Scotiabank released its Global Auto Report this week, highlighting a record sales month in Canada for the month of May. Carlos Gomes, the senior economist and auto industry specialist at Scotiabank, summarized May’s achievement. “Sales in Canada set a record for the month of May, fueled by a 20 percent year-over-year surge in the purchases […] [Read More]

The first half of 2015 is now complete, and for most buy-here, pay-here dealers it has been extremely challenging. Competition from credit unions and franchised dealers, together with large subprime asset-backed auto finance securitizations, have reduced the market share of independent BHPH dealers. In addition, it has become more difficult for dealers to attract and […] [Read More]

Asbury Automotive Group announced Tuesday its expansion in the Florida market via its acquisition of Mike Davidson Ford in Jacksonville. The dealership, which generates approximately $90 million in revenues annually, will be rebranded as Coggin Ford to join the Coggin Honda and Nissan that Asbury owns in the nearby vicinity. The new addition brings Asbury's […] [Read More]

Leasing’s resurgence and market impact doesn’t look like it will end any time soon. Ironically, however, it appears to be making more noise in the truck market and among mainstream brands than their car and luxury counterparts.   Relatively speaking, of course. “Leasing’s influence on industry sales shows no sign of relenting; it made up […] [Read More]

It took just 35 days for J.D. Power to complete its acquisition of NADA Used Car Guide. Officials highlighted on Wednesday the acquisition first announced on May 28 culminates an investment to bring together the advanced analytics of new- and used-vehicle retail sales and pricing data within the Power Information Network (PIN) from J.D. Power […] [Read More]

Reconditioning: for a dealership in the preowned space, it is arguably one of the more complex processes between the acquisition of a vehicle and its retail sale. Whom am I targeting with the sale of this vehicle? What needs to be fixed? What is worth fixing? These are all important questions — questions you may […] [Read More]

All of those vehicle installment contracts with terms of 72 months or longer are prompting one of the top federal regulators of commercial banks to keep a close eye on auto financing. The latest report from the Office of the Comptroller of the Currency indicated that agency officials continue “to closely monitor underwriting practices and […] [Read More]

OnlineBKmanager.com released findings of a study comparing the company’s exclusive daily lead program to its weekly program. The marketing provider’s study indicated the automotive bankruptcy market is consistent throughout the United States. The company noted dealers in small, medium and large markets are all experiencing a noticeable increase in sales when marketing to consumers who […] [Read More]

During the recent National Independent Automobile Dealers Convention, Equifax expanded its partnership with 700 Credit to offer dealers a more advanced level of income and employment verification capabilities. Officials recapped that Equifax income and employment solutions are powered by The Work Number, a Fair Credit Reporting Act (FCRA) compliant database.  The Work Number can provide payroll-direct […] [Read More]

On Wednesday, NextGear Capital appointed an executive with more than 25 years of industry experience to be its vice president of credit. Taking on this role is Patrick Inks, who will be responsible for the quality and consistency of our underwriting and credit processes to drive profit and risk balance. "NextGear Capital continues to grow […] [Read More]