I ask a different question. Where did all the customers come from that are buying right now? Have all these customers been waiting for financing to come back to life? Did they all just hang on to the same car for five, six, or even 10 years? I hope this year helped you realize that […] [Read More]

Panel discussions about collections at events hosted by the National Alliance of Buy-Here, Pay-Here Dealers sometimes stir the most attention from conference goers. This week's enforcement action revealed by the Federal Trade Commission regarding the illegal use of text messages in collections likely will give panelists and attendees at the NABD East Coast Conference even […] [Read More]

When gathered amongst themselves, sometimes dealers and finance company executives who specialize in working with customers with checkered credit pasts say they're not in the car business — they're in the collections business. "If you have a weak leg in collections, you're dead. I don't care if your ACV is $1,000," said Michelle Groover, chief […] [Read More]

Since the recent financial crisis, McGladrey manager Robert McMurray pointed out that many private equity groups and other strategic investors have pushed plenty of money into the specialty finance industry to bring solid returns to their funds. With increased scrutiny from outside parties during a potential transaction, McMurray emphasized it is vital to ensure that […] [Read More]

This week, Credit Acceptance Corp. announced plans to offer $300 million of senior notes due in 2021. Company officials said they intend to use the net proceeds from the offering, together with borrowings under their revolving credit facility, to redeem in full the $350.0 million outstanding principal amount of their 9.125 percent first priority senior […] [Read More]

Now with the financial support of Westlake Financial Services, Western Funding — a subprime auto lender since 1962 — has resumed operating in full capacity. After a recent pause in loan originations following a bankruptcy proceeding, Western Funding is now offering dealerships in 33 states the full scope of funding options previously available. Furthermore, Western […] [Read More]

The National Alliance of Buy Here Pay Here Dealers (NABD) and Cherokee Automotive Group (CAG), the publishers of Auto Remarketing and SubPrime Auto Finance News, will combine forces to launch the BHPH Report for the industry later this month. This effort will capitalize on the joint strength of NABD and CAG to provide a powerful […] [Read More]

Auction Academy, a continuing education program for auto industry professionals, held a joint class session in Detroit that featured visits to Flint Auto Auction and General Motors World Headquarters. The session included both current class groups — the Managers Group and the Next Generation/Sons and Daughters Group — for a combined total of 32 students, […] [Read More]

Baby, Betsy, Bessie, Black Beauty, Betty. What do all these words have in common? According to a new report from DMEautomotive, these are the top vehicle names out there. In fact, one in four vehicle nicknames begins with the letter “B”. And who is most likely to assign nicknames to their new rides? According to […] [Read More]

One segment of the pre-owned market that rose to unprecedented levels in 2013 was certified pre-owned. With CPO sales representing about 19 percent of all franchised dealers used-vehicle sales as reported in December, according to Edmunds.com, it seems the certified vehicle is becoming a more integral part of a dealership’s used-car department. What’s more, the […] [Read More]