Equifax deputy chief economist Dennis Carlson used imagery of the plumbing that might be in your home to describe the industry surpassing $1 trillion in outstanding auto loan balances in June. The credit bureau’s data showed total outstanding balances on vehicle installment contracts and leases increased 10.5 percent year-over-year to come in at $1.021 trillion […] [Read More]

Vero Products — a provider of in vehicle after-market solutions and services and a division of CU Direct — acquired Fidelis PPM this week to form a new company focused on pre-paid maintenance (PPM). As a result of the acquisition, officials highlighted that Vero and Fidelis PPM formed DRIV Technologies to provide the dealers with […] [Read More]

According to a national survey commissioned by Carvana, consumers still are uninformed about the total costs associated with the interest rate connected to their vehicle installment contract. Carvana — a completely online vehicle retailer backed by DriveTime and launched two years ago — found that 71 percent of consumers who have ever taken out an […] [Read More]

As new-car sales aren’t experiencing the usual summer slump, lease approvals are on the way up as well as we approach August. According to lease marketplace Swapalease.com, lease credit approvals experienced a “healthy rebound” from June levels this month. Lease approvals are up 3.5 percent from June to an overall approval rate of 72 percent, […] [Read More]

Barrett-Jackson highlighted what the company called an exciting docket of custom vehicles is coming together for its next event, the third annual Hot August Nights Auction, which will be held Aug. 6-8 at the Reno-Sparks Convention Center in Reno, Nev. Among the most anticipated consignments is a collection of Fords including the 1936 Ford Custom […] [Read More]

In findings that should catch the attention of used-vehicle departments, too, a monthly analysis developed jointly by J.D. Power and DealerRater showed a majority of new-vehicle buyers in the United States indicate that it should take no more than two hours to complete a vehicle purchase from the time they walk into the dealer showroom. […] [Read More]

Calling the integration of DCH Auto “ahead of expectations,” Lithia Motors modified its earnings guidance and hinted at where the dealer group might expand next because of the successes of bringing those other 27 stores into its portfolio. Lithia chief executive officer Bryan DeBoer acknowledged that the company originally expected to realize synergies from the […] [Read More]

The National Automobile Dealers Association announced today its fierce opposition of an amendment potentially headed for the Senate floor this week that would prohibit the retail sale of used vehicles with an open recall. The NADA as well as the American International Automobile Dealers Association and the National Association of Minority Automobile Dealers sent a […] [Read More]

While car values depreciated at twice the rate of truck values last week, this may seem like old news — but one new trend is now showing up on analysts' radar. It’s not just the smaller cars feeling heavier depreciation as market correction from tax season highs, mid-size and larger cars are feeling downward pressure, […] [Read More]

Imagine what would happen if dealers could only offer a fraction for their customer's trade-ins, or could not even send the trade-in vehicle to auction. This could be a dark reality if the Sen. Richard Blumenthal (D-Conn.) used car amendment, which would ground all recalled vehicles at dealerships until remedied, is passed. When a food […] [Read More]