Five industry organizations banded together this week to push back against the Consumer Financial Protection Bureau’s new proposal to post anonymous complaints from the public about financial services companies online. The groups situated near Capitol Hill — including the Financial Services Roundtable, the American Bankers Association, the Consumer Bankers Association, The Clearing House and the […] [Read More]

With sequential comparisons coming against default rates at or near historic lows, the auto loan portion of the S&P/Experian Consumer Credit Default Indices for June ticked slightly higher for the second month in a row. The auto loan default reading for June came in at 0.96 percent, up from 0.93 percent a month earlier. June’s […] [Read More]

There were plenty of cars available during the second quarter that were nice fits to be sold as certified pre-owned. And there were plenty of high-mileage used cars for the taking. Problem was, says AutoNation executive Mike Maroone, there just wasn’t enough of the middle ground. But the retailer has taken steps to alleviate this […] [Read More]

The Greater New York Automobile Dealers Association has named Robert Vail as its new chairman. Vail, the current president of the Vail Auto Group in Bedford Hill, N.Y., has been a member of the GNYADA board of directors since 1993 as well as holding several positions on both the executive and finance committees for the […] [Read More]

When Sonic Automotive held its conference call to discuss second-quarter results on Tuesday, on top of a record used-sales performance, the focus was on a series of initiatives the dealer group is either rolling out or beginning to reap the benefits of this year. During the call, investor interest circled around Sonic’s True Price strategy, […] [Read More]

Asbury Automotive Group announced across-the-board gross profit increases including a 7-percent increase on the used-car side. The company retailed 18,840 used vehicles in the second quarter, which proved to be 1,137 more used vehicles sold than in the second quarter of 2013, a 6-percent increase. Total used retail gross profit came in at $33.7 million, up […] [Read More]

ServNet auctions in Minnesota and South Carolina have enjoyed an eventful summer so far, with one announcing a new era taking hold and another having another successful annual sale. First up, Bob and Rob Thompson and the crew at Mid-State Auto Auction celebrated the auction’s 31st anniversary in July, taking the time to review the […] [Read More]

In recent months, an independent dealer has typically generated an average premium in the neighborhood of $700 when he or she chooses to certify a car with a non-OEM program versus not certifying the vehicle at all.   That’s according to June’s Retail Automotive Summary from CNW Research, which also said that more than four-fifths […] [Read More]

General Motors announced this week it is bringing back closed sales to two Manheim locations. GM closed sales, open only to GM dealerships, will now be offered at Manheim Arena Illinois and Manheim Pennsylvania. “We value our partnership with Manheim,” said Dan Kennedy, national remarketing manager at General Motors. “We are confident that these closed […] [Read More]

MasterFiles executive vice president and skip-tracing expert Alex Price has scheduled his next round of free webinars to help repo agencies and recovery executives at finance companies. Price plans to cover what he explained as three types of tracing: micro-tracing, macro-tracing and skip-tracing. Price combines what he describes as old-school skip-tracing methods with new age […] [Read More]