A segment of Manheim’s 2016 Used Car Market Report asked a question most buy-here, pay-here operators consider when they scour the lanes or online platforms to find inventory not only that will turn but will last for the duration of the installment contract. To answer the question of what $5,000 will buy, Cox Automotive chief […] [Read More]

It was a tight race at the top, but Galpin Ford managed to rank as the top-selling certified pre-owned dealer for Ford in 2015. The North Hills, Calif., dealership sold 1,464 CPO units last year. As part of our “Best CPO Dealers in the United States” issue this winter, we asked Al Joseph — the general […] [Read More]

With the Federal Trade Commission gearing up for a potential survey of consumers who recently bought a vehicle and financed that purchase through a dealer, the American Financial Services Association and the Consumer Bankers Association recently submitted a letter to the agency asking seven specific questions about what the regulator plans to do. Stemming from […] [Read More]

Less than a month after purchasing all eight Brasher's auctions, ADESA has made yet another big auction purchase move and signed a definitive agreement to buy Sanford Auto Dealers Exchange. The auction is located in Sanford, Fla. ADESA now has five locations in this region, including ADESA Sarasota, ADESA Tampa, ADESA Jacksonville and ADESA Ocala. […] [Read More]

Think about the old days for a second, Tom Kontos said. If there was a flood of cars from a certain segment (like off-lease) to hit the market, there wasn’t as many choices of business-to-business, competitive-bidding venues for the remarketing industry to sell those cars as there are today. “In today’s world, with the embrace […] [Read More]

Auto/Mate Dealership Systems rolled out four new features for its dealership management system (DMS) accounting suite on Monday. The company said the updates are designed to streamline processes that typically involve “countless” hours of labor by accounting personnel. The company lists the new features as: — Inquiry screen data entry — Automated inter-company accounts payable — Automated […] [Read More]

An online vehicle shopping website set to debut this summer named its chief executive officer on Monday whose previous industry experience includes time at companies such as JM Family Enterprises. Taking over the role effective immediately for GoGoCar is Stanley Thomas, co-founder and managing principal of T3, an automotive consulting firm that helps startups, medium-sized […] [Read More]

Black Book has signed a partnership deal with DRIVIN to be the exclusive vehicle valuation provider for the company’s proprietary inventory trading platform. Also, under the partnership announced Monday, Black Book will power the vehicle valuation function of DRIVIN Insights. That tool, which is currently being piloted, allows dealers to take 100 million data points […] [Read More]

Fitch Ratings pointed to three reasons why delinquencies on U.S. subprime auto ABS have eclipsed 2009 recessionary levels and are now at a level not seen in nearly two decades. On Monday, analysts indicated subprime delinquencies of 60 days or more hit 5.16 percent for February reporting, marking the highest level observed since October 1996 […] [Read More]

Along with the renewal of an $11 billion credit facility, Ally Financial recently announced that it has commenced a consent solicitation from holders of record of its 8.000 percent notes due 2031. The move is being made to terminate the replacement capital covenant entered into by Ally (as successor to GMAC) dated as of Nov. […] [Read More]