Fitch Ratings shared its latest update on the topic becoming more of a pressing issue for finance company executives this year — the performance of subprime auto loan ABS. While analysts noticed overall losses and delinquencies improved again in May, Fitch suspects that “the summer months do not figure to be as kind for the […] [Read More]

The stream of developments from RouteOne continued on Tuesday as the company expanded its partnership with Southeast Toyota Finance, the provider of automotive financing for 176 Toyota dealers in the southeastern United States. The expansion includes eContracting on RouteOne’s automotive finance platform.  RouteOne highlighted that its eContract volume has now exceeded 5 million funded deals […] [Read More]

Global online vehicle auction company Copart has announced the expansion of its Houston location. “For Copart, the saying of ‘everything is bigger in Texas’ rings true for us, especially this year. Expanding our Houston location is just one of many indications of our growth in this great state,” chief executive officer Jay Adair said in […] [Read More]

Tom Folliard didn’t mince words. “The first quarter of FY17 was a challenging one for us,” the CarMax chief executive officer said during a conference call Tuesday discussing the company’s first quarter earnings report. Total revenues increased by 2.8 percent, he said, while used unit comps were slightly positive — up 0.2 percent — and […] [Read More]

KAR Auction Services business unit Insurance Auto Auctions rolled out its newest offering on Tuesday, something the salvage auction company is calling IAA Express Notary. Officials highlighted this service allows for the electronic assignment of title documents in an attempt to shorten the cycle time significantly for total loss settlements. This tool is the newest […] [Read More]

In a Black Book graph showing year-to-date used-vehicle value movements, the trend line for trucks shows more waves than the line for car segments. But lately, both are consistently moving downward, the company said in the latest Black Book Market Insights report. “Both car and truck segments are starting to show a consistent depreciation rate […] [Read More]

Steve Burrows has joined the management team of North Bay Auto Auction as fleet-lease director of remarketing. He will take the lead in representing North Bay Auto Auction to regional and national commercial accounts.  "We are very happy to welcome Steve Burrows to North Bay Auto Auction," Don Morrow, president and chief executive officer of […] [Read More]

TradeRev has made three additions to its leadership team, bringing aboard Julie Derybowski, Sachin Bhalla and Cara Gray. Derybowski will serve as executive director of U.S.  operations, managing essential functions to optimize sales productivity. Bhalla will be director of marketing and will be responsible for building the TradeRev brand plus the overall marketing innovation strategy in Canada […] [Read More]

For dealerships in both the U.S. and Canada looking for certified pre-owned inventory, General Motors Financial is hosting a series of wholesale events where used-car managers might be able to find exactly what they seek. GM Financial recently kicked off its annual elite sales series, which can give dealers exclusive access to hundreds of the […] [Read More]

As the overall default reading recorded its lowest point dating back a decade, the auto loan segment of the S&P/Experian Consumer Credit Default Indices made another move away from the 1-percent level in May, dipping 5 basis points below the previous month’s reading. According to data through May and released on Tuesday by S&P Dow […] [Read More]