Subprime auto financing is one of the main drivers of why American consumers spent $103 billion in fees and interest revenue in 2013, according to the fourth annual Financially Underserved Market Size Study orchestrated by the Center for Financial Services Innovation (CFSI) and Core Innovation Capital. Study authors arrived at the figure by reviewing $1.3 […] [Read More]

According to the latest Equifax National Consumer Credit Trends Report, the total number of outstanding auto loans year-to-date in November came in at more than 70.0 million, the highest level in more than five years. That amount of paper in finance company portfolios as of November pushed outstanding balances 9.6 percent higher year-over-year to $965.0 […] [Read More]

The Federal Trade Commission penalized a pair of dealership groups for violations of a previous consent order regarding advertising the cost of buying or leasing a vehicle. Part of the consent orders established in March 2012 indicated FTC officials could inspect any advertising material distributed by Billion Auto — a chain of 20 family-owned dealerships […] [Read More]

Mercedes-Benz Canada has chosen its class of 2015 Star Dealers. Ten dealerships across the country were recognized with the designation this year, which highlights stores' accomplishments in the area of new and pre-owned sales, service and parts, as well as customer satisfaction.  Ontario was the dominant province this year, with five of the awards doled […] [Read More]

Another day, another finance company acknowledges it has received a subpoena from the U.S. Department of Justice. Credit Acceptance Corp. posted a filing with the Securities and Exchange Commission late on Friday stating the company that specializes in subprime auto financing received a civil investigative subpoena from the Justice Department pursuant to the Financial Institutions […] [Read More]

Edmunds.com chief executive officer Avi Steinlauf — whose company’s own Price Promise tool also aims to foster online-to-showroom efficiency — says he commends AutoNation for introducing a car-shopping tool like SmartChoice Express and “moving the process online.” “I give them a lot of credit for moving the process online. At the get-go, they’re only going to […] [Read More]

Cars.com released some interesting data Friday revealing the most-searched-for new vehicles on its website. Unsurprisingly, the overwhelming champion, on a state-by-state basis for the third quarter of 2014, is the Ford F-150. The truck was the most-searched vehicle in 30 of the 50 United States. Around the coastlines and major metropolitan areas, another Ford stands […] [Read More]

As one Kelley Blue Book analyst still questioned how the entire Takata faulty airbag saga will culminate, Chrysler Group joined American Honda in expanding an ongoing regional recall to replace front passenger-side air-bag inflators. Chrysler’s newest campaign covers estimated 208,783 older-model vehicles originally purchased or ever registered in seven U.S. states and five territories. Affected […] [Read More]

Last month brought with it higher prices in the lanes, and even though overall used supply is expected to expand in the coming months, seasonal tightening was perhaps the culprit for the rate spikes in November. According to NADA Used Car Guide, auction prices for vehicles up to 8 years in age fell by 1.3 […] [Read More]

Dealers Auto Auction of the Southwest has launched a new auction program to complement its 360 Customer Service, Mexico Ready and Transparent Transactions Programs in conjunction with Carfax. With Buy Now 360, DAASW is now selling units in between sales. In other words, the tool was previously only available while sales were actually running, and now […] [Read More]