About 14 months ago, the merger of Flagship Credit Acceptance and CarFinance Capital became finalized, leaving Michael Ritter as the chief executive officer of the finance company that specializes in filling its portfolio with subprime paper. During that span, Flagship Credit Acceptance navigated through all the changes to write what Ritter called “a remarkable story.” […] [Read More]

In a trio of moves first reported by Cliff Banks of The Banks Report and later confirmed by Auto Remarketing, Cox Automotive has created a chief operating officer position and has named Mark O’Neil to the position. In addition to announcing the COO move, Cox Automotive said Thursday that Keith Jezek will become president of […] [Read More]

The Big 3 increased certified pre-owned sales by 1.6 percent year-over-year in February, moving 77,734 certified units, according to Autodata Corp. Year-to-date, the Big 3 is down 1.5 percent with 147,038 sales. Meanwhile, Asian brands sold 99,249 CPO vehicles for the month and were up 14.7 percent. Through February, they are up 8.4 percent with […] [Read More]

Canada-based automotive technology company Selectbidder has recently penned a partnership with one of California’s largest independent auctions: North Hollywood’s own All Valley Dealers Auto Auction. AVDA Auction plans to use Selectbidder’s platform to manage real-time bids between its network of dealers for their respective trade-ins. “This new technology is important to our business,” said Victor […] [Read More]

Buy-here, pay-here dealership capital provider Ace Motor Acceptance Corp. recently announced the expansion of its footprint of where the company provides services. Ace Motor Acceptance now can work with operators in Texas and Mississippi. After experiencing growth of more than 50 percent in 2015, AMAC decided the time was right to expand into these new states. […] [Read More]

Along with authorizing a share repurchase on Thursday, Lithia Motors’ board of directors appointed a new member who officially came into the fold this week. Joining the dealer group’s leadership team is David Robino, who will serve as an independent director. Robino began his management career with Maytag and at Pepsi-Cola and worked as senior […] [Read More]

February brought with it certified pre-owned sales growth and a few records for some of Canada's luxury automakers. First off, the Mercedes-Benz Pre-Owned division, which includes CPO sales, posted record-breaking gains of 14.2 percent, delivering 1,045 used vehicles. CPO sales, in particular, also reached an all-time high of 817 units sold for 78.2 percent of […] [Read More]

Experian Automotive determined that the average amount financed and the average monthly payment for a new vehicle continued to climb, breaking the previous records on file. According to its latest State of the Automotive Finance Market report released on Thursday, the average amount financed for a new vehicle in Q4 2015 was $29,551, up $1,170 […] [Read More]

ADESA, a business unit of KAR Auction Services, announced today it has promoted a new chief client officer for ADESA Canada. Chosen for the position is Lisa Scott, who was most recently senior vice president of sales, marketing and operations at ADESA Canada. In her new role, she will be responsible for all efforts to […] [Read More]

Toyota Motor Sales USA announced Wednesday it is expanding two of its previous recalls involving Takata-sourced front-passenger airbag inflators. The recall expansion adds model years of certain vehicles that were already previously recalled and will include all remaining dual-stage front-passenger airbag inflators of a particular type as a precautionary measure. According to Toyota, the expanded […] [Read More]