GWC Warranty, a provider of vehicle service contracts and related finance and insurance products sold through dealers, successfully topped $350 million in claims paid to date, according to a company announcement posted this week. President and chief executive officer Rob Glander said, “Surpassing $350 million in claims is an important milestone for GWC. “Our slogan […] [Read More]

With the certified pre-owned market growing at a rapid rate across Canada and the U.S, the majority of February CPO sales results were a good indicator growth is not slowing anytime soon. For example, over at Audi, Elankum Vairavanathan, manager of incentives, planning and certified pre-owned sales at Audi Canada, said, “The strong demand for […] [Read More]

There’s a new 24-7 subscription-based wholesale network and national online auto marketplace that aims to bring wholesale, retail and auction channels together. On Tuesday, MyWurld Inc. launched AutoWurld, which is designed to “centralize the auto retail, wholesale and auction sales channels into one online destination,” says AutoWurld founder and chief executive officer Troy Mack.  “Our […] [Read More]

Low gas prices and lots of winter weather compounded to bring strength to SUV prices at auction last month. According to the latest data from Black Book, the average price of a used vehicle for model years 2009-2013 dropped by an average of 1.2 percent in February, which showed no change from January depreciation. SUVs […] [Read More]

The latest action by Federal Trade Commission regarding online reviews didn’t fall within the spectrum of how a dealership performed; rather in connection with a segment of the wholesale space. The regulator said AmeriFreight, a vehicle shipment broker based in Peachtree City, Ga., has agreed to a settlement with the FTC that will halt the […] [Read More]

Certified pre-owned vehicles represented a larger slice of the sales pie,  and this helped bump up full-year transaction prices on used cars for the publicly traded dealer groups in 2014.  That’s according to the latest blog post on dealer group activity by Cox Automotive chief economist Tom Webb, who also explained how these higher prices combined […] [Read More]

As certified pre-owned sales results started to trickle in Tuesday, automakers (at least those reporting, so far) are seeing sales spike significantly from the first two months of 2014 — a trend that bodes well for continued certified market growth. Volvo impressed last month with a 58-percent boost in CPO sales in February. Its dealers sold 1,343 […] [Read More]

As the organization prepares to host the North American Repossessors Summit, the American Recovery Association recently formed what it dubbed the Young Professional Repossessors Commission (YPRC), a committee dedicated to educating, empowering and creating a platform for young industry professionals to speak and lead on behalf of ARA and the recovery industry. To become a member, […] [Read More]

What reportedly was in the works about a week ago came to fruition today as Citigroup announced that it has reached a definitive agreement to sell OneMain Financial Holdings to Springleaf Holdings for a purchase price of $4.25 billion in an all-cash transaction. The boards of directors of both Springleaf and Citigroup approved the deal […] [Read More]

In response to developments surrounding the industry’s multiplatform system initiative, Whann Technology Group provided a letter to Auto Remarketing and others in the industry to outline its position on the matter. This is just the latest in a series of announcements on MPS that started on Feb. 23, when ADESA announced that it decided not to participate […] [Read More]