According to the most recent study from the Federal Reserve, the average new-vehicle loan in the U.S. stands at more than $26,700 with a loan to value ratio of a huge 80 percent. So the volume of payments which are there to be collected is vast. Auto finance companies from huge captives down to smaller […] [Read More]

ACA International, the Association of Credit and Collection Professionals, recapped a recent decision by the Ninth Circuit Court of Appeals that determined a consumer had standing to assert claims based on collection letters he did not receive. Officials explained the court arrived at its decision because the alleged violation of the plaintiff’s statutory right not […] [Read More]

Manheim and the National Independent Automobile Dealers Association took time at the annual NIADA Convention and Expo last week to recognize a dealership for its dedication to its community. This past week, Manheim and NIADA presented the fourth annual NIADA Manheim National Community Service Award to Members Auto Choice of Suwanee, Ga. Tim McKinley, senior […] [Read More]

Chrysler Group is expanding a previous safety recall “out of an abundance of caution” to correct ignition switches in minivans and SUVs. The automaker said today that it wants to install a more robust WIN module detent ring. A previous recall in 2010 included 196,000 Chrysler Town & Country, Dodge Grand Caravan and Dodge Journey […] [Read More]

Once June figures are tallied, it’s likely that year-to-date used-vehicle sales through the midpoint of 2014 will once again have eclipsed 20 million units, according to CNW Research. In its latest Retail Automotive Summary, the firm was predicting monthly used-car sales to come in just under 4.5 million, which would push the six-month total to […] [Read More]

It was reported by a Bobit Business Media publication and other news outlets that the company’s founder and chairman Ed Bobit died Sunday. He was 86. The company’s flagship publication, Automotive Fleet, reported that Bobit “died peacefully in his sleep,” and is survived by five children, 14 grandchildren and one great-grandchild. Bobit began Automotive Fleet […] [Read More]

Auction Broadcasting Co. president Jason Hockett highlighted the company is expanding seven of its eight locations in anticipation of upcoming volumes. Hockett indicated construction started earlier this year at those facilities as management based its decision on the anticipation of off-lease returns and an uptick in repossessions. At ABC Baton Rouge, the company just celebrated […] [Read More]

Only a couple of hours after Kenneth Feinberg shared details of the automaker’s ignition switch compensation program on Monday, General Motors announced it will conduct six new safety recalls in the United States involving about 7.6 million vehicles from the 1997 to 2014 model years. Add Monday’s recalls to the four campaigns GM detailed late […] [Read More]

Auction Academy graduated its first class group this past March, but it’s been plenty busy during the second quarter of 2014, as well, organizers said. The Auction Academy already launched its third class group this past April, followed in May with a session at Southern Auto Auction for the group.  “In mid-April we launched our […] [Read More]

As June wrapped up in the lanes, talk of gas prices pervaded the auctions last week. According to Black Book’s Ricky Beggs, gas prices continued to be the topic of conversation last week as the $3.70 per gallon average was 13 cents higher than year-ago-levels. The Black Book senior vice president and editorial director highlighted […] [Read More]