Dealerships of all sizes are trying a wide array of strategies to reach millennials — individuals born between 1982 and 1994 — in order to keep vehicles turning and service bays humming. J.D. Power recently released what analysts titled the Millennials Insight Report: The Customer Experience Perspective; a report aimed at defining the quintessential makeup and […] [Read More]

Chrome Data and Dealix founder Mark Boyd took on his latest industry challenge on Friday, joining automotive digital marketing technology provider LotLinx as vice chairman and chief revenue officer. The company highlighted Boyd will lead all LotLinx growth initiatives Boyd joins LotLinx after a 30-year career founding and advising many of the industry’s most important […] [Read More]

CarMax hosted its quarterly conference call to share results of its 2016 fiscal year on the same day that Cox Automotive chief economist Tom Webb conducted his regular phone gathering to discuss a wide array of industry topics. It just so happened that call participants asked Webb about how CarMax manages to keep its used-vehicle […] [Read More]

CarMax reported this week that its total used unit sales rose 4.0 percent in the fourth quarter and 6.5 percent during its fiscal year that finished on Feb. 29. The company’s network of 158 stores in 78 markets turned a total of 619,936 vehicles during the 2016 fiscal year, up from 582,282 units a year […] [Read More]

The sparring between lawmakers and the Consumer Financial Protection Bureau’s Richard Cordray continued on Thursday when the director offered his semiannual report to the U.S. Senate Banking Committee. What has been a source of much consternation percolating from the upper chamber’s counterparts in the U.S. House germinated during the second of two Senate committee hearings […] [Read More]

Two decades ago, Paul Lips — who had been in the Indianapolis area working in public accounting since graduating from Ball State University in 1990 — received a call. It was about an opportunity with this auction company in the area known as ADESA, and he decided to go in for an interview. “I came in […] [Read More]

If you want get a sense of why Ally Financial decided to roll out a product specifically for used-car leasing, consider the statistics from Experian Automotive, says Tim Russi, Ally’s president of auto finance. You may find that the numbers on used leases are a bit disproportional to consumer demand. In the fourth quarter of […] [Read More]

Demonstrating what executives involved are calling leadership and commitment to independent dealers and buy-here, pay-here operators, Cox Automotive expanded its partnership with the National Independent Automobile Dealers Association on Thursday through NIADA’s National Corporate Partner program. Seven Cox Automotive brands — including for the first time, Manheim— have been designated as National Corporate Partners for […] [Read More]

While showing some lift when only considering the March data on a sequential comparison, the pace at which bankruptcy filings are declining continued to slow during the first quarter, according to data shared by the American Bankruptcy Institute this week. Data provided by Epiq Systems showed total U.S. bankruptcy filings fell 5 percent in the […] [Read More]

Cox Automotive chief economist Tom Webb looked to quell any negative reactions because wholesale used-vehicle prices declined again in March, marking the third consecutive drop. The streak left the Manheim Used Vehicle Value Index — a measure of wholesale prices adjusted for mix, mileage and season — at a reading of 122.5 in March, representing […] [Read More]