In the latest development to this story, ServNet announced Wednesday afternoon that it has also decided not to participate in the remarketing industry’s currently proposed Multiplatform Bidding System initiative (MPS). ServNet president Patty Stanley said in the company’s statement: “ServNet’s Board has spent countless hours over the past two years working with major industry partners attempting to […] [Read More]

Dent Wizard International announced Tuesday that it has added Smart Claims from Ding Shield, an application designed to allow dealership customer service personnel or customers themselves to file and follow Ding Shield claims electronically. Ding Shield, a service plan that covers small to medium area repair techniques (SMART) and paintless dent repair (PDR), utilizes Smart […] [Read More]

Lithia Motors hosted its quarterly conference call on Wednesday to outline its end-of-year results for 2014. The overall highlights were led by the highest fourth-quarter and full-year adjusted net income in Lithia history as well as a 75-percent increase in fourth-quarter revenue from continuing operations compared to 2013. In the used market, the upward trend was […] [Read More]

Federal officials said Wednesday that Santander Consumer USA has agreed to pay at least $9.35 million to resolve a lawsuit by the Department of Justice alleging that the finance company violated the Servicemembers Civil Relief Act (SCRA) in connection with vehicle repossessions. The Justice Department indicated the complaint and the settlement, which is subject to […] [Read More]

Though used-car prices fell slightly last month and most vehicle segments saw month-over-month declines, minivans continued to see impressive price increases. According to the latest RVI Market Update, the RVI Used-Vehicle Price Index fell by 4 percent from December, while minivans saw an 8-percent rise in residual values during the same time period. This was […] [Read More]

Along with describing how much millennials are fueling the ongoing auto finance resurgence, TransUnion’s latest report showed just a marginal uptick in subprime delinquency rates. TransUnion pegged the year-over-year subprime delinquency movement in the fourth quarter going from 5.72 percent to 5.92 percent. “Access to credit is expanding for American consumers, especially in the non-prime […] [Read More]

DriverUp launched its new program this week that company officials are calling an “industry first” marketplace to give accredited investors an opportunity to enter the auto finance industry directly and provide dealers with an expedited, streamlined credit process.  DriverUp is the exclusive brand of Sierra Auto Finance, an auto finance company launched with $50 million […] [Read More]

Automotive Finance Corp. promoted Johnny Shroyer to be vice president of operations for the floor plan company’s West division. AFC indicated Shroyer will report directly to Joe Keadle, senior vice president of operations. Shroyer, who joined AFC in 2010 as regional manager, will begin in his new role on March 2 with responsibilities for managing, […] [Read More]

Less than a day after ADESA announced that it has decided not to participate in the remarketing industry’s currently proposed multiplatform system initiative, Manheim sent a message to Auto Remarketing reiterating its position to maintain a commitment to the wholesale market project. Janet Barnard, president of Manheim North America, described MPS as an industry-wide effort that […] [Read More]

CDK Global announced recently the success of its “Agile in a Day” mentoring event at its office in Portland Plaza. In partnership with Portland’s ChickTech high school program, the aim of the program was to encourage young women to pursue careers in the engineering and technology fields. “As a company providing innovations to the automotive retail […] [Read More]