A West Virginia franchised dealer group again found itself involved in a regulatory matter with the Federal Trade Commission. Ramey Motors recently agreed to pay an $80,000 civil penalty to settle a lawsuit the FTC brought last year. The FTC recapped that it charged Ramey Motors with violating the terms of a 2012 consent order […] [Read More]

Consumer Portfolio Services recently closed its third term securitization of the year. The company pointed out the transaction is CPS’ 18th senior subordinate securitization since the beginning of 2011 and the first securitization to receive a triple-A rating on the senior class of notes from two rating agencies. In the transaction, qualified institutional buyers purchased […] [Read More]

GWC Warranty bolstered its offerings of vehicle service contracts and related finance and insurance products by recently introducing a new 5-year, 100,000-mile used model coverage term length and a Service Lane product. Based on input from dealers across the country, GWC Warranty highlighted the new 5-year, 100,000-mile coverage term is available on select used vehicle […] [Read More]

Greg Levi is returning to Columbus Fair Auto Auction as a member of its leadership team. It was announced today that Levi has been chosen as the auction’s new chief operating officer. CFAA management explained Levi will be directing the business’s growth of its 11-lane Wednesday sales, and will be in charge of managing the […] [Read More]

A new era for how the wholesale industry will gather annually for its largest event is just a year away from dawning. The National Auto Auction Association is gathering for its annual convention this week in Orlando, Fla. But next year, the event will be a part of the National Remarketing Conference during Used Car Week […] [Read More]

If you look at the cars sold via Auction Edge, more than 93 include a photograph. Meanwhile, roughly 63 percent include a condition report. That gap shown in these statistics — provided during an Auction Edge presentation at the Digital Managers Session of the Auction Academy near Chicago this summer — doesn’t necessarily mean, however, […] [Read More]

It is late summer 1995 in New York. Meeting in the singles finals of the U.S Open tennis tournament are, arguably, some of the generation’s greatest stars: Pete Sampras beating Andre Agassi in the men’s final, Steffi Graf defeating Monica Seles in the women’s. What, you might ask, does that have to do with remarketing? […] [Read More]

Say you’re a consignor and you have run a vehicle through the auction lane, and it doesn’t sell. According to a new white paper released today by Manheim, if you post that no-sale car on the company’s OVE platform instead of re-running it through the auction lane, it is likely to generate a higher percentage […] [Read More]

The United States Environmental Protection Agency today issued a notice of violation of the Clean Air Act to Volkswagen AG, Audi AG and Volkswagen Group of America, alleging that five of its diesel-powered vehicles include “defeat device” software that circumvents EPA emissions standards for certain air pollutants. Separately, the California Air Resources Board issued an […] [Read More]

Veteran salespeople might remember how the process unfolded 25 years ago when a friend of a friend suggested the buyer go to a certain dealership. Then, shoppers looked over printed vehicle brochures, walked the lot with store personnel and spent the better part of the day finalizing the delivery. Well for today’s dealership customers who might have […] [Read More]