When CarGurus launched its Deal Ratings Badges program that lets dealers display vehicle price endorsements from CarGurus on their own websites, the company shared an interesting statistic about third-party market-value verification and car-shopping. Seventy-eight percent of 2,000 in-market car shoppers surveyed by CarGurus said they would not make a used-car purchase until they view independent, […] [Read More]

A conference call to discuss Copart's recently released third-quarter results revealed increases in both earnings and vehicle volume. For the three months ended April 30, revenue, gross margin and net income were $347.2 million, $157.6 million, and $74.0 million, respectively. These represent an increase in revenue of $50.1 million, or 16.9 percent; an increase in […] [Read More]

Once an SUV owner, always an SUV owner? Maybe not quite. But a recent study by business information provider IHS Automotive revealed that 63 percent of SUV/CUV owners who returned to the market for a new vehicle during the first quarter of 2016 purchased another SUV or CUV. The figures were pulled from an analysis […] [Read More]

Not to ruin the holiday weekend for used-car managers or auction personnel, but Auto Remarketing collected announcements from automakers and the National Highway Traffic Safety Administration this week indicating the specific Takata airbag recalls for more than 8 million units in the U.S. Recall campaigns include vehicles from Honda, Chrysler, Toyota, Mazda, Nissan, Subaru, Mitsubishi […] [Read More]

Two developments on the Consumer Financial Protection Bureau front arose this week. First, the CFPB shared its monthly complaint database update. Then, another U.S. House committee took a swing a changing how the bureau operates. For its May update, the CFPB drilled deeper into complaints that often involve both finance companies and buy-here, pay-here dealerships: […] [Read More]

The latest monthly index from Fitch Ratings indicated delinquencies and losses fell again for both U.S. prime and subprime auto ABS last month, though analysts noted losses are still higher year-over-year. Fitch reported that subprime 60-day delinquencies declined 11 percent month-over-month to 3.70 percent in April. But they were 15 percent higher versus a year earlier. […] [Read More]

With fewer weekends to move metal, most used- and new-vehicle sales projections from TrueCar, Edmunds.com and Kelley Blue Book consisted of varying degrees of softening against year-ago results. However, TrueCar’s used-vehicle sales projection for May was a bit upbeat as analysts expect this month’s total sales — including franchised and independent dealership turns as well […] [Read More]

DRIVIN, a service for dealers that utilizes data to help sell, source, acquire and deliver quality used vehicles for its partners, announced on Thursday that it has raised an additional $7.5 million in equity capital. Launched in mid-2015, the Chicago-based automotive start-up has now raised a total of $17.5 million in funding.  The latest round […] [Read More]

Charlie Wise, vice president of TransUnion’s innovative solutions group, acknowledged that if auto finance executives examine industry-wide data, it’s likely they will focus their attention on vehicle financing, watching metrics such as originations and delinquencies. But Wise suggested that auto finance executives watch mortgage trends, too, based on findings from TransUnion’s latest project released on […] [Read More]

ADESA, a business unit of KAR Auction Services, has named Richard Griskie as chief information officer. The company highlighted on Thursday that Griskie will oversee the operation of information technology systems for ADESA and several subsidiary businesses within the KAR Auction Services group of companies. He also will contribute to the management and direction of the […] [Read More]