Southern Auto Finance Co. (SAFCo) recently hired a former American Credit Acceptance (ACA) executive to be chief operating officer of the subprime auto finance company. Joining SAFCo after having been COO of ACA since 2009 is Tom Holgate. “It’s an honor to have someone of Tom’s caliber join our team,” SAFCo founder and chief executive officer George […] [Read More]

Credit Acceptance Corp. announced that week that the company increased the amount of its revolving secured line of credit facility with a commercial bank syndicate. The company raised the line from $235.0 million to $310.0 million while also extending the maturity of the facility from June 23, 2017 to June 22, 2018. “There were no […] [Read More]

PassTime, a provider of GPS and payment assurance technology solutions, announced the company raised more than $10,000 during this year’s National Alliance of Buy-Here-Pay-Here Dealers Conference in Las Vegas. Through its “mustache campaign,” PassTime – a key sponsor and exhibitor of the conference — offered to make a donation for every photo taken at its […] [Read More]

When a race car driver finishes blazing through left turns around the track at nearly 200 mph, whom does he or she often thank during the post-race TV? That’s right. The driver gives props to the sponsors.   And we dig that.  We at Used Car Week love our sponsors, too. Just as it takes […] [Read More]

The Ontario Motor Vehicle Industry Council announced this week it has revoked a Toronto dealer’s license and fined an associated salesperson. The dealership, 1716114 Ontario Ltd. operating as Your Car Auto Finance (YCAF) and its sole officer and director, Derek Booth, have had their licenses revoked. The ruling came after OMVIC issued a Proposal to […] [Read More]

Wholesale prices are still way above pre-recession rates due to short supply, but seasonality may provide some relief for dealers this summer looking to stock up on inventory. Car and truck segments across the board took a depreciation hit in May. This is “in line with expected seasonality,” said Geoff Helby, ALG Canada regional director, […] [Read More]

While a portion of the commercial segment made a jump, the American Bankruptcy Institute reported total filings in the United States decreased 19 percent year-over-year in May. According to data provided by Epiq Systems, bankruptcy filings totaled 69,286 last month, down from the year-ago figure of 85,711. Officials noticed May’s consumer filings also declined 19 […] [Read More]

Used-vehicle dealers in Canada are well aware of the ongoing supply issue. It’s certainly not impossible to stock your lots with used inventory, but the opportunities may require a bit of a change in strategy than have been typical in recent history. We reached out to Michael Wyant, the general sales manager of the Vaughn […] [Read More]

The top-selling used car at CarMax remains the same, with the Nissan Altima collecting that honor for two consecutive years now, and four of the five best-sellers are import-brand vehicles. But domestics have made some big plays in the pre-owned space, based on numbers in CarMax’s 2015 Used Car Shopping Report, which looked at more […] [Read More]

Phone strategy recommendations based on the company’s latest sales appointment data as well as a service drive product enhancement offered by DealerSocket all coincide with the aggressive plan to cater to dealers that chief executive officer Jonathan Ord has. In sharing that DealerSocket is actively pursuing more acquisitions, Ord explained the various ways DealerSocket is […] [Read More]