Exeter Finance Corp. announced late Tuesday that chief executive officer Mark Floyd is stepping down from his role effective Nov. 3. While continuing to serve on the finance company’s board of directors to ensure a smooth transition, Floyd will turn the CEO post over to financial services industry veteran Thomas Anderson. “In 2010, I came […] [Read More]

In a recent discussion with Auto Remarketing, Scot Hall of Swapalease.com explained why he believes used-vehicle leasing makes sense, if the deals are put together carefully, particularly when it comes to certified pre-owned vehicles. To get a sense of how much CPO leasing currently exists — and all the opportunity and challenges that come with […] [Read More]

The Dealers Auto Auction of Oklahoma City recently announced the hire of a new factory manager. The auction’s owner and president, Gary Smith, revealed that Ricky Wicher will now be assuming the role of factory manager for DAA/OKC, moving from his previous role in the auction’s consignment sales department. “With his background in franchise dealer […] [Read More]

Perhaps the best way to describe the state of Asbury Automotive Group’s Q auto stand-alone used-car retail program would be this: it’s a work in progress that certainly has made some progress. Asbury opened a Jacksonville, Fla., Q auto store  in October — the company’s second Q auto location — and has plans to roll […] [Read More]

Auto Remarketing is hosting NADA Used Car Guide for a free webinar to help dealerships smooth out what consumers consider one of most dreaded parts of the buying process. During the free session titled, “Close More Deals, Negotiate Less,” a pair of NADA UGC experts will ask dealers how satisfied their customers are with the […] [Read More]

After wrapping up the weakest third quarter for used prices observed since 2002, fourth-quarter rates are expected to continue dropping as fall marks one of the softest seasons for the lanes. Black Book analysts reported on the eight segments expected to lead Q4 depreciation. The team predicts luxury-level segments, which has been dropping in price at a […] [Read More]

There were two key factors driving down used-car gross margins for Asbury Automotive Group during the third quarter, but the period had some very positive results in both pre-owned and overall results.  Starting with some of the used operational results, Asbury’s Q3 same-store used retail gross profit was up 1 percent at $31.9 million.  Executive vice president […] [Read More]

Sonic Automotive reported its third quarter results today, highlighted by several all-time records. In addition to setting an all-time record for new retail unit sales (36,301 units, up 6.5 percent year-over-year), Sonic also set a new all-time record for pre-owned gross profit, revealing a 5.8-percent increase year-over-year with a pre-owned gross profit of $41.2 million. […] [Read More]

Two of the companies participating at this year’s Re3 Conference — Consolidated Asset Recovery Systems and van Wagenen Financial Services — announced a strategic marketing agreement to create a one-stop solution for reducing risk and charge-offs on auto loan and lease portfolios.  Under the partner agreement, the companies explained they will cross-sell each other’s products, […] [Read More]

Dealers who participated in KeyBanc Capital Markets’ monthly automotive retail industry update survey gave some candid comments about their used-vehicle prospects, especially in light of 44 percent of respondents saying they expected gross profit per unit to soften by about $50. Despite that gross-profit expectation, the vast majority of dealers surveyed in September (78 percent) […] [Read More]