According to the credit reporting agencies, roughly 56 percent of Americans have what can be categorized as nonprime to subprime credit. A recent Equifax report indicated that only 44 percent of Gen Y customers have prime credit, while the rest suffer under the blanket definition of nonprime. But there’s a catch. These figures are skewed […] [Read More]

Pre-qualified monthly payment marketing technology provider DriveItNow now offers dealer website hosts a comprehensive and compliant credit services solution for their customers. Officials highlighted the six major capabilities of this solution — DriveItNow’s Credit Center. The company explained that since most consumers finance or lease their vehicles, today’s dealer websites provide a variety of what […] [Read More]

Along with welcoming three replacements, the American Financial Services Association added four new members to its board of directors. Joining the organization in this capacity are: — James “Tom” Hudgins, president and chief operating officer, Western-Shamrock Corp. — Pat St. Charles, president and chief executive officer, Citizens Savings & Loan Corp. — Nicholas Stanutz, senior […] [Read More]

StoneEagle recently reported JM&A Group, a provider of F&I products and robust training and compliance programs, implemented the SEcureMetrics F&I and sales reporting platform with more than 1,000 of its performing dealerships. The companies highlighted SEcureMetrics can deliver comprehensive insight into the profitability, penetration and performance of the F&I department. “We are very proud to […] [Read More]

Larry H. Miller Toyota Murray, the flagship store for the dealer group of the same name, sold the group's 1.5 millionth vehicle recently. The store, open since May 1, 1979, sold the landmark car — a 2013 Toyota Corolla — to customers Bob and Betty Griffin, who purchased the vehicle for their daughter, Priscilla. “Our family […] [Read More]

With one import notching its seventh straight best-ever month, European and Asian-brand certified pre-owned programs both increased total CPO sales by double-digit percentages in September. According to Autodata Corp., there were 88,033 CPO vehicles sold by Asian brands last month, a 12.8-percent increase from September 2013.  Their year-to-date sales stand at 823,789, a 4.4-percent gain. […] [Read More]

Auto Auction Services Corp. announced that it had recently hosted a workshop with key consignors to “design the future of remarketing.” The Aug. 18 event lasted half a day and included 13 client organizations that represented a cross-section of the remarketing industry’s commercial consignors. Those present at the meeting, dubbed “Project Client Insight,” discussed the […] [Read More]

Along with instructing dealers to halt deliveries of the automaker’s new midsize pickup trucks, General Motors made three more recall announcements on Thursday and Friday, raising its campaign total for the year to 71 and including more than 29.9 million units worldwide. On Friday, the two recalls to come from the automaker covered 379,401 cars and […] [Read More]

In my previous post I discussed why pre-owned profit margins are under pressure. The factors driving this trend include transparency from the Internet, market-based pricing, and rising overhead costs from new dealership buildings. And that’s not the bad news — the bad news is that the problem is only going to get worse over the […] [Read More]

Domestics continued what has been a strong year for certified pre-owned operations for the Big 3, increasing their combined September CPO sales by more than 25 percent year-over-year, according to Autodata Corp. More specifically, their dealers moved 67,526 certified vehicles during the month for a 25.1 percent hike, pushing the year-to-date sum to 612,560 CPO […] [Read More]