This month’s projected new-vehicle sales activity is likely to push lenders’ portfolio total higher — along with elongated terms connected with those contracts. J.D. Power estimated that consumers will spend $33.5 billion purchasing new vehicles this month, a historic record level for the month of April. The previous April high was $30.5 billion in 2005. […] [Read More]

The Dodd-Frank Act provided the foundation for more regulation of auto financing by federal regulators. Now a state-level agency is leveraging Dodd-Frank to seek orders against a New York-based subprime lender. Benjamin Lawsky, who is New York’s Superintendent of Financial Services, obtained a temporary restraining order in federal court this week against Condor Capital Corp., […] [Read More]

As weather warmed up across the country last month, sporty cars were in high demand and short supply. This is according to the latest installment of vehicle scarcity data that is provided monthly to Auto Remarketing by AutoTrader.com. As consumers started turning their attention toward sportier rides, many key models in this segment appeared on […] [Read More]

Lithia Motors took another step during the first quarter toward reaching its goal of turning 75 used vehicles a month at each of its stores. The dealer group reported on Thursday that it retailed 16,316 used vehicles during Q1, representing a 19.4-percent lift year-over-year. Selling the extra 2,655 used vehicles above the year-ago quarter’s total […] [Read More]

Although Sonic Automotive is still relatively mum on how its forthcoming stand-alone used retail business differs from the CarMax model, an analogy from the dealer group’s management team this week gives a bit of a glimpse. During this week’s conference call discussing first-quarter results, Sonic’s leadership say they “very much admire” CarMax and said that […] [Read More]

After holding strong and steady last week, auction prices are expected to begin their usual late spring decline. This week, NADA Used Car Guide is predicting auction prices to fall by an average of 0.3 percent, or $50. This will bring the average wholesale price down to a still strong $17,225. Most weeks so far […] [Read More]

Subprime auto finance company GO Financial completed the sale of a substantial equity interest in GO Financial to Manheim today, furthering connecting the dealer-support efforts of GO Financial and NextGear Capital. GO Financial is now majority owned by DriveTime chairman Ernie Garcia and DriveTime president and chief executive officer Ray Fidel and minority owned by […] [Read More]

Buy-here, pay-here and lease-here, pay-here financing has seen significant growth in popularity in Canada during the past few years. In the United States, there are approximately 28,000 dealers providing this form of financing to customers.   These dealers understand that BHPH financing can be very profitable if it’s done right, but it can also very costly […] [Read More]

DAA Northwest recently teamed up with fellow independent operation Norwalk Auto Auction as well as ADESA and Manheim in support of Toyota Financial Services’ Boys & Girls Clubs fundraising drive. Together with DAA Northwest and additional auction contributors, TFS presented a check for $500,000 to 35 Boys & Girls Clubs during the March 17 diplomas […] [Read More]

A new mobile app went live nationwide this week and is designed to give consumers real-time cash offers for their used vehicles from dealers located within their market area. The developers of CarOffer explained that they work with hand-picked dealers who have been known for their innovative customer service experiences and their commitments to a […] [Read More]