As the subprime financing market continues to expand, Experian Automotive determined that loan terms continued to lengthen with the average automotive loan term reaching 66 months for the first time. According to Experian’s latest State of the Automotive Finance Market report, loan terms in the first quarter of this year reached the highest level since […] [Read More]

From new employees to a visit with a heavyweight boxing champion, remarketing meets rock 'n' roll this summer at ServNet auctions. "ServNet's summer promotions have become a fixture in the industry," said Patty Stanley, ServNet president. "In June, July and August, ServNet auctions hold huge events that have a tremendous impact on the market."  The […] [Read More]

It’s one thing for certified pre-owned demand to have grown in recent years. But to have had the supply of late-model cars simultaneously skyrocket makes for a rather fortunate one-two punch. And it’s a combo that’s made CPO an emerging heavyweight in the used-car industry, as automakers continue to shatter certified sales records. “The sharp […] [Read More]

About a month after recalling more than 400,000 vehicles, Ford issued four more separate recalls of vehicles in the U.S., Canada and Mexico through campaigns that cover more than 1.4 million units. The largest single campaign is for the Ford Escape and Mercury Mariner from the 2008 through 2011 model years. Ford said a total […] [Read More]

An assertion made by NADA in it’s recent Dealership Workforce Study late last year was just reaffirmed by analysts at CNW Research, as well: sales staff turnover remains a big issue for dealerships. That said, CNW’s latest Retail Automotive Summary offers a bit of a silver lining: though sales personnel turnover still “haunts” dealerships, the […] [Read More]

Edmunds.com is projecting that seasonally adjusted annual rate for new-vehicle sales this month will increase thanks to the favorable financing conditions that still are in place. Site analysts forecasted that 1,547,771 new cars and trucks will be sold in the U.S. in May for an estimated SAAR of 16.2 million. The projected sales will be […] [Read More]

Here are more numbers showing just how much of a bite regulatory compliance is taking out of franchised dealers’ profitability apple — especially for what it takes to legally operate the F&I office. A new report released by the Center for Automotive Research on Friday showed U.S. franchised dealers spent $3.2 billion in 2012 to […] [Read More]

When the final tally comes in for 2014, annual certified pre-owned sales are likely to have notched another all-time high, according to NADA Used Car Guide, which is forecasting “meaningful growth” in this blossoming market segment in coming years. These expected gains, detailed in the latest NADA Perspective report, are driven by the fact that […] [Read More]

The National Automotive Finance Association released the results of its revamped invitation-only member survey this week during its 18th annual Non-Prime Auto Financing Conference. While the survey asked the 22 participating finance companies to complete questions about originations, marketing and servicing, the results showed nearly all survey contributors agreed on one thing — how much […] [Read More]

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]