Frank Fuzy has officially started his term as the 2015–2016 president of the National Independent Automobile Dealers Association. The co-owner of Century Motors of South Florida addressed attendees of the association’s convention last week during the National Leadership Awards Banquet on Wednesday. One of Fuzy’s big goals is boosting membership numbers, he said, noting that NIADA […] [Read More]

Dealers should expect a sharp increase in late-model used-vehicle supplies along with significant decreases in used-vehicle values over the next couple of years.                                       That’s according to the National Automobile Dealers Association, which hosted its Economic Quarterly press briefing on Monday […] [Read More]

Sporty cars have been hot models for a while now since the weather turned, but models from one brand in particular are in heavy demand and short supply. According to the May installation of Autotrader’s late-model and CPO scarcity reports, used sporty Subaru models are “hot with car shoppers, but hard to find.” Since spring […] [Read More]

Toronto-based Element Financial Corp. announced today that it is purchasing GE Capital’s remaining fleet operations in the U.S. and Mexico, and Australia and New Zealand — an all-cash deal worth $8.6 million in Canadian dollars. Element had previously acquired the Canadian operations of GE Capital’s North American fleet management business in June of 2013. “Adding […] [Read More]

FNI Inc. president David Bafumo focused his latest industry recommendations by plucking relevant material pertaining to add-on products out of the 54-page addition to the Supervisory and Examination Manual the Consumer Financial Protection Bureau released when it established its final “larger participant” rule earlier this month. Bafumo broke down the CFPB’s latest regulatory offerings that […] [Read More]

BillingTree once again successfully passed the PCI Security Standards Council audit, which this year came under the new PCI 3.0 standards. The company highlighted the new PCI-DSS is designed with an increased focus on operational standards, security and training to provide greater clarity, flexibility and ease of implementation for vendors. Management emphasized the latest announcement […] [Read More]

CIVC Partners, a Chicago-based private investment firm, recently announced that its portfolio company, Honor Finance, established a new funding facility with Wells Fargo Securities. Officials highlighted this new facility provides a “substantial” increase in funding capacity to support the continuing successful expansion of the specialty auto finance company that operates out of Evanston, Ill. The […] [Read More]

Auction Broadcasting Co. announced the purchase of its eighth auction facility on Friday. Broadening its presence in the Southeast that already includes auctions in Louisiana, Alabama and Kentucky, ABC Auto Auctions bought Tidewater Auto Auction in Virginia Beach, Va. In a message to Auto Remarketing, ABC president Jason Hockett indicated the name of this new […] [Read More]

Though diesel vehicles might not be the easiest sell these days, the latest results from Vincentric’s first Canadian Diesel Analysis might give dealers some talking points when trying to convince shoppers of the benefits of these units. According to the results of the analysis released today, the company found that 12 out of 34 diesel […] [Read More]

After quite a strong May for used-vehicle sales (at least among franchised dealers), how is June shaping up? That’s the question a couple industry observers are looking at as the month winds down. Edmunds.com is estimating June used-car sales (across all channels: franchised and independent dealers, plus private-party figures) will reach 2.98 million. This would […] [Read More]