CU Xpress Lease, part of the GrooveCar family of brands, recently formed a partnership with Peoples Credit Union, which will be offering vehicle leasing in Broward and Palm Beach counties in south Florida. Peoples chief executive officer Jeffrey Miller explained how the institution created this alignment with CU Xpress Lease. “The leasing market in general […] [Read More]

During the first quarter of its 2015 fiscal year, CarMax Auto Finance originated $20.5 million of loans — representing 0.8 percent of retail unit sales for the timeframe — through its program for customers who typically would be financed by the company’s third-party subprime providers. As of May 31, the company tabulated that a total […] [Read More]

Dealers Auto Auction of Oklahoma City (DAA/OKC) is celebrating the arrival of the peak summer market with its Mid-Year Party Sale, set for Thursday. Planning for a consignment topping 2,000 vehicles and more than $20,000 in giveaways, DAA/OKC management promised a full day of fun, food and prizes to accompany blazing hot action in the […] [Read More]

Brasher’s Portland Auto Auction and Brasher’s Northwest Auto Auction are giving customers the option of attending United Vehicle Auctions (UVA) Booksheet Sales in an all-new technology-driven space in Beaverton, Ore. Brasher’s Portland Auto Auction general manager Jerry Hinton explained that the new facility hosts a weekly UVA Booksheet sale on Tuesdays at noon. That’s when […] [Read More]

When CarMax announced results from a successful first quarter of its 2015 fiscal year — notching record quarterly sales and earnings — company management focused on one used metric, in particular: wholesale unit sales. While total used retail sales rose by 9.8 percent in Q1, wholesale unit sales were up slightly higher, experiencing a 9.9-percent spike. […] [Read More]

In the early days, as dealers, we were taught that all vehicles in inventory should be stocked, bucketed, spiffed and priced, and when it hits the ripe old age of 60 or 90 days old, the vehicle should be sent to auction or sold cheap only to have the same process repeated over and over […] [Read More]

This week, Consumer Portfolio Services announced the closing of its second term securitization of the year. The company highlighted the transaction is CPS’ first senior subordinate securitization to receive a triple A rating on the senior class of notes. In the transaction, qualified institutional buyers purchased $202.5 million of asset-backed notes secured by automobile receivables […] [Read More]

Equifax shared some details of a recent conversation the credit bureau had with the National Independent Automobile Dealers Association leading up to NIADA’s annual convention in Las Vegas. They touched on a wide array of issues, including access to financing for subprime borrowers. Jennifer Reid, senior director of product marketing at Equifax, chatted with Scott […] [Read More]

Toyota Financial Services and Lexus Financial Services expanded of their longstanding military rebate program this week. Officials highlighted they now offer a $500 rebate on all new Toyota and Scion vehicles, and a $750 rebate on all new and certified pre-owned Lexus vehicles.  Established to thank troops for their service and dedication to defending the […] [Read More]

As two more individuals testified this week alleging discrimination at the Consumer Financial Protection Bureau, Rep. Patrick McHenry and CFPB director Richard Cordray clashed over how a current bureau employee received settlements to satisfy claims. Corday acknowledged the CFPB resolved claims involving Angela Martin, who said she was the victim of discrimination and retaliation dating […] [Read More]