Now it just needs President Trump’s signature. Much to the delight of industry leaders, the U.S. House of Representatives voted on Tuesday to repeal the Bureau of Consumer Financial Protection’s controversial 2013 guidance on indirect auto financing. The House approved S.J. Res. 57, which would overturn the much-criticized guidance document under the authority of the […] [Read More]

Carvana announced Wednesday the launch of its second car vending machine in North Carolina and ninth across the country. The Charlotte, N.C., facility is eight stories high and holds up to 32 vehicles. Charlotte was Carvana’s third market back in September 2014. The auto retailer also has machines in the Texas markets of Houston, Austin, San Antonio […] [Read More]

In connection with its existing brand extension strategy, AutoNation has launched its fourth wholesale auction. AutoNation’s new Atlanta auction location in Ellenwood, Ga. joins three other auctions, which are located in Los Angeles; Orlando, Fla.; and Houston. AutoNation chief executive officer Mike Jackson expressed excitement for the opening of the fourth AutoNation  auction during the retailers’ latest quarterly call. […] [Read More]

With more than seven days into May already in the books, Black Book is seeing even stronger signals that the spring market might be in its closing stages for 2018. This week’s Black Book Market Insights report highlighted how most car values finally are cooling off from the last several weeks of increasing price activity. […] [Read More]

In mid-April, it was announced that Tim Russi, the longtime leader of auto finance at Ally, would depart the company in October. Look back at his impact at Ally in this podcast conversation with Nick Zulovich, recorded at AFSA's Vehicle Finance Conference in March. They talk about changes in the auto finance landscape, consumer behavior […] [Read More]

Westlake Financial Services has teamed up with Ally Financial to include its cars on Ally's SmartAuction online auction platform. The Westlake vehicles, which include a variety of brands, have been available to dealers registered on SmartAuction since May 1. "We are excited to team with Westlake, a growing national leader in the automotive industry, to be part of […] [Read More]

Thanks mostly to two fewer selling days, used-car retail sales last month declined an estimated 2 percent from April 2017 — but they’re pacing ahead of year-ago figures and reached the highest SAAR yet in 2018, according to Cox Automotive. The seasonally adjusted annualized rate of used-car sales was at 39.7 million, company analysts estimate in […] [Read More]

An attorney general who previously had taken aggressive regulatory and enforcement actions within the automotive space has resigned amid allegations of physical abuse against women. According to a report published on Monday afternoon in The New Yorker, New York attorney general Eric Schneiderman resigned within three hours of the online recap of on-the-record allegations from a […] [Read More]

Is there a “wisdom” app for my phone? What’s the relative value of intelligence and wisdom? If there is anything that experience teaches, it is that wisdom has a far greater value than intelligence. Even Solomon prayed for wisdom knowing that intelligence alone would not achieve his goals. Every buy-here, pay-here dealer is confronted with the […] [Read More]

In April 2017, CarGurus — still a private company at that point — launched its first-ever mass-media ad campaign, aiming to drive awareness among the general public. “We want to get people to think first and foremost about us as their shopping destination when buying a car comes to mind. And I think that’s something […] [Read More]