Credit Acceptance and Consumer Portfolio Services each pushed out securitizations recently, and the combined total offered by the auto finance companies that specialize in subprime paper reached nearly $550 million. The larger of the two developments was from Credit Acceptance, which on Thursday announced the completion of a $350.0 million asset-backed non-recourse secured financing.  Pursuant […] [Read More]

More than 300,000 additional credit union members might be using GrooveCar’s platform to make a vehicle purchase. The buying resource enjoyed another busy quarter and signed up 25 new partners in Q3. “GrooveCar puts the platform in the hands of members, literally. Shop from any place at any time. Credit unions on the program realize […] [Read More]

The best part of the used-car industry for Scott Mousaw isn’t just applicable to the world of automotive. “What I enjoy most about it is not unique to the business. I enjoy the process,” he said in a phone interview. “I enjoy looking at how or what we’re doing, what I’m doing as a consignor, […] [Read More]

When Asbury Automotive Group announced in July that it was discontinuing the Q auto standalone used-car store business, leadership emphasized this did not mean Asbury was scaling back on used cars. Not by a long shot. “With our investments in digital technologies and lead management initiatives, we have reassessed our brick-and-mortar investment in Q auto […] [Read More]

Twice now in roughly the past month, the Consumer Financial Protection Bureau largely became the conversation topic when a collection of dealers gathered, and raucous sounds filled a hotel venue. In September, a fire alarm triggered a brief evacuation as a CFPB representative was in the midst of a segment during the National Policy Conference […] [Read More]

We're back in Atlanta to talk with Cox Automotive chief economist Jonathan about everything used cars. Plus, Jonathan explains why the auto industry is like the song "Feel It Still", by Portugal. The Man. Check out the conversation below. Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.  You can also listen to the latest episode in […] [Read More]

Craig Schleicher of PwC sees robotic features having a much greater presence in auto finance in the not-so-distant future. No, C-3PO and R2-D2 from Star Wars likely aren’t taking over underwriting and servicing vehicle installment contracts, but the manager of consumer finance at PwC described how robotic process automation (RPA) can be a good thing.  Schleicher […] [Read More]

Used-vehicle retail sales have continued tracking at an annual pace near 39 million units, according to a sales forecast released this week by Edmunds.  The company is projecting 3.2 million used-car sales for October, which would be even with September. The seasonally adjusted annualized rate for used sales in October would be 38.9 million units, […] [Read More]

Kia Canada and CARPROOF recently announced that in an effort to make used-car transactions more transparent, all vehicles in Kia’s CPO program must now qualify for the CARPROOF Top Condition badge found on the company’s VHRs. Kia Canada CPO vehicles have to meet CARPROOF’s strict safety and condition standards to earn the VHR badge. CARPROOF […] [Read More]

ADESA announced Monday that it has promoted Eddy Cusan to vice president of commercial sales and Wesley Kent to the newly created position of vice president of programs and operations for ADESA Canada. In 2007, Cusan started as a program director at the Internet-based business-to-business automotive remarketing company OPENLANE, which KAR Auction Services acquired in […] [Read More]