One of the most noteworthy executives ever to participate in subprime auto financing has retired. Credit Acceptance announced late on Wednesday afternoon that founder Donald Foss, who most recently served as the company’s chairman, has decided to retire as an officer and director effective Tuesday. The company indicated the board has no present intention to […] [Read More]

On Wednesday, Copart announced the addition of its first location in Wyoming and fourth in Colorado, along with the expansion of its Springfield, Mo., location. "We have been expanding and adding new locations throughout the United States this year, and we are pleased to add Wyoming as our 46th state in which we are operating," Copart […] [Read More]

The average 12-month depreciation for vehicles from the 2011-2015 model years was 17.3 percent last year, according to Black Book, which said depreciation rates began to stabilize at the close of 2016. Twelve-month depreciation for car segments was at 20 percent, with truck segments averaging 15.5 percent. In the final month of the year, overall […] [Read More]

In light of the Consumer Financial Protection Bureau indicating an interest in looking at how repossession agencies charge consumers for items such as vehicle storage and personal property, Vendor Transparency Solutions (VTS) contends mistakes can lead to investigations, financial penalties or worse actions. So to help agents get going on the right foot this year, […] [Read More]

In an action one of the credit bureaus acknowledged through a filing with the Securities and Exchange Commission, the Consumer Financial Protection Bureau confirmed on Tuesday that it took action against Equifax, TransUnion and their subsidiaries for what they regulator deemed to be “deceiving consumers” about the usefulness and actual cost of credit scores they […] [Read More]

Before the year closed, Reynolds and Reynolds added to its collection of libraries of standardized, legally reviewed finance and insurance (F&I) documents for dealers while a subprime finance company serving the Midwest — U Drive Acceptance — moved into new offices. Furthermore, FICO is looking to help finance companies begin 2017 successfully by dissecting alternative […] [Read More]

AutoNation announced on Wednesday that it's begining the year by hosting a coast to coast all-day hiring event on Tuesday in 15 cities. There are thousands of sales and service positions available at all stores and service centers, according to AutoNation. Store management will be present at each city’s hiring event and offers will be extended to […] [Read More]

Nearly a year after doubling the floor plan credit line for online retailer Carvana, Ally Financial announced a new agreement with the company on Wednesday where the finance company will make up to $600 million available to Carvana during the next 12 months through financing and bulk purchases of contracts. Tim Russi, president of auto […] [Read More]

Dominion Dealer Solutions announced on Tuesday that its full-featured dealer management system, Dominion ACCESS has integrated with FCA USA’s wiADVISOR, a device powered by Dealer-FX. “We are pleased to be the pilot DMS for Dealer-FX’s new API. It will give our Chrysler dealers the service write-up tools they need to maximize every opportunity on the […] [Read More]

Auction Academy, a continuing education program developed by TPC Management Co. for professionals in the auto auction industry, reports that it closed the year graduating its fourth class, and hosting the last session of its recently expanded annual Seminar Series. “In planning both our two-year Program and the shorter focused Seminar Series, we continue to cover topics that […] [Read More]