Capital One recently announced that it provided a $12 million floor plan revolver to Fahrney Automotive Group in Selma, Calif. Capital One also provided a $10.4 million construction line of credit that will enable the group to house each of its three franchises in separate facilities.  “This is the first construction loan in California for […] [Read More]

MetroGistics, a provider of automotive logistics services, has hired Terrance Evans to be director of business development.  Evans brings more than five years of experience in a variety of industries, including manufacturing and automotive logistics. His employment history includes working as a sales representative for Pleasant Prairie Logistics in the finished-vehicle-logistics spectrum. Evans was also the […] [Read More]

Subprime Analytics recently reported the largest reduction in subprime auto finance down payments since 2011. Subprime auto finance down payments experienced a 15 percent year-over-year decrease in 2015. While down payments are down, the amount financed is up. According to Experian Automotive, the average used-vehicle loan amount for franchised and independent dealers increased to $18,424 […] [Read More]

Sword Apak announced on Friday that Jeff Bunch — whose professional career includes time with Manheim, Black Book, Auction Credit Enterprises and America’s Auto Auctions — is now with the wholesale floor planning software provider as its vice president of global sales. The company indicated that Bunch’s role will focus on managing key strategies for […] [Read More]

Bankruptcy figures from the first half of the year that might impact buy-here, pay-here dealers the most showed a notable year-over-year decline in the amount of consumers who might arrive at stores having filed since January. According to data provided by Epiq Systems, the American Bankruptcy Institute reported that total bankruptcy filings fell to 398,495 […] [Read More]

The largest automotive retailer in the U.S. just got a little bit larger. AutoNation, Inc. announced Thursday that it will add four stores in the Westchester County, N.Y. area. The stores represent approximately $190 million in annual revenue, and will be fully acquired by the company in the third quarter of 2016, after completing the customary […] [Read More]

What Black Book representatives heard dealers say in the lanes going into the Fourth of July holiday reinforced the latest data editors uncovered. The midsummer holiday version of the Black Book Market Insights report showed how smaller and midsize car segments are continuing to lead with some of the largest depreciation rates seen in a […] [Read More]

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]