Equifax reported the total balance of newly originated subprime auto loans stood at $70.7 billion in August, a level representing an eight-year high and 27.8 percent of the total balance of new auto loans. That’s a slight increase in share from the previous year. But Equifax auto finance leader Lou Loquasto pointed to a different […] [Read More]

Less than five months after debuting the Q auto program in Tampa, Fla., another stand-alone used-car store from Asbury Automotive Group has officially opened, the retailer announced this morning. The second store under the Q auto brand is located in Jacksonville, Fla. The company is aiming for Q auto to be a “different approach to car […] [Read More]

September marked the largest price decline for used vehicles all year, following seasonal trends most in the industry expect when the weather starts to cool. According to Black Book data, the average price of a used vehicle for model years 2009-2013 saw the largest monthly depreciation of 2014, falling by 1.7 percent last month. Interestingly, August […] [Read More]

Manheim chief economist Tom Webb determined wholesale used vehicle values declined by a little more than 2 percent in the third quarter, stating the market showed signs of returning to more normal levels after historically high prices earlier in the year. As a result, the Manheim Used Vehicle Value Index — a measure of wholesale […] [Read More]

Peer-to-peer used-vehicle marketplace Beepi announced Monday the closing of $60 million in Series B funding to aid in the company’s desired national expansion. The company, which began in April, originally catered its all-online buying and selling program to the San Francisco area with a more limited buying scope.  As of Sept. 5, Beepi announced customers […] [Read More]

With the Consumer Financial Protection Bureau shifting its focus more to automotive financing, one of the aspects of automotive deals that is under fire is dealer mark-ups, or bumps in interest rates. Dealer financing mark-ups have long been a accepted practice in the industry, but the CFPB contends this type of deal is ripe for discrimination. […] [Read More]

Amid certified pre-owned vehicle sales that are humming at a record pace, vendors that support the sector in various ways are coming together and could keep momentum going. In what may help the segment — since most CPO sales require financing — Equifax and Black Book are joining forces to aid what happens in the […] [Read More]

I’ve discussed the various issues that are putting gross margins under pressure. Those factors aside, there’s another barrier that dealers have to contend with — the fact that consumers come to the dealership armed with more knowledge than ever. When the amateur knows more than the professionals on your lot, it’s difficult for salespeople to […] [Read More]

“I would like to buy a car with bitcoin.” The majority of dealers and their sales staff likely have not heard those words from a customer. At least, not yet. The global emergence of cryptocurrencies in the last five years has brought to question one serious issue: what can be accepted as money? Is it […] [Read More]

One of the presenting sponsors of this year’s Re3 Conference — Primeritus Financial Services — also enjoyed a record turnout for its second annual agent partner event on Sept. 11 and Sept. 12 in the Music City. During its first agent event a year ago, Primeritus indicated more than 100 attendees came to the company’s […] [Read More]