Cox Automotive chief economist Tom Webb is confident the used-vehicle industry will eventually surpass the all-time sales record sometime in the coming years; a feat that would require eclipsing the mark of 44.14 million units CNW Research indicated was established 10 years ago. But a return of double-digit margins for dealers on those used-vehicle turns? […] [Read More]

In updating a move the company first discussed this past Tuesday, Copart announced the final results of its modified “Dutch Auction” tender offer three days later. Based on the final count by the depositary for the tender offer, Copart accepted for payment an aggregate of 6,254,061 shares of its common stock at a purchase price […] [Read More]

Though prices in the lanes still remained higher than the first days of summer last year, used-vehicle rates still experienced a significant downturn in June. According to the June edition of Kontos Kommentary, wholesale prices were down 2.5 percent from May, but up 2.4 percent year-over-year.  ADESA chief economist Tom Kontos reported the average price for […] [Read More]

Cox Automotive chief economist Tom Webb didn’t reference the Federal Reserve’s revamped consumer credit report that includes more details about auto financing when he conducted his quarterly conference call this week. But the metrics the Fed reported probably didn’t provide Webb with much evidence to alter his assessment about lengthening new-vehicle installment contracts. The Fed […] [Read More]

Western Funding closed the first half of the year with the biggest origination month in company history, fueling plans to grow its footprint and workforce. Western Funding — a specialized subprime automotive finance company and subsidiary of Westlake Financial Services — reported that it funded 906 deals in June for $11.2 million worth of contracts. […] [Read More]

The National Automotive Finance Association established the next in-person session to create another cohort enrolled in its Consumer Credit Compliance Certification program. The NAF Association will host the opening module of the four-part training endeavor at the Irvine Marriott in Irvine, Calif., on Sept. 15-16. After two days of classroom style learning in Irvine to […] [Read More]

In moves that became effective July 1, Toyota Financial Services announced on Thursday that Mike Groff, president and chief executive officer of TFS USA, was appointed to be CEO of the Toyota Financial Services Americas Region.  The captive indicated Groff — who first joined Toyota in 1983 — will now oversee TFS operations in the […] [Read More]

Very soon, TrueCar and AutoNation will no longer be partners. The business relationship between the car-buying and selling platform and the nation’s largest publicly traded dealership group is ending July 31. According to multiple news outlets, including Automotive News and the Wall Street Journal, AutoNation decided to part ways with TrueCar due to contract squabbles over […] [Read More]

Wholesale price movement this past month didn’t follow the expected seasonal trends in the lanes, instead spiking by almost 1 percent. The ADESA Canada Used Vehicle Price Index, powered by ALG, has been updated and shows the index rose after being adjusted for seasonality. Specifically, auction prices increased by an average of 0.8 percent from […] [Read More]

Pushed by growing pre-owned demand and a couple of market conditions making it ripe for consumers to go shopping, used-car sales in the first half of 2015 climbed above 18 million units and beat the year-ago pace by 1.3 percent. That’s according to a recap released Thursday by the National Automobile Dealers Association, which said […] [Read More]