S&P Global Ratings described collateral performance for the subprime sector in its latest U.S. Auto Loan ABS Tracker as “mixed.” Overall on a year-over-year basis, analysts indicated the performance for both the prime and subprime sectors exhibited higher losses and delinquencies, and lower recoveries. According to the report released late on Wednesday, S&P Global Ratings […] [Read More]

Since 1988, I have enjoyed working with the operating side of auction software systems. I recall the time when Bob Bruno, then a key factor in Manheim’s tech team, worked with me at what was then Manheim Phoenix to integrate the first handheld check-in device in the industry. Let’s all keep in mind, folks, that […] [Read More]

CDK Global wrapped up its fiscal year on a high note. The company highlighted this week that it secured a record number of contract renewals during its fiscal fourth quarter, which ended June 30. With customers citing improved levels of service as the company continues to transform its operations, CDK Global indicated 670 customers renewed […] [Read More]

Since the company believes its vehicle location data has “transformed” the recovery industry, Digital Recognition Network is integrating the company’s historical hit data through Clearplan in an effort to generate even higher recovery rates. Through a program that started July 1, DRN affiliates can access historical hit data in Clearplan’s Business Plan for free during […] [Read More]

Shift Technologies announced a new iPhone app on Wednesday that lets the customer order delivery of a car for a test drive or have their own car instantly appraised. As far as the test drive, notifications within the app notify the shopper when a specific car is available. The shopper can then use the app to […] [Read More]

As more cyber attacks disrupt businesses, the American International Automobile Dealers Association insisted principals and managers need to know about emerging threats and how to defend their businesses. To help stores, AIADA set up its July AutoTalk webinar to feature two experts from Wells Fargo who plan to share best practices for keeping your accounts […] [Read More]

TCS has expanded its partnership with Carfax to integrate myCARFAX Service Shop tools within its point-of-sale solutions Tire Power and TireWorks. The company said the integration will help tire dealers better identify additional maintenance opportunities, allowing them to sell more services and bring more customers back to their stores. All Tire Power and TireWorks HD […] [Read More]

With officials saying some auto finance companies “deceived” individuals in multiple ways, the Consumer Financial Protection Bureau recently tabulated that its supervisory actions during the first four months of the year uncovered “illegal activities” that led to approximately $24.5 million in restitution to more than 257,000 consumers. The bureau’s report also highlighted issues CFPB examiners […] [Read More]

During the past month, Reynolds and Reynolds added three more states to its network associated with Reynolds Document Services. Joining the ranks are New Mexico, Idaho and Kentucky. Dealerships in 22 states can now access a comprehensive catalog of standardized, legally reviewed finance and insurance (F&I) documents. “Based on industry trends during the first half of […] [Read More]

Used-car prices in Canada were up on both a sequential and year-over-year basis in May, but that’s not expected to last, according to a report from RVI Group. In its most recent quarterly Risk Outlook report, RVI predicts that a growing supply of off-lease vehicles combined with a strengthening Canadian dollar will depress used-car prices […] [Read More]