Along with promoting two executives within the company, Veros Credit hired a former Westlake Financial executive to be its new vice president of strategy and process improvement.  Joining the company as part of its nationwide expansion efforts is Harvey Singh, who recently served as the vice president of servicing for Westlake Financial and also was […] [Read More]

It’s been nearly two weeks since the Consumer Financial Protection Bureau revealed its proposed changes for what is classified as a larger participant in auto financing. More than half the time is remaining in the 60-day comment period the CFPB has in place. Still, auto finance legal expert Michael Thurman isn’t expecting dramatic changes from […] [Read More]

After announcing earlier this month plans to launch its new online marketplace InstantAuction this month, XLane Holdings Inc. revealed this week it has chosen a shipping partner for the new tool. Online transport marketplace uShip has been chosen, and dealers can now book shipping directly from the XLane mobile app using uShip’s technology. “uShip is […] [Read More]

Manheim Louisville is hosting a fundraiser this Saturday to support Making Strides Against Breast Cancer. The event will include a Classic Car Show and a yard sale. The day will begin at 8 a.m. with the yard sale, lasting until 3 p.m, featuring donated items from Manheim Louisville employees. “I am very proud of our […] [Read More]

Prices are continuing on the path of seasonal decline, and NADA predicts auction prices will fall by another 1 percent or $150 this week. And all segments are expected to see prices drop in the lanes this time around. This may mark the season turn, as Black Book’s Ricky Beggs said last week’s declines weren’t […] [Read More]

At its annual convention last week, the National Auto Auction Association officially transitioned to its executive board for 2014-2015. The trio leading the board is: Manheim North Carolina general manager Ellie Johnson, who is now president Manheim San Antonio general manager Mike Browning, who is now president-elect Brasher’s Portland Auto Auction general manager Jerry Hinton, […] [Read More]

Auctions already house hundreds of vehicles for varying lengths of time as they prepare to move those units down the lanes for closed, open and special sales. With more than 37 million vehicles being recalled by automakers so far this year, some auctions are seeing their resources being stretched to accommodate the storage as those […] [Read More]

As Sean Stapleton puts it, there have never been more channels available to consumers and sellers in the car-shopping process than there are right now. What’s more, the amount of data — as well as the importance of accuracy and the transparency of that data — is sky high. Although upwards of 90-plus percent of […] [Read More]

A recent New York Times story painted an unflattering picture of technology so critical to buy-here, pay-here operators nowadays — GPS and starter interrupt devices. The feature also described pending litigation involving devices manufactured by one of the industry’s top providers — PassTime. In response, PassTime officials shared a memo with BHPH Report, reinforcing the […] [Read More]

One of the greatest challenges facing dealerships right now is that profit margins are increasingly under pressure. Several factors are at play, but it’s clear that the Internet is making it increasingly difficult to earn strong retail gross profits per vehicle. NADA reports that the average retail gross profit for used cars in 2013 was […] [Read More]