WASHINGTON, D.C. — Last week, the American Financial Services Association submitted a letter to six federal agencies on their proposed rule regarding credit risk retention. AFSA's letter focused on the impact of the proposed rule on the vehicle finance industry. The association encouraged the agencies — which included the Office of the Comptroller of the […] [Read More]

This past quarter made it 17 straight that the publicly traded dealership groups increased their same-store used unit sales, according to the latest blog post from Manheim’s Tom Webb. Not to mention, the past two quarters have shown double-digit gains for these retailers, he noted “With respect to unit volumes, it is very good trend […] [Read More]

It may arguably be the most expensive place to rent an apartment, catch a play or enjoy a steak, but when it comes to having the best deals on used cars, the Big Apple might as well be the Big Steal. According to iSeeCars, New York City tops the list of cities when it comes […] [Read More]

Due to a long-standing tradition of treating used vehicles alike — from the practice of applying standard, cost-up mark-ups to addressing age and pricing issues at standard intervals, many dealers are not giving sufficient, individualized attention to every used vehicle in their inventories. This inattention appears to be most profound when it comes to pricing […] [Read More]

Chief executive officer and president of NCM Paul Faletti Jr. had some interesting news for dealers this week. The exec revealed that NCM AXCESSA — the company's dealership data management platform — has completed integration with DealerTrack DMS. Faletti said, “The DealerTrack team was a pleasure to work with and we are excited to offer […] [Read More]

One auto auction family has personal reasons to support efforts to fight breast cancer: Its patriarch and founder of the family business, which has been in operation for more than 30 years.    Pittsburgh Auto Auction founder Clo Angelicchio is a breast cancer survivor, having been diagnosed with breast cancer in 2008.  Management and staff […] [Read More]

A Halloween party and costume event that brought out witches, ghosts, vampires  and other costumers, the second annual MetroGistics Monster Mash fundraiser earlier this month raised more than $19,000 for three charities: Humane Society of Monroe County, Ill., Humane Society of St. Clair County, Mich., and Project VIP (Very Important Pets). MetroGistics, a full-service transportation […] [Read More]

WASHINGTON, D.C. — Dealer associations, legal service providers and industry organizations have sought clarity as to how the Consumer Financial Protection Bureau plans to determine if discrimination is taking place within indirect auto lending. This week, a bipartisan group of 22 Senators — 11 Republicans and 11 Democrats — urged the CFPB to be more […] [Read More]

RALEIGH, N.C. — FNI Inc. president David Bafumo highlighted three best-practice recommendations for auto finance providers when offering captive or preferred add-on programs. The head of the collateral protection and consumer benefit program product and compliance agency emphasized these tip focus on topics such as selection, transparency and management. 1.  Product and Provider Selection Bafumo […] [Read More]

CHICAGO — According to a recent study by TransUnion, many Americans do not understand how credit scoring works or that there are many credit scoring models. The project commissioned by TransUnion asked the following question: —On a scale of 1 to 5, indicate your understanding of the different credit scoring models available to you and […] [Read More]