General Motors Financial previously discussed how its subprime exposure would be declining as the finance company continues its strategy pivot to prime paper as the parent automaker’s captive provider. The company’s second-quarter financial statement reinforced the approach as GM Financial reported that it originated $1.614 billion in subprime contracts during Q2 — deals with consumers with […] [Read More]

Just ahead of when it rolled past five years of operation, the Consumer Financial Protection Bureau made three leadership changes involving the associate director for supervision, enforcement, and fair lending; the principal deputy general counsel; and the deputy chief operating officer. “I am very pleased to announce the changes to senior leadership positions at the […] [Read More]

Tom Stewart and Richard Curtis keep adding to the client roster of their new business development consulting firm, Auction Management Solutions (AMS). The newest partner to come aboard is Southeastern Auto Auction in Savannah, Ga. “Our auction is in its 20th year of operation,” Southeastern Auto Auction vice president of operations Bill McCready said. “Recently, […] [Read More]

Auction values for used 1- to 3-year-old vehicles declined 3.6 percent, or about $671, in the second quarter, according to analysts at Kelley Blue Book. The average used-car value at the end of the second quarter finished just 1.5 percent, or $272, lower than it did at this time last year. Year to date, the average […] [Read More]

Two ServNet members — Bel Air Auto Auction and DAA Seattle — each highlighted new developments happening at their operations this summer. BSC America president R. Charles Nichols announced that industry veteran Tommy Rogers has joined Bel Air Auto Auction as general manager of its Clayton Station Auction Center. As part of the BSC America management […] [Read More]

FordDirect chief operating officer Valerie Fuller will be stepping down Sept. 1 to pursue other opportunities, the company said Friday. Chief executive officer Mike Jurecki announced the news in a press release, thanking Fuller for her leadership of the company, which included serving as interim CEO for the first half of this year and 11 years […] [Read More]

This week, a broad coalition of business groups involved in the making, selling, servicing, financing and auctioning of vehicles urged Congress to support Senate legislation to preserve a consumer's ability to get discounted auto financing at the dealership. In a letter to U.S. senators, the group of nine trade associations — including four organizations that participate […] [Read More]

A record 9.7 million vehicles will likely be sold at auction this year, with 10 million sales expected next year, according to National Auto Auction Association chief economist Ira Silver. The previous record (9.6 million) was set in 2004. “What’s the major driver there is the commercial consignment,” Silver said during a webinar Thursday. “Because dealer consignment […] [Read More]

For dealers who couldn’t make it to Las Vegas for the national events orchestrated by the National Alliance of Buy-Here, Pay-Here Dealers or the National Independent Automobile Dealers Association earlier this year, DealerSocket is going on a road trip to seven states to participate in more dealer events to showcase its soon-to-be released solutions. DealerSocket […] [Read More]

Alliance Inspection Management (AiM), a national independent third-party inspection company, has hired Scott Reedus as the national sales director for major dealer group accounts. Reedus will lead and oversee AiM’s sales growth and retention within major dealer groups, focusing on developing and fostering relationships with current and potential clients to maintain and grow revenue in […] [Read More]