The Federal Trade Commission said Thursday that Consumer Portfolio Services will pay more than $5.5 million to settle charges that the subprime auto finance company used “illegal tactics” to service and collect consumers’ loans, including collecting money consumers did not owe, harassing consumers and third parties, and disclosing debts to friends, family and employers. According […] [Read More]

In addition to forecasting a stronger used-car SAAR for May, Edmunds.com pointed out some other positive signs for the used market — or at least, for future supply of pre-owned vehicles — that have occurred this spring. The company said in a sales forecast released Thursday that year-to-date lease penetration through April was at an […] [Read More]

There were 8.2 million used cars sold at the National Auto Auction Association’s North American member locations in 2013, according to NAAA’s 17th annual survey, conducted by CliftonLarsonAllen LLP.  Sales of these vehicles were worth a grand total of $75.7 billion. The survey also found there were 15.2 million cars entering these auctions last year, […] [Read More]

Auction prices are falling at a consistent pace, as NADA Used Car Guide is predicting prices to drop by an average of $50 for the second consecutive week.   According to NADA UCG’s AuctionNet data, the expected $50 drop translates to a decline in price of 0.3 percent at auction. In fact, only two segments […] [Read More]

TradeRev and Apex Inspection Solutions have partnered for a deal that will provide vehicle inspection services to TradeRev buyers throughout Canada. This strategic partnership lets buyers on the online wholesale platform order accurate post-sale inspections directly from their desktop computers, helping to drive confidence among buyers, who can now ensure that every car they purchase […] [Read More]

ADESA announced another upgrade to its online vehicle remarketing platform, ADESA.com, on Wednesday. With the enhancement, registered dealers are able to pinpoint the amount of credit they have available from Automotive Finance Corp. as soon as they log in and prior to making any bids. The new online offering is available on ADESA DealerBlock, a […] [Read More]

As their used-car operations churn out stronger numbers, both franchised and independent dealers have been more willing to shell out extra money for the cars their customers bring to the lots, according to CNW Research. In fact, when considering all 16 vehicle segments included in CNW’s data set, franchised dealers offered a weighted average of […] [Read More]

Based on the first half of the month, May’s used-vehicle sales volume will likely approach 4.5 million units and beat year-ago figures by 1.5 percent, according to CNW Research. The firm said in its latest Retail Automotive Summary that it is forecasting 4.46 million used sales this month when accounting for the results of franchised […] [Read More]

Nissan Canada revealed its choice for director of marketing this week, promoting Steven Rhind to the position. The move is effective this Sunday. In the new role, Rhind will head up marketing, advertising and digital communications for the Nissan brand in Canada, as well as product planning for the automaker’s line-up. Rhind has been with […] [Read More]

AutoCanada Inc. is continuing to expand this spring as it announced this week it is buying BMW and MINI stores in Quebec. The company said it has obtained approval from BMW Canada Inc. to purchase the shares of Automobile Canbec Inc., which owns and operates a BMW and a MINI dealership, located in Montreal. "BMW […] [Read More]