Fitch Ratings recently published an updated asset-backed sector specific criteria report. Analysts indicated there have been no “material” changes from the previous version, so therefore Fitch expects no impact on outstanding ratings. The firm noted this report updates and replaces the prior criteria report with titled, Rating Criteria for U.S. Auto Loan ABS, dated April […] [Read More]

A new national survey finding that teen drivers lack basic knowledge about auto financing and total vehicle ownership costs sparked Junior Achievement USA and American Honda Finance Corp. to create a new website. The national survey orchestrated by Junior Achievement included 500 drivers who were age 16 or 17. Officials determined new drivers would benefit […] [Read More]

The chief executive of Morrie’s Automotive Group and a private holdings company are set to buy the dealership group. Under the agreement, Morrie’s CEO Karl Schmidt and Fremont Private Holdings would acquire all of the dealership group’s stores, body shops and related real estate from founder and current owner Morrie Wagener. Pending manufacturer approval, the […] [Read More]

Insurance product company Assurant Specialty Property announced Friday it has teamed up with Cox Automotive’s Flexdrive, an on-demand car program. Assurant will now be providing insurance coverage for vehicles in the Flexdrive program, which is currently available in Atlanta, Dallas, Austin and Nashville. “This means drivers in these areas have worry-free access to a car […] [Read More]

What cars do owners hold onto the longest? Besides the fact that vehicles are lasting longer today than ever before, this is a valuable question — a question whose answer could potentially increase service revenues and make valuable trade-in prospects. iSeeCars.com took a look at over 395,000 used cars from model year 2005, sold by […] [Read More]

A New York dealer group that operates two franchised stores and an independent lot in the Big Apple filed a civil lawsuit against Autotrader, seeking more than $1.5 million in restitution. According to the complaint obtained by Auto Remarketing on Friday, B&Z Auto Enterprises made allegations of false advertising, fraud, negligent misrepresentation, unjust enrichment, unfair […] [Read More]

MetroGistics announced Thursday that its 4th Annual Monster Mash Halloween costume party fundraiser on Oct. 3 netted nearly $15,500 for two nearby charities. Hosted in the Soulard Preservation Hall in St. Louis, the event raised funds for the Humane Society of St. Clair County, Mich., and Helping Strays, the Human Society of Monroe County, Ill. […] [Read More]

Users of both AutoManager’s suite of solutions and data from NADA Used Car Guide will now be able to access the latter across three of AutoManager’s offerings. Previously only available in the DeskManager DMS software, users can now utilize the NADA UCG data in AutoManager’s mobile app as well as via its WebManager marketing platform. The […] [Read More]

Consumer Portfolio Services chairman and chief executive officer Brad Bradley explained why the company’s noticeable rise in delinquencies stems from adjustments in collection practices that federal regulators forced the company to make. To recap, back in May of last year, CPS reached a $5.5 million settlement with the Federal Trade Commission to squash charges that […] [Read More]

Executives from 700Credit, a provider of credit reporting, prescreen data and compliance products and services, highlighted that their information now is integrated with DeskManager, AutoManager’s DMS software product. The companies explained this comprehensive tool is geared to help users manage potential customer credit inquiries while ensuring dealerships are ahead of industry compliance trends. The system […] [Read More]