The Auto Care Association is hoping a flood of letters can carry right to repair legislation through Congress. The nonprofit trade association representing manufacturers and distributors of auto parts and components, as well as parts stores and repair shops, said more the 114,000 letters have been sent to Congress by “industry advocates and concerned citizens” […] [Read More]

Shareholder Milos Gvozdenovic and attorney Garry Masterson of Weltman, Weinberg & Reis Co. recently addressed some of the most common questions finance companies have about bankruptcy and vehicle repossession. Gvozdenovic and Masterson began by touching on the question that might surface first. How does the automatic stay work and what do finance companies do? “The […] [Read More]

If any trends are on a steady, upward trajectory nowadays, it seems like fraud complexity and frequency are two of them. Experian recently released its 2024 U.S. Identity and Fraud Report revealing that generative AI (Gen AI), deepfakes and cybercrime are critical threats putting intensifying pressures on businesses. Experts highlighted the ninth annual Experian Identity […] [Read More]

Deloitte, a provider of audit and assurance, consulting, tax and risk advisory services, and AuditBoard, a cloud-based platform transforming audit, risk, compliance and ESG management, expanded their working relationship on Wednesday. The companies announced the launch of a custom integration between AuditBoard’s connected risk platform and enterprise software provider, SAP, to advise clients to address […] [Read More]

A pair of firms that specialize in auto refinancing — iLending and Way.com — are optimistic about their prospects, especially if the Federal Reserve starts to lower interest rates this month. iLending president Nick Goraczkowski described what it’s been like at the company since the Federal Reserve has held rates steady since last September, plateauing […] [Read More]

A metric that finance companies often watch is the number of vehicles in their portfolio that become a total loss when involved in a crash. Levine and Wiss — a personal injury attorney law firm in New York — recently researched 50 vehicles with the highest reported accidents to identify which ones have the highest […] [Read More]

Vaughan Automotive added to its presence in the Houston area with the acquisition of Tejas Toyota in Humble, Texas, the dealership group said. The family-operated business, which owns Toyota stores in Houston and Boerne, Texas, has rebranded the store as Space City Toyota. In a news release, the company said the acquisition was driven by […] [Read More]

I have a suspicion that the month of August will look pretty good for dealers as far as used vehicle sales volume, but their month-end gross profit tally will likely be less-than-satisfying if not distressing. My suspicion flows from dealer conversations in the past two weeks where the No. 1 topic of conversation was concern […] [Read More]

With dealership profits declining, the demand for acquiring those businesses has cooled, according to the latest research from Haig Partners. The company’s Q2 2024 Haig Report found dealership profits declined 32% in the first half of 2024 compared to the same period last year and the average pre-tax income for publicly owned dealerships of $1 […] [Read More]

Craig Amelung believes that the National Auto Auction Association has a proud past, is living and operating to the fullest in its present and all while keeping a keen eye on its future. That’s why among the NAAA incoming president’s goals over the next year is to identify and nurture a next generation of auction leaders who want to get involved with the association and to draw on the knowledge and experience of those auction veterans who make it successful every day. Amelung is scheduled to take over the reins of the association at its NAAA World Remarketing Convention, in Orlando, Fla., Sept. 30 – Oct.3. Also at the convention, current NAAA president Eric Autenrieth, CEO of Carolina Auto Auction in Williamston, S.C., will become the association’s chairman. “For many years the association has relied on ... [Read More]