Global auto sales rose by 10 percent in September — the biggest monthly gain in three years. According to Scotiabank’s recently release Global Auto Report, Asia led the way in September’s increase, with purchases of new vehicles climbing 21 percent higher than a year ago. China saw a 32-percent spike in volumes, marking that country’s […] [Read More]

Auto Remarketing and SubPrime Auto Finance News have announced the winner of this year’s Re3 Executive of the Year Award, which is being presented by Consolidated Asset Recovery Systems (CARS). The honoree who will be presented with the accolade at the Re3 Conference during Used Car Week is Jerry Shelby, who is the director of […] [Read More]

When Penske Automotive Group hosted its third-quarter earnings call this week, chairman Roger Penske had some pleasing news. Used gross profit per unit in the U.S. was up by $179, he said — “and that’s across all brands.” When asked during the Q&A portion of the call what was driving that kind of performance, especially […] [Read More]

At the same time the dealer group made grand announcements about significant broadening of its used-vehicle operations, AutoNation wrapped up the third quarter by keeping its gross profit on its used-car retail sales intact on a year-over-year basis. AutoNation reported on Friday that its Q3 gross profit per used vehicle retailed through its dealer network […] [Read More]

With S&P Global Ratings and Fitch Ratings keeping close watch of how the auto ABS market is behaving, two finance companies that have conducted several rounds of securitizations — Consumer Portfolio Services and Credit Acceptance — recently added more offerings. At CPS, the company recently announced the closing of its fourth term securitization in the […] [Read More]

This week, FactorTrust announced the hiring of Paul Bunting as chief information officer as the company accelerates its efforts around analytics and product development. The company indicated Bunting will oversee all IT and infrastructure, security, analytics and product development efforts at FactorTrust. Bunting brings more than 20 years of experience in the financial services industry, […] [Read More]

Manheim Darlington and Manheim Atlanta recently partnered with BMW Group Financial Services to host a “monster” of a mobile sale in Greenville, S.C. But it wasn’t BMW’s 94 percent conversion rate that made the sale unique — it was the venue: Fluor Field. Home to Red Sox affiliate the Greenville Drive, Fluor Field features a […] [Read More]

AutoNation not only is strengthening its new used-vehicle retail strategy, but the dealer group also is broadening its footprint in the wholesale space, too. On Friday, AutoNation announced the next phase of what the company classified as its comprehensive brand extension rollout, which includes what’s being called AutoNation USA — standalone pre-owned vehicle sales and […] [Read More]

After a $40 million investment from parent company KAR Auction Services, ADESA is officially opening its Chicago auction. The company called ADESA Chicago, which will hold its first sale today, its “most integrated, customer-centric and technologically advanced physical auction location to date.” In a news release, ADESA chief executive officer and president Stéphane St-Hilaire said: […] [Read More]

In the aftermath of Hurricane Matthew, Copart has activated reserve land in Georgia and Virginia in addition to expanding existing locations in North Carolina and Florida. The land expansions and activations will allow Copart’s Catastrophe Response Team (CAT Team) to provide even greater service in response to weather-related damage. “We have a long history of […] [Read More]