Contained in this week’s announcement about Banco Santander entering into an agreement to acquire Canadian-based Carfinco Financial Group Inc. for $298 million (CDN) in cash is a stipulation about non-prime auto finance interests in the U.S. As part of the deal expected to close in the fourth quarter of this year is a condition precedent […] [Read More]

Here’s a development that ought to be welcome news to auto finance companies, forwarding organizations and repossession agencies: an enhanced compliance tool that’s now available at a lower price. This week, compliance monitoring provider Vendor Transparency Solutions launched VTS 2.0 and its newest product VTS Basic. VTS president Max Pineiro explained the latest developments addressed […] [Read More]

As a lobbying group reportedly backed off its campaign against the agency’s drive to push full consumer complaint information online, the Consumer Financial Protection Bureau appears poised to tighten its regulatory grip on the auto finance industry. With the CFPB set to have another field hearing about vehicle financing on Thursday, the Wall Street Journal […] [Read More]

It’s mid-morning on a Monday, and Manheim North Carolina is already buzzing with activity. The overlapping chants of auctioneers hum from the lanes all the way through the parking lot leading in to the facility — which is filled with the smell of fresh popcorn and sounds from the first batch of some 2,100 cars […] [Read More]

The pool of vehicles in the U.S. is getting larger. As of June 30, there were more than 249 million cars on American roads — and the average age of these vehicles inched up from where it was a year ago. That’s according to the latest Experian Automotive Quarterly Briefing released this week, which dissected […] [Read More]

A former Dominion Dealer Solutions executive joined the team at The Next Up as vice president of sales on Tuesday. Bringing to the company more than 14 years of experience in the automotive industry is Mark Stringfellow, who most recently served as the national sales manager of key accounts for Dominion Dealer Solutions. In his […] [Read More]

Ready Auto Transport announced this week its Saturday golf tournament raised $70,000 to aid injured soldiers. As hosts of the fifth annual Freedom Swing Golf Tournament, Ready Auto Transport’s charity funds raised at the event were donated to The Free Wheel Foundation to help injured service members and their families. Steve Wheeler, Ready Auto Transport’s […] [Read More]

Higher-end models continue to see some of the biggest price declines in the lanes as we head toward cooler weather. NADA predicts wholesale prices to drop by an average of 1 percent, or $150, this week, with the luxury models seeing some of the biggest declines. For instance, luxury cars are expected to see a decline […] [Read More]

In the last five years, the Costco Auto Program has sold approximately 200,000 vehicles through its Select Pre-Owned and Costco Certified Pre-Owned offerings. This year alone, however, Costco is on track to move more than 50,000 SPO/CPO vehicles. As explained by management, the SPO program — a relatively new offering from Costco — consists of cars that are […] [Read More]

Gubagoo has announced its new phone-lead generating platform. Integrated into the company’s communications platforms, TalkSmart uses the customer’s communications from dealership websites to give them a call if they wish to speak to a live person. The Gubagoo agents — available at all hours of the day — can speak with customers, if they choose to speak […] [Read More]