Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services, announced the acquisition of a $5.9 million bulk auto-loan portfolio from a financial institution in Tyler, Texas. Officials highlighted the portfolio consists of more than 750 contracts from two buy-here, pay-here dealerships located in Houston. The average balance per contract computed to be […] [Read More]

NextGear Capital UK has opened NextGear House, a new and significantly larger office located next to the company’s former headquarters in Chester. The move comes as a result of rapid business growth since the company opened its UK headquarters in 2014. The UK business has a customer base of nearly 1,000 used vehicle dealers, which […] [Read More]

Sporty cars saw the highest depreciation among cars last week at 1.45 percent, according to Black Book’s latest Market Insights report. All other car segments tracked by Black Book stayed under the 1 percent mark last week. “The sporty car segment declined the most, following typical seasonal patterns as summer draws to a close,” said […] [Read More]

As more off-lease vehicles hit the wholesale market, dealers and finance companies are likely to be challenged to find buyers who will purchase these potentially certified pre-owned units even as CPO sales continue to set records. In an effort to help the industry consider another option — used-vehicle leasing — Black Book released a white […] [Read More]

Lithia Motors has expanded its East Coast operations, announcing Tuesday that it acquired the nine-store Carbone Auto Group that operates in New York and Vermont. Carbone generates an estimated $600 million in annual revenues through an exclusive market strategy, Lithia said, noting in the news release that Carbone gives the group a foundation to expand […] [Read More]

KosLo — an online service that lets consumers request vehicles, with participating dealers then bidding for their business — said Monday it has integrated Dealertrack’s Digital Retailing solution within its website. The company said this will allow consumers to calculate realistic payments online and apply for financing from any device. It also brings a new audience to […] [Read More]

Copart has launched its first location and online auction in Germany, the company announced Monday. The car storage and auction location is in Bad Fallingbostel, near Hanover. “This is an incredible milestone for Copart. We are now offering the full Copart model to the German market, the 10th country in which our model has been […] [Read More]

New research from Carfax indicates a sizable number of previously flooded vehicles are on the road or up for sale in the U.S. More than 271,000 cars reported as flood damaged by a state’s department of motor vehicles, insurance companies or other entities are back in use. That’s a nearly 30-percent increase from 2013, Carfax said. […] [Read More]

EFG Companies and the National Association of Minority Automobile Dealers (NAMAD) announced that Northwood University students Norma Benavides and Isabelle Daoud have received the annual NAMAD Private Donor Scholarship. EFG Companies, NAMAD and Northwood created the scholarship in 2015 to better enable bright, young minds to lead the automotive industry as it continues to evolve […] [Read More]

Thanks to the approval of an additional $10,000 by the National Auto Auction Association’s executive committee, the 2016 NAAA Auto Auction of the Year winner will receive a total of $25,000. The four chapter auction winners receive $5,000 each for the regional win, and the final auto auction champion for 2016 will be announced and […] [Read More]