A few handfuls of auction awards and other industry honors were recognized Wednesday with annual top honors from consignors, as the first round of auction award announcements began circulating. Plus, at the CAR Conference in Las Vegas, the International Automotive Remarketers Alliance awarded its IARA Circle of Excellence award to Tom Adams, president of the Auction […] [Read More]

Buy-here, pay-here dealers might be seeing a smaller pool of potential customers who just filed for bankruptcy. The American Bankruptcy Institute cited data provided by Epiq Systems that showed total U.S. bankruptcy filings decreased 13 percent in February from the same month last year. Bankruptcy filings totaled 65,002 in February, down from the year-ago figure […] [Read More]

Although auto loan defaults are drifting slightly upward, analysts who generate the S&P/Experian Consumer Credit Default Indices aren’t ready to hit the panic button. Analysts from S&P Dow Jones Indices and Experian found that the February auto loan default rate increased 3 basis points on a sequential and year-over-year basis to land at 1.06 percent. […] [Read More]

ACI Worldwide, a global provider of electronic payment and banking solutions, announced this week that Westlake Financial Services selected ACI UP Bill Payment Solutions to facilitate customer vehicle installment contract payments and possibly save the finance company millions of dollars in processing charges. With ACI’s omnichannel bill payment approach, officials explained Westlake customers will be […] [Read More]

Primeritus Financial Services, a provider of repossession management, remarketing, title services and skip-tracing services, recently hired Wayne Acklen as chief financial officer, effective immediately. The company indicated Acklen will be responsible for leading Primertus’ financial, accounting, compliance and IT operations. "Because of its continued growth, Primeritus is expanding its executive management team and is very […] [Read More]

Wholesale prices were on the way up in February, with analysts reporting price spikes across the board for all segments, even as the Canadian economy was feeling the impact of depreciation on the Canadian dollar. The Manheim Canada February used-vehicle price index was up 8.8 points from January and remains up 7.7 points year-over-year. And […] [Read More]

McGladrey tax director Scott Ruby understands many buy-here, pay-here dealerships are small family operations without a squadron of certified public accountants on staff that watches every move the IRS makes. However, Ruby suggested that BHPH operators spend a fair amount of time with their tax professional throughout the year, but especially in the springtime when […] [Read More]

America’s Car-Mart not only shared athe financial results from the third quarter of its 2015 fiscal year, but the buy-here, pay-here dealership chain also offered an update on two significant operational changes the company is in the process of finalizing. During his prepared remarks when Car-Mart hosted its Q3 conference call, president and chief executive […] [Read More]

DriveTime Automotive Group is looking to fill basic transportation needs while capitalizing on the rising popularity of vehicle leasing. It can be a tricky proposition since the average person with a non-prime credit score won’t typically qualify for new-vehicle lease promotions, and these Americans can struggle to cover the operational and contract costs. In response, […] [Read More]

Friends who play poker tell me that sometimes they find themselves up against a player who unknowingly betrays the cards he holds by some “tell” — the player’s posture, his facial expression, the way he holds his cards, or some other non-verbal communication. That thought came to mind recently when I was doing a compliance […] [Read More]