Another day, another finance company acknowledges it has received a subpoena from the U.S. Department of Justice. Credit Acceptance Corp. posted a filing with the Securities and Exchange Commission late on Friday stating the company that specializes in subprime auto financing received a civil investigative subpoena from the Justice Department pursuant to the Financial Institutions […] [Read More]

Edmunds.com chief executive officer Avi Steinlauf — whose company’s own Price Promise tool also aims to foster online-to-showroom efficiency — says he commends AutoNation for introducing a car-shopping tool like SmartChoice Express and “moving the process online.” “I give them a lot of credit for moving the process online. At the get-go, they’re only going to […] [Read More]

Cars.com released some interesting data Friday revealing the most-searched-for new vehicles on its website. Unsurprisingly, the overwhelming champion, on a state-by-state basis for the third quarter of 2014, is the Ford F-150. The truck was the most-searched vehicle in 30 of the 50 United States. Around the coastlines and major metropolitan areas, another Ford stands […] [Read More]

As one Kelley Blue Book analyst still questioned how the entire Takata faulty airbag saga will culminate, Chrysler Group joined American Honda in expanding an ongoing regional recall to replace front passenger-side air-bag inflators. Chrysler’s newest campaign covers estimated 208,783 older-model vehicles originally purchased or ever registered in seven U.S. states and five territories. Affected […] [Read More]

Last month brought with it higher prices in the lanes, and even though overall used supply is expected to expand in the coming months, seasonal tightening was perhaps the culprit for the rate spikes in November. According to NADA Used Car Guide, auction prices for vehicles up to 8 years in age fell by 1.3 […] [Read More]

Dealers Auto Auction of the Southwest has launched a new auction program to complement its 360 Customer Service, Mexico Ready and Transparent Transactions Programs in conjunction with Carfax. With Buy Now 360, DAASW is now selling units in between sales. In other words, the tool was previously only available while sales were actually running, and now […] [Read More]

Regulatory investigations of auto finance companies are piling up as now reportedly the New York Department of Financial Services is joining the fray. An online report citing an anonymous source indicated New York state’s financial services regulator subpoenaed the captive arms of Ford, Honda, Nissan and Volkswagen as well as Santander and TD Bank. A […] [Read More]

F&I trainer Rebecca Chernek of Chernek Consulting is rolling out a completely revamped training website aimed at giving dealership financing staff the tools needed to close this year strong and to get 2015 off to a better start. Consulting Virtual Pro is an online training program available whenever dealer staff might need it.  Leveraging her […] [Read More]

CarMax this week announced its leadership transition plan for CarMax Auto Finance, since Angie Chattin — a member of this year’s Women in Remarketing class — is retiring. Promoted to senior vice president and president of CAF is Jon Daniels, who joined the company’s captive finance company in 2008 as vice president, risk and analytics. […] [Read More]

Extending the contract term length by 12 months meant consumers spent an extra $1.4 billion on new vehicles in November. That’s the calculation by Requisite Press, which also shared its November Auto Buyer’s Affordability Index (ABAI) this week. Requisite Press reported an index reading of 53.0, indicating that a prudent, median-income household can only afford […] [Read More]