Penske Automotive Group’s quarterly conference call highlighted company records and third-quarter used sales increases. The group’s chairman, Roger Penske, also revealed some forward-thinking plans regarding company expansion and inventory strategy. “Today, we’re 69 percent, our business, in the U.S., and 31 percent international,” Penske said. “I think you’ll see us, as we go forward, we’ll […] [Read More]

It looks like wholesale price drops are beginning to escalate even more in the fourth quarter, with auction rates expected to decline by almost 2 percent this week. According to NADA’s AuctionNet data, at the industry level, prices in the lanes are predicted to fall by 1.9 percent, or $275, over the course of the […] [Read More]

General Motors Financial posted across-the-board growth in North American loan originations during the third quarter, but loan penetration in Canada was down by over 10 percent from the second quarter. As of the end of September, Canadian loan penetration as a percent of General Motors retail sales sat at 15.5 percent, down from 27.6 percent […] [Read More]

Penske Automotive Group hosted their third-quarter conference call this week, outlining details on multiple company records. Penske posted its highest third quarter and nine-months income from continuing operations and earnings per share in company history. The company had total retail unit sales of 104,963 (U.S. and international combined), a 10.2-percent year-over-year increase. And the used […] [Read More]

According to a Cars.com blog post, average listing prices of late-model vehicles hit a 2014 low this month, having slid $1,166 since the start of the year. And here’s the kicker: there weren’t even enough qualifying cars to fill the list of Top 10 Biggest Price Increases. “For an example of just how much used-car […] [Read More]

FordDirect announced this week the appointment of Jeff Forrester as the director of purchasing, a new position in the newly created purchasing department at the company. In the new role, Forrester’s responsibilities will include overseeing vendor management and contracts, working with internal teams to achieve cost reductions, quality maintenance, policy compliance and risk mitigation while […] [Read More]

As Ford issued a recall for more than 204,000 older SUVs, Chrysler Group announced two more recalls on Wednesday — campaigns that include more than 566,000 trucks and SUVs worldwide. The larger of the Chrysler campaigns covers an estimated 381,876 trucks globally. The reason is to upgrade certain wiring-harness terminals, and if necessary, replace their fuel-heater […] [Read More]

An improving economy and falling gas prices may be pushing interest for more expensive and perhaps less fuel-efficient models, making certain large sport utility vehicles and sporty cars hard for dealers to find. According to AutoTrader.com’s latest installment of vehicle scarcity data provided to Auto Remarketing, popularity of these types of models in the used market […] [Read More]

The American Financial Services Association installed TD Auto Finance president and chief executive officer Andrew Stuart as its chair for 2014-2015 during the association’s 98th annual meeting this week in Los Angeles. During his one-year term, Stuart will preside over the AFSA board and executive committee meetings, serve as an ex-officio member of all AFSA […] [Read More]

Along with acknowledging the reception of additional investigative subpoenas, General Motors Financial posted across the board growth in North American loan originations during the third quarter, thanks in part to a prime financing program that rolls out fully to the parent automaker’s network of franchised dealers on Nov. 1. Altogether, GM Financial’s North American loan originations […] [Read More]