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]

ADESA has named Paul Lips its chief operating officer for the U.S. He is being promoted from his current role as executive vice president of operations and finance. This move coincides with a new structure for ADESA’s auction groups. In the new post, Lips will head up the entire U.S. auction operations group for ADESA, […] [Read More]

You can expect 3.1 million off-lease units to hit the market this year, which is 800,000 more than there were in 2015, according to a data in a presentation from NADA Used Car Guide at last week’s NADA Convention & Expo. This is expected to drive late-model supply to 13.4 million units this year, which […] [Read More]

Moody’s Investors Service not only spotted the trend but pinpointed seven different finance companies that might be causing the softening performances in U.S. subprime auto asset-backed securities during the past few years. Analysts indicated in a report released on Thursday that a growing number of transactions from smaller finance companies that cater to weaker-credit borrowers — […] [Read More]

Full-size vehicles and sports cars told the Canadian used-car price story in March. These segments, up 56.6 points and 33 points respectively, were the drivers of the Manheim Canada Used Vehicle Value Index for the month, the company said in a statement. Overall, the index was up close to 4 percentage points from February, with […] [Read More]

It’s not just that millennials in Canada are dissatisfied with the car-shopping process (and they are, by the way). Based on the findings of a CarGurus study, they almost seem disinterested in the dealership experience, altogether. In fact, less than a fifth (19 percent) of 18- to 29-year-old Canadian car shoppers put a big emphasis […] [Read More]