Group 1 Automotive’s overall second-quarter figures show a 3.6-percent year-over-year rise in used-vehicle sales and a 6.4-percent lift in new models retailed. But the unusual path company stores in various markets took to those top-line performances is what left president and chief executive officer Earl Hesterberg wondering what happened. Hesterberg described the used-vehicle market overall […] [Read More]

Not long after results shared by publicly traded dealer groups and investment analysts painted a clear picture of the second-quarter’s used-car market, industry observers began pinpointing a used-car sales total for July. Starting with TrueCar, the company said Friday it anticipates that July will close with an estimated 3.31 million used sales, resulting in a […] [Read More]

Black Book has expanded its executive team with the hire of a vice president of analytics and strategic relationships. The company has chosen Anil Goyal to fill the VP spot. Goyal comes to Black Book with a background in strategy, primarily in banking positions, the company said. For example, Goyal has held senior risk positions […] [Read More]

Northern Star Management selected Vendor Transparency Solutions as an online compliance monitoring platform to be utilized as an additional tool in mitigating risk. Northern Star is an underwriting management company and wholesale producer working with a select network of brokers and agents to offer viable insurance solutions. Northern Star’s Collateral Recovery Program is designed for […] [Read More]

Given all the increases in credit availability, particularly the escalating subprime auto finance market, Jesse Toprak was asked how long this cornucopia can be sustained. But the chief analyst with Cars.com flipped it around: we actually haven’t seen the last of the subprime auto expansion, he said. “I don’t think we’re done with subprime growth,” […] [Read More]

Auction price drops are expected to remain consistent with last week’s movement, with wholesale prices once again predicted to drop by an average of 0.5 percent or $75, according to NADA’s AuctionNet data. But there's one exception. Interestingly enough, even though overall price declines are predicted to be moderate this week, large pickups are expected […] [Read More]

With the subprime slice at levels “essential for a healthy economy,” the latest Equifax National Consumer Credit Trends Report indicated the total balance of auto loans midway through 2014 soared to a record high. Sparked by a growth rate of more than 10 percent, Equifax said on Thursday the total balance of auto loans in […] [Read More]

The Ontario Motor Vehicle Industry Council announced this week after fielding numerous consumer complaints it has ordered the immediate suspension of two Sudbury dealerships. The dealerships in question: Drivetime, located at 1088-B The Kingsway; and Craig Terry Investments Ltd., at 1092-B The Kingsway. "Immediate suspensions are fairly dramatic steps," said Terry O'Keefe, OMVIC director of […] [Read More]

Like some dealers of all sizes are experiencing, Group 1 Automotive turned more used metal during the second quarter but watched its gross profit per vehicle soften year-over-year. According to its Q2 report released on Thursday morning, Group 1 stores in the U.S. retailed 22,707 used vehicles in the quarter, marking a 3.6-percent rise from […] [Read More]

American AutoXchange and RedBumper founder Bruce Thompson officially launched a newly formed holding company on Wednesday with the goal incubating, developing and distributing multiple software initiatives across different sectors of the industry during the rest of the year. Thompson and the rest of his executive leadership team highlighted that Pearl Technology Holdings will aim to […] [Read More]