The Ontario Motor Vehicle Industry Council announced this week it has revoked a Toronto dealer’s license and fined an associated salesperson. The dealership, 1716114 Ontario Ltd. operating as Your Car Auto Finance (YCAF) and its sole officer and director, Derek Booth, have had their licenses revoked. The ruling came after OMVIC issued a Proposal to […] [Read More]

Wholesale prices are still way above pre-recession rates due to short supply, but seasonality may provide some relief for dealers this summer looking to stock up on inventory. Car and truck segments across the board took a depreciation hit in May. This is “in line with expected seasonality,” said Geoff Helby, ALG Canada regional director, […] [Read More]

While a portion of the commercial segment made a jump, the American Bankruptcy Institute reported total filings in the United States decreased 19 percent year-over-year in May. According to data provided by Epiq Systems, bankruptcy filings totaled 69,286 last month, down from the year-ago figure of 85,711. Officials noticed May’s consumer filings also declined 19 […] [Read More]

Used-vehicle dealers in Canada are well aware of the ongoing supply issue. It’s certainly not impossible to stock your lots with used inventory, but the opportunities may require a bit of a change in strategy than have been typical in recent history. We reached out to Michael Wyant, the general sales manager of the Vaughn […] [Read More]

The top-selling used car at CarMax remains the same, with the Nissan Altima collecting that honor for two consecutive years now, and four of the five best-sellers are import-brand vehicles. But domestics have made some big plays in the pre-owned space, based on numbers in CarMax’s 2015 Used Car Shopping Report, which looked at more […] [Read More]

Phone strategy recommendations based on the company’s latest sales appointment data as well as a service drive product enhancement offered by DealerSocket all coincide with the aggressive plan to cater to dealers that chief executive officer Jonathan Ord has. In sharing that DealerSocket is actively pursuing more acquisitions, Ord explained the various ways DealerSocket is […] [Read More]

In a recent report posted to its website, Cars.com observed a retail used-car pricing trend similar to what has happened on the wholesale side of the market: prices on fuel-efficient and alternative-powertrain cars remain among the steepest decliners. In fact, the company’s analysis of 2012- to 2014-model-year used-car listings posted to the site found that the […] [Read More]

ADESA announced that it has made several enhancements to the ADESA.com website. “Our team is constantly evaluating our online offerings and communicating with our customers about their experience,” said Stéphane St-Hilaire, the company’s president and chief executive officer. “We utilize this feedback to continuously develop and implement creative solutions that streamline and enhance user experience […] [Read More]

Dealer review website DealerRater has announced a solution for automakers, dealers and consumers to assist in completing recalls.                “NHTSA is starting to crack down on manufacturers for delaying recalls and is aiming for 100-percent recall completion rates,” said Gary Tucker, DealerRater’s chief executive officer. “A higher volume of recalls […] [Read More]

What the Consumer Financial Protection Bureau officially will consider to be a “larger participant” in the auto finance market took another significant step forward today. The CFPB published a rule that will allow the agency to supervise larger nonbank auto finance companies for the first time. The CFPB also released the examination procedures that regulators […] [Read More]