Thanks to a partnership between AuctionACCESS and wholesale floor planning software provider Sword Apak, the lending partners in Sword Apak’s network are now included in the AuctionACCESS floor plan system. This means that current floor plan availability of lenders in the Sword Apak network can be transmitted to all AuctionACCESS auctions. Additionally, floor plan transactions […] [Read More]

To finalize the civil action with the multiple federal agencies connected with the faulty ignition switch recall, General Motors has one week to transfer $900 million into U.S. coffers. The settlement announced on Thursday also detailed federal investigator findings of how the OEM “actively concealed the truth” about those faulty ignitions in six discontinued models […] [Read More]

New data from Equifax Canada’s Q2 National Consumer Credit Trends Report showed that demand for new credit is strongest in the auto sector, and is growing everywhere except Quebec. The report also found that Canadians are still adding on debt, but at a slower rate seen in past quarters. According to the report, total consumer […] [Read More]

Perhaps underwriting standards aren’t quite as relaxed now as they might have a been a few quarters ago, but Fitch Ratings still is expecting to see “new entrants” into subprime auto financing during the near term. Along with touching on subprime, Fitch’s latest auto loan asset quality report highlighted a pair of other auto financing […] [Read More]

On Saturday, Mercedes-Benz Canada broke ground on its third store in Calgary. The McManes Automotive Group will be continuing its expansion with the new store, Mercedes-Benz Country Hills. This store adds to a list of construction projects the auto group currently has in the works, including new Chrysler Dodge Jeep Ram Fiat, Kia and Hyundai stores. This […] [Read More]

Two huge names in the vehicle leasing business in Canada have joined forces. Groupe Park Avenue announced this week a joint venture partnership with Vancouver-based fleet management company Jim Pattison Lease. Through the new partnership Jim Pattison will become a lead partner in Montreal-Based Location Group Park Avenue, which is one of the largest in-house […] [Read More]

After 25-plus years as an auction general manager, one thing never changes, and that is the ongoing discussion of lane location and run position. In 1995, Manheim honored me with a “Big Idea Award” for creating an incremental cost factor for “perceived” better run placement that I labeled “Prime Time.” Has life changed in 20 […] [Read More]

DealerSocket found that more than half of surveyed dealers for its inaugural Independent Dealership Action Report cited inventory acquisition and access to capital as the top problems facing their business this year. On Wednesday, DealerSocket director of product marketing Marylou Hastert explained a primary reason why those two problems surfaced through a preview of this report, […] [Read More]

Avis Budget Group announced upcoming executive shifts within the company, including a new addition to the company’s board of directors and a succession plan for the role of chief executive officer. Effective Oct. 1, Larry D. De Shon, will become Avis Budget's president and chief operating officer as well as become an official member of the company’s […] [Read More]

Automotive reconditioning company Dent Wizard International has promoted a new regional business development manager in the Mid-South area. Announced Wednesday, Scott Stoner has been added to the company’s team as its Mid-South regional business development manager, and will work from his office in St. Louis. Stoner will be responsible for managing and expanding Dent Wizard’s […] [Read More]