It was reported by a Bobit Business Media publication and other news outlets that the company’s founder and chairman Ed Bobit died Sunday. He was 86. The company’s flagship publication, Automotive Fleet, reported that Bobit “died peacefully in his sleep,” and is survived by five children, 14 grandchildren and one great-grandchild. Bobit began Automotive Fleet […] [Read More]

Auction Broadcasting Co. president Jason Hockett highlighted the company is expanding seven of its eight locations in anticipation of upcoming volumes. Hockett indicated construction started earlier this year at those facilities as management based its decision on the anticipation of off-lease returns and an uptick in repossessions. At ABC Baton Rouge, the company just celebrated […] [Read More]

Only a couple of hours after Kenneth Feinberg shared details of the automaker’s ignition switch compensation program on Monday, General Motors announced it will conduct six new safety recalls in the United States involving about 7.6 million vehicles from the 1997 to 2014 model years. Add Monday’s recalls to the four campaigns GM detailed late […] [Read More]

Auction Academy graduated its first class group this past March, but it’s been plenty busy during the second quarter of 2014, as well, organizers said. The Auction Academy already launched its third class group this past April, followed in May with a session at Southern Auto Auction for the group.  “In mid-April we launched our […] [Read More]

As June wrapped up in the lanes, talk of gas prices pervaded the auctions last week. According to Black Book’s Ricky Beggs, gas prices continued to be the topic of conversation last week as the $3.70 per gallon average was 13 cents higher than year-ago-levels. The Black Book senior vice president and editorial director highlighted […] [Read More]

With the firm’s Jitters Index improving significantly during the first part of month, CNW Research is expecting subprime vehicle financing approvals to climb both month-over-month and year-over-year in June. According to its June Retail Automotive Summary, CNW is seeing this month’s subprime approvals rise by 2.23 percent above the same period last year. The firm […] [Read More]

Though a Supreme Court decision last week only included a decision invalidating President’s Obama’s recess appointments to the National Labor Relations Board, the chairman of the U.S. House Financial Services Committee remains adamant that the president’s recess tapping of the director of the Consumer Financial Protection Bureau should be thrown out, too. The Supreme Court […] [Read More]

In his newest commentary to help finance companies generate the most revenue out of the sale of add-on products, FNI Inc. president David Bafumo spotted what he described as valuable new guidance from the Consumer Financial Protection Bureau in its latest consent order. Bafumo explained that for the first time, regulators have laid out a […] [Read More]

After upwards of 40 recalls this spring and a class action lawsuit launched against the company in April, a group of prominent GM Canada dealers is suing the company and its parent General Motors Co. Adria MacKenzie, corporate communications manager at GM Canada told Auto Remarketing Canada this morning, "A number of Toronto dealers have […] [Read More]

In an attempt to give the National Highway Traffic Safety Administration more funds and resources to handle the rising amount of vehicle recalls, the chairman of the U.S. Senate Commerce Committee introduced a bill that would create a federal vehicle usage fee. Sen. Jay Rockefeller included this proposed fee within the Motor Vehicle Safety Act […] [Read More]