30,000 cars during his 30 years in business. He said he has never bought a flood car. Fuzy says he has never bought a car that was later discovered to have flood damage because, as he says, “You’ve just got to be educated.” “If […] [Read More]