It’s not the 6.52-percent year-over-year decline in used-vehicle sales that concerns CNW Research president Art Spinella. The troubling part about used sales from August, he says, is the month-over-month decline of more than 15 percent. That said, the start of September is showing some promise. All told, there were 3.82 million used vehicles sold last […] [Read More]

The Dealer’s Auto Auction of Mobile decided to employ alternative methods to stir up local interest in its public sale on Thursday. The auction’s general manager, Al Praitano, previewed the day’s spoils via the airwaves on Mobile’s local station 95 KSJ. “We were looking for something fun and different to engage the community for our […] [Read More]

The turn rates for dealers on their used cars have been steady with year-ago figures, according to Edmunds.com, which also explained the recent changes in the pre-owned supply-to-demand ratio and how they have impacted turn times. Edmunds said in its Q2 Used Vehicle Market Report that days-to-turn on used cars during the second quarter was at 37, […] [Read More]

Certified pre-owned vehicles made up more than a fifth of franchised dealers’ used-car sales in the second quarter — and CPO may not have even yet reached its full potential. Edmunds.com said in its Q2 Used Vehicle Market Report that 20.4 percent of used sales at franchised dealerships last quarter were certified units. The share […] [Read More]

September is kicking off with lower used-car prices than expected, perhaps, as August’s auction price declines far exceeded initial predictions — at least through half the month. In a post on NADA’s Used Car & Truck Blog on Wednesday, NADA automotive analyst David Paris pointed out that used-vehicle depreciation for units up to 8 years in age had dropped […] [Read More]

Auto Financial Group — an online provider of innovative financing products including CarMark Auto Finance for credit unions and banks — has signed 14 new credit unions to their program since the start of the year, resulting in a reach increase of nearly 300,000 new consumers. These new organizations include: —WestStar Credit Union —Dayton Firefighters […] [Read More]

SubPrime Auto Finance News has learned that Fleet Financial president Patrick Fitzgerald passed away earlier this week following a tragic cycling accident, according to a post on the company’s Facebook page. The company indicated that Fitzgerald was involved in the accident on Aug. 21 and “peacefully passed away” five days later “surrounded by family and […] [Read More]

Along with approving new requirements for credit rating agencies such as Moody’s and Standard & Poor’s, the Securities and Exchange Commission this week also adopted revisions to rules governing the disclosure, reporting, and offering process for asset-backed securities (ABS), which often batches together auto loans from a wide array of finance companies. SEC officials explained that […] [Read More]

Industry regulators are turning their focus to unlicensed dealers — and it may mean jail time for some prosecuted for the crime. The Ontario Motor Vehicle Industry Council announced this morning the Ontario Court of Justice has upheld the decision of a lower court.  Consequently, Andre Nicholas Campbell of Missisauga, Ontario, is headed to jail […] [Read More]

The Consumer Financial Protection Bureau will host another field hearing focused on auto financing next month. Bureau officials said on Thursday that this next session dedicated to this slice of the credit market will begin at 11 a.m. EDT on Sept. 18 in Indianapolis. The CFPB indicated the hearing will feature remarks from director Richard […] [Read More]