Another free, online financial assessment tool has hit the market this week designed to give consumers a quicker, more convenient way to tell if they can afford dealer quotes. Requisite Press has launched AffordCheck, a financial assessment tool based on the 20-4-10 auto financing rule, which consists of a minimum 20 percent down payment, a […] [Read More]

FNI Inc. president David Bafumo noticed the vendor management portion of the latest consent order from the Consumer Financial Protection Bureau closely tracks and elaborates on the bureau’s original service provider guidance bulletin. Bafumo explained his reasoning in light of the June 19 consent order in which the CFPB demanded that GE Capital Retail Bank, […] [Read More]

The lengthening of vehicle financing contracts as well as the loan amount attached to those deals has the attention of another federal regulator — the Office of the Comptroller of the Currency. The auto finance market appeared several times in the OCC’s Semiannual Risk Perspective from its national risk committee, which monitors the condition of […] [Read More]

After almost 30 years with the company he founded, Peter Vosotas no longer is chairman of the board and a director at Nicholas Financial, an indirect special finance company that originates subprime loans with more than 1,600 dealers. According to the company’s filing with the Securities and Exchange Commission, Vosotas resigned as of June 25. […] [Read More]

Dealertrack Technologies announced Tuesday afternoon that it has acquired ASR Pro, a company that provides Web-based electronic multipoint-inspection and fixed operations services for dealers. Approximate total consideration for the purchase includes $12 million in cash and $2 million in Dealertrack shares — all of which would be subject to standard purchase price adjustments. Dealertrack also […] [Read More]

Early indications are that June was another solid month of certified pre-owned sales as the first half of 2014 drew to a close. Hyundai, for example, had its strongest June on record for CPO, selling 7,324 vehicles — an 8.1-percent gain. Its 45,852 year-to-date CPO sales are up from 37,424 in the first half of […] [Read More]

As summertime really heats up with Fourth of July coming later this week, Manheim chief economist Tom Webb again addressed the question of how changing gas prices are going to influence the wholesale and retail markets. The latest query came in light of tension resurfacing in Iraq not having a dramatic impact at the pump […] [Read More]

The National Highway Traffic Safety Administration said Hyundai Motor America is recalling 35,000 vehicles to fix a support bracket. Included in the campaign are Elantra Touring vehicles from 2010 through 2012 model years. The units were manufactured from Dec. 15, 2009 through May 7, 2012. NHTSA indicated the affected vehicles have a support bracket attached […] [Read More]

Online marketing company Net Driven is continuing its expansion into the automotive industry with a few new tools for dealers, along with a grand opening for its new headquarters. The Pennsylvania company will be moving to its new headquarters in Scranton, Pa., on July 17, in conjunction with the inaugural meeting of its Automotive Dealer […] [Read More]

The General Motors Regional Auction Operational Awards for the first quarter of 2014 were recently revealed, and taking home the honors were five auctions spread throughout the country. By region, they were: —North Central: Manheim Detroit —North East: Pittsburgh Auto Auction —South Central: ADESA Houston —South East: Manheim Orlando —West: ADESA Los Angeles Manheim released […] [Read More]