Perhaps Sen. Richard Shelby, chairman of the Senate Banking Committee, asked the question dealers nationwide would like to pose to Richard Cordray, director of the Consumer Financial Protection Bureau. Shelby took the opportunity when the committee conducted a hearing this week as Cordray made his latest appearance in front of the Senate gathering and shared […] [Read More]

The No. 2 official at the Consumer Financial Protection Bureau has resigned, citing the burden of commuting between his home in Massachusetts and Washington, D.C. According to documents obtained by SubPrime Auto Finance News on Friday, CFPB deputy director Steve Antonakes indicated he’s leaving the bureau to pursue opportunities that will give keep him closer […] [Read More]

Buy-here, pay-here dealers who use FEX DMS or AutoStar Solutions and have questions about their store software platforms now that they're both owned by DealerSocket have the opportunity to see how the company’s future single dealer management system is going to operate. DealerSocket announced on Friday that it will merge the best elements of FEX […] [Read More]

As used prices fell 2.5 percent last month, auction volume was on the way up, perhaps playing a role in the continuing depreciation being seen in the auction lanes. According to the latest Guidelines report from NADA Used Car Guide, auction volumes of used cars up to 8 years old reached almost 317,000 units in […] [Read More]

We’ve mentioned a couple times already the importance and awesomeness of our Used Car Week sponsors. And the cool thing is, that list continues to grow. Here’s the latest look at our sponsorship list: CPO Forum Autotrader (presenting sponsor) Ally SmartAuction CarStory Chrysler Contact at Once, LLC Costco Auto DealerRater Ford IntelliChoice.com Kia Motors America […] [Read More]

Used-car dealers won’t have to worry about a federal requirement of bearing the burden of fixing recalls before being allowed to resell used vehicles. At least, for now. This is in light of a Senate Committee on Commerce, Science, and Transportation mark-up meeting on Wednesday that voted on several legislative actions attempting to alter operations in […] [Read More]

While much of the industry is somewhat gnashing its collective teeth over the consent agreement American Honda Finance Corp. reached with federal regulators, Arent Fox senior automotive counsel Rob Cohen used descriptors such as “silver lining” and “golden goose” when analyzing the ramifications of the captive’s move with the Consumer Financial Protection Bureau and Department […] [Read More]

If done properly, email marketing is more effective than any other marketing channel available. And automotive dealers have the number one ingredient that makes email so effective at driving response — valuable information. But it’s not enough to just provide information if you want to see real results. You must follow a few key best […] [Read More]

July residuals are showing trends similar to those seen this past spring: larger models continue to out-perform the car segments. Auto Remarketing Canada took a look at value retention data for 4-year-old vehicles from Canadian Black Book, which showed truck segments holding on to their value better than their smaller counterparts — with one exception. […] [Read More]

It was announced this week that AutoCanada has joined a number of other Canadian dealer groups who have adopted SiriusXM Canada’s pre-owned vehicle program. Just last month, the growing OpenRoad dealer group also joined the satellite radio program for used vehicles. AutoCanada will now be offering complimentary three-month SiriusXM subscriptions with all used vehicle purchases […] [Read More]