Dealerships from all over New Jersey have raised over $500,000 for The Valerie Fund. Currently 177 different dealerships have come together to collect donations for the fund, whose mission is to raise money to support the comprehensive healthcare of children with cancer and blood disorders. The campaign, titled New Jersey Auto Retailers Unite, began June […] [Read More]

The Consumer Financial Protection Bureau announced on Wednesday that Texas-based First Investors Financial Services Group entered into a consent order because the regulator said the subprime finance company distorted consumer credit records for years. CFPB officials said First Investors failed to fix known flaws in a computer system that was providing inaccurate information to credit […] [Read More]

For any NAAA-member auctions interested in participating in Auto Remarketing’s “Auction Life” feature — which is part of our annual National Auto Auction Association Convention Issue — the deadline to submit photos is one week away.  This special section of our NAAA Issue will include photos from auctions across the country, sharing bits of the day-to-day […] [Read More]

Multiplatform buying and selling dominated the discussion of the more than 200 attendees at the IARA Remarketing Roundtable today in Chicago.  The subject has been debated, had white papers written on its behalf, has seen multiple conference sessions dedicated to it — and the key points made today by consignors, suppliers and other executives pointed to […] [Read More]

AutoLoop said this week that it has integrated its two equity mining tools, Quote and XRM. The latter — which AutoLoop acquired along with the CRM tool’s parent company (CAR Research) in June — is now useable with access to Quote from the program, according to Steve Anderson, the chief executive officer of AutoLoop. “Dealerships who use XRM are […] [Read More]

Sparked by the best July in company history, Westlake Financial Services announced this week that it reached $2 billion in total receivables. Westlake’s portfolio now has that total receivables figure connected to more than 270,000 customer accounts. “Having a portfolio of $2 billion is a huge accomplishment,” said Don Hankey, chairman of Westlake Financial Holdings. […] [Read More]

Swapalease.com reported lease credit approvals during the month of July climbed to the highest monthly level of the year, reversing a trend that saw continuous decline since January largely due to an increase in the number of subprime credit applicants. The company pinpointed the July approval reading at 81.0 percent. Despite the high marks in […] [Read More]

Near-term predictions made this week by Moody's Investors Service fall in line with ongoing lending cycle points noticed by veteran finance company executives such as Credit Acceptance’s Brett Roberts and Brad Bradley of Consumer Portfolio Services. Moody’s analysts indicated in a new report that they do not expect losses of U.S. subprime auto loans to […] [Read More]

The auto segment of the S&P/Experian Consumer Credit Default Indices stayed flat on a sequential basis in July. And analysts from S&P Dow Jones Indices and Experian highlighted July’s auto reading settled only four basis points above its historical low. The auto default rate came in at 0.96 percent in July, the same as June. […] [Read More]

American Honda Motor Co. and Carfax have extended their certified pre-owned partnership, which began 10 years ago. As such, Carfax will continue to be a vehicle history information provider for the Honda and Acura certified pre-owned vehicle programs. Carfax Vehicle History Reports have been a major element in the Honda/Acura CPO programs the past decade, the […] [Read More]