Finance companies and trade associations might not always agree with the mandates from the Federal Trade Commission and Consumer Financial Protection Bureau, but the two regulatory agencies announced they plan to continue to work in tandem. This week, the FTC and CFPB reauthorized their ongoing memorandum of understanding. The regulators explained the memorandum outlines the […] [Read More]

GPS-based technology solution provider PassTime USA broadened a foreign partnership that goes back six years with the Car Finance Co., an alternative finance lender based in the United Kingdom. Officials highlighted the exclusive agreement brokered this week between the two companies will bring 70,000 payment assurance and telematics devices to Europe. “PassTime has been supplying […] [Read More]

Customer contact management and dealership software provider ELEAD1ONE this week extended its pledge of ongoing donations to support the Oakland California Youth Outreach (OCYO) throughout the remainder of the year. Officials indicated the donations help fund case management services provided to high-risk youth and young adults in the central and east areas of Oakland, Calif. […] [Read More]

When the cross-bidding capability within the multiplatform wholesale environment comes to fruition, said ARI’s Bob Graham, it will mark the most significant innovation since the Internet in terms of impact to the remarketing industry. “Cross-bidding among platforms will exponentially increase the opportunity for a seller to sell their vehicle faster and for a higher sales […] [Read More]

The multiplatform system initiative is not only the hottest topic in the remarketing industry right now, but it’s also perhaps the most complex, with an onion’s worth of layers involving handfuls of providers, players, participants and perspectives. Auto Remarketing has been following this story closely and sought out several directly involved and others willing to […] [Read More]

The International Automotive Remarketers Alliance has issued its own statement on the multiplatform system initiative, providing the following to Auto Remarketing shortly before 11:20 a.m. (EST) Thursday morning: “In light of recent announcements, the Executive Committee of IARA has issued a statement to reinforce its position on MPS. The International Automotive Remarketers Alliance is committed to […] [Read More]

The Ontario Motor Vehicle Industry Council announced Wednesday that it has brought curbsiding charges against a Toronto-area group who was also allegedly selling vehicles without disclosing previous accident damage. The group – 2141212 Ontario Corporation, operating as Monterey Auto Repair – included Amilcar Luis Monte Rey Nunez, Anibal Salomon Monte Rey Rios, Sergio Ruben Monte […] [Read More]

A total of 28 of the 31 commercial banks passed the Federal Reserve’s Comprehensive Capital Analysis and Review (CCAR), including several institutions with significant auto finance market share such as Ally Financial, Capital One, Chase and Wells Fargo. While the Fed gave tentative support for Bank of America, officials on Wednesday objected to two firms’ […] [Read More]

In the latest development surrounding the remarketing industry’s multiplatform system initiative (MPS), Manheim and several other industry participants filed a request Thursday morning with the U.S. Department of Justice. The filing, Manheim said in its announcement, requests confirmation from DOJ that MPS complies with antitrust laws. Beyond Manheim, industry participants include: — Independent digital auction […] [Read More]

With now being the heart of tax season — for buy-here, pay-here dealers to move metal as well as complete business filings with the IRS — AutoStar Solutions offered five accounting practices operators should implement if they haven’t already. Senior business analyst Steve Hall shared what he called a “realistic game plan” for BHPH operators […] [Read More]