In the early days, as dealers, we were taught that all vehicles in inventory should be stocked, bucketed, spiffed and priced, and when it hits the ripe old age of 60 or 90 days old, the vehicle should be sent to auction or sold cheap only to have the same process repeated over and over […] [Read More]

This week, Consumer Portfolio Services announced the closing of its second term securitization of the year. The company highlighted the transaction is CPS’ first senior subordinate securitization to receive a triple A rating on the senior class of notes. In the transaction, qualified institutional buyers purchased $202.5 million of asset-backed notes secured by automobile receivables […] [Read More]

Equifax shared some details of a recent conversation the credit bureau had with the National Independent Automobile Dealers Association leading up to NIADA’s annual convention in Las Vegas. They touched on a wide array of issues, including access to financing for subprime borrowers. Jennifer Reid, senior director of product marketing at Equifax, chatted with Scott […] [Read More]

Toyota Financial Services and Lexus Financial Services expanded of their longstanding military rebate program this week. Officials highlighted they now offer a $500 rebate on all new Toyota and Scion vehicles, and a $750 rebate on all new and certified pre-owned Lexus vehicles.  Established to thank troops for their service and dedication to defending the […] [Read More]

As two more individuals testified this week alleging discrimination at the Consumer Financial Protection Bureau, Rep. Patrick McHenry and CFPB director Richard Cordray clashed over how a current bureau employee received settlements to satisfy claims. Corday acknowledged the CFPB resolved claims involving Angela Martin, who said she was the victim of discrimination and retaliation dating […] [Read More]

In what’s being described as “a very helpful development,” Consumer Financial Protection Bureau director Richard Cordray confirmed on Wednesday that the agency plans to release a white paper about how regulators are using the proxy method of finding disparate impact to determine if finance companies that perform indirect auto lending are being discriminatory. Cordray indicated […] [Read More]

General Motors Canada announced this week yet another recall for the GM brand, bringing the company’s total count for the year closer toward 50. In the company’s 44th recall this year — General Motors will rework or replace the ignition keys on 187,972 cars in Canada from the 2000 to 2014 model years. In these […] [Read More]

Though wholesale prices remain elevated, rates were on the way down in the lanes this past month. In May, the Manheim Canada Used Vehicle Value Index was down four points from April to sit at 98.9. Though rates are falling from early-spring highs, this number remains up 12 points year-over-year. That said, Don Wallace, general […] [Read More]

AutoCanada announced this week it has purchased six dealerships from the Hyatt Automotive Group as well as a new Chrysler store in Saskatoon, Saskatchewan. They Hyatt acquisition includes Infiniti, Nissan, Volkswagen, Mitsubishi stores and two Hyundai dealerships, all of which are located in Calgary, Alberta. The completion of the transaction remains subject to various conditions, […] [Read More]

Swapalease.com indicated that individuals typically are looking to escape their leases simply because they can no longer afford to make the payments, they’re bored or are ready for a different vehicle, or they’ve had a major lifestyle change such as a new baby on the way. But site officials spotted six new reasons gaining traction. […] [Read More]