Nicholas Financial originated more subprime contracts during the first quarter of its fiscal year, but its net earnings softened by double digits. The number of contracts the company booked during the quarter came in at 4,244 for a total loan amount worth $46,769,602. The average loan in Q1 stood at $11,020 with terms stretching to […] [Read More]

Roughly one out of 20 people with a credit file — which constitutes about 5.3 percent of the U.S. consumer population — are at least 30 days late on a credit card or other non-mortgage account such as an auto loan or a student loan. And consumers within 13 states represented a majority of those […] [Read More]

Sonic Automotive revealed the name of its pre-owned vehicle retail store concept on Monday morning: EchoPark. The pre-owned program will be launching in Denver this fall. “We believe Denver is well poised and an ideal environment to launch EchoPark with Denver, Colo. trending as one of the top pre-owned car markets in the U.S.,” said […] [Read More]

Dealer-auction.ca is ramping up its arbitration policy in an effort to offer more protection for Canadian buyers. Manheim Canada’s online marketplace recently announced the launch of their new arbitration process for customers buying vehicles on the Web, using the U.S. National Auto Auction Association arbitration policy as a guideline. The company shared the new policy […] [Read More]

Manheim and Ready Auto Transport announced recently their collaboration to launch a new electronic gate pass process at all Manheim locations nationwide. The delivery time-improving eGate Passes are electronically delivered for all customer vehicles directly to members to streamline the auction pick-up process. John Blobner, the vice president and general manager for Ready Auto Transport, […] [Read More]

Ford announced six more recalls of late-model vehicles, totaling more than 240,000 vehicles. The largest of the campaigns covers 159,395 units — the Ford Focus ST and Escape from the 2013 and 2014 model years. These North American vehicles are equipped with the 2.0-liter engine. Blue Oval officials explained that in some of the affected vehicles, […] [Read More]

National Auto Auction Week, a celebration of the auction industry and a time of thanksgiving for facilities across the country, kicks off Monday and runs through Friday. In a letter to National Auto Auction Association members posted to the organization’s website, NAAA president Jack Neshe reflected on what this week means for the industry and shared […] [Read More]

Auto Remarketing’s annual National Auto Auction Association Convention Issue is just around the corner, and we are once again inviting NAAA-member auctions to participate in our “Auction Life” feature. This special section of our NAAA Issue will include photos from auctions across the country, sharing bits of the day-to-day life from the past year at […] [Read More]

This week, TrueCar and the National Education Association (NEA) partnered to launch a vehicle-buying program designed to provide savings for NEA members and educators. Officials highlighted that through the NEA Auto Buying Program, the NEA's 3 million members will gain access to upfront pricing information and guaranteed savings off the manufacturer's suggested retail price (MSRP) […] [Read More]

Along with a climb in total outstanding balances that’s now reached 13 quarters in a row, it’s also been nearly eight years since the auto finance industry generated this much paper in a single quarter. The Federal Reserve Bank of New York’s Q2 2014 Household Debt and Credit Report showed auto loan balances climbed by […] [Read More]