CarMax reported a record second quarter this week, reflecting an increase of 6 percent in total used-vehicle sales. An interesting statistic helping to drive those sales, according to the company’s executive vice president and chief financial officer Tom Reedy, continues to be the financing options available to CarMax customers through its variety of lenders. “They’re […] [Read More]

Rick Hackett, former assistant director at the Consumer Financial Protection Bureau and current partner at Hudson Cook, told the crowd of more than 600 attendees at AutoStar Solutions’ seventh annual Innovate conference the four areas of auto lending he believes the CFPB will focus on next year. As an established expert in auto compliance, Hackett […] [Read More]

The National Automotive Finance Association in cooperation with Hudson Cook is gathering together four of the most knowledgeable experts in auto finance industry compliance for a free webinar. The session titled, “Auto Finance: Federal Supervision and Enforcement,” is set for noon EST on Oct. 14. The webinar is scheduled to include the following Hudson Cook […] [Read More]

Exeter Finance Corp. and Ally Financial each announced financial moves recently; one to increase borrowing capacity and the other to start a cash tender offer. Late last week, Exeter said that Exeter Funding II — a special purpose Delaware limited liability company and wholly owned subsidiary of the company — completed the renewal and extension […] [Read More]

BillingTree Payment Solutions appointed a new chief executive officer and president on Tuesday, going with a former top exec at FICO. Tapped for the role was Edgars “Edz” Sturans, who previously was president of CR Software — now a part of FICO — where he transformed the company into an accounts receivables management (ARM) Industry […] [Read More]

In a monthly-payment driven world, leasing is on the rise to points never seen before, especially for contracts connecting new vehicles and consumers with prime credit. But Swapalease.com executive vice president Scot Hall gave the industry a question to ponder. What if finance companies considered leasing used vehicles — in particular, certified pre-owned models — […] [Read More]

As summer was coming to a close, AutoTrader.com’s vehicle scarcity data experienced “significant shakeups” in August, the site reported to Auto Remarketing. Interestingly, the shifts were primarily due to renewed interest in models new to the list, rather than a decline in interest in the models that dropped off, according to the site’s analysis. Riding […] [Read More]

KCI Kansas City’s 5th Annual Guitars and Cars Sale brought over 1,000 buyers to the two-day sale for record-breaking results at the end of August. With more than 2,000 vehicles crossing the block, the auction successfully sold 58 percent of its consignment during the event. According to Doug Doll, the auction’s co-owner, the only thing […] [Read More]

With the National Auto Auction Association’s annual conference about to start, Manheim highlighted the success of its fast-growing mobile auction network, which is now available in more than 10 states and expanding soon into Canada. Even though the network has been operating for more than 10 years, Manheim highlighted dealers are still discovering this solution […] [Read More]

As we enter the fall market, auction prices are continuing to weaken. According to NADA AuctionNet data, prices are expected to drop by 0.7 percent or $100 this week. That’s after cars dropped by an average of $66 and the trucks fell by $45 last week, according to Black Book data. All the segments NADA […] [Read More]