The CarLotz chain of used-car consignment stores has made another expansion, this time setting up shop in Texas. On Tuesday, the company announced a new location in San Antonio, continuing a 2018 growth pattern that has also included new stores in Florida and Illinois. CarLotz launched in 2011 in Virginia, eventually adding other locations in […] [Read More]

Dealerships are leveraging NextGear Capital for more than just inventory they want running down the auction lanes. The Cox Automotive company recently highlighted that it has financed more than $1 billion through the first three quarters of the year for non-auction purchases via its funding feature, Rapid Pay. NextGear Capital insisted the adoption of this […] [Read More]

FNI Inc. president David Bafumo spent part of his Thanksgiving holiday dissecting the potential pitfalls that resulted in Santander Consumer USA reaching a settlement with the Consumer Financial Protection Bureau over a GAP product. Two days before the country carved turkeys and passed around pie, the CFPB described a consent order detailing how the bureau […] [Read More]

Cox Automotive has named a chief sales officer. Hired to the position is Sid Nair, who joins the company from DXC Technology, an IT services company. Nair will report to Cox Automotive president Sandy Schwartz and will head up the company’s U.S. sales operation and marketing functions, which includes nearly 2,500 employees. His direct reports […] [Read More]

The used-car market is now hitting “normal depreciation patterns” that should amplify in 2019, according to a recent analysis from Black Book. Used vehicles from model years 2013 through 2017 saw their average prices dip 1.9 percent in October, the biggest decrease since January, the company said.   There was a 2.4-percent decrease in car […] [Read More]

Earlier this month, AutoNation announced a partnership with used-car subscription provider Fair to potentially provide the dealer group’s customers “an alternative to traditional ownership” and drive used-car velocity. The partnership between AutoNation and Fair was set to roll out in California this month. In a news release on the deal, AutoNation chairman and chief executive […] [Read More]

Subaru and Land Rover are taking home the 2019 Residual Value Awards from ALG in the mainstream and premium brand categories, respectively. Subaru has now topped the mainstream category seven straight years, ALG said.  In addition to the brand categories, the RVAs recognized the 2019 model-year vehicles in 26 individual segments that are expected to […] [Read More]

AutoCanada said last week it will soon welcome its first Ford store, agreeing to buy Rose City Ford Sales Limited in Windsor, Ontario. The 65,000-square-foot Rose City Ford dealership includes an 11-car showroom, 28 service bays and a collision center. Ford Motor Co. of Canada and AutoCanada have signed a letter of intent regarding future […] [Read More]

Late-model auction volume for full-year 2018, consisting of vehicles up to 5 years in age, still appears poised to beat year-ago figures by an estimated 6 percent to 6.5 percent. That’s according to J.D. Power Valuation Services, which included an auction volume forecast in its latest edition of Guidelines released Tuesday. Through 10 months of […] [Read More]

Edmunds is calling for 3 million used-car sales this month, and while that would be lower than what the market reached in October, the company is calculating that the seasonally adjusted annualized rate for November will actually be higher. Specifically, Edmunds is projecting a 39.8 million used-car SAAR for November, compared to 39.6 million last […] [Read More]