City Enterprises chief executive officer David Andrews announced that the company acquired Chattanooga Auto Auction, joining the operation’s four other sister auctions in Tennessee and Alabama. Chattanooga Auto Auction opened its doors on Monday as the new Dealer’s Auto Auction of Chattanooga. This site now is a part of the fold that includes Dealer’s Auto […] [Read More]

Group 1 announced its Q4 and full-year 2013 financial results on Wednesday, reporting a 19.3-percent increase in revenue and considerable growth in used-vehicle gross profit. The dealership group president and chief executive officer Earl Hesterberg also noted he expects increasing used supply to contribute to a “more favorable” industry-wide pre-owned market going forward — one that […] [Read More]

2014 is off to a good start for certified pre-owned sales in Canada, as many manufacturers reported double-digit CPO growth. Two Euoropean automakers even reached sales records for the month of January. Porsche Canada sold 66 CPO units in January, reaching a record for the month. Highlighting the OEMs that notched double-digit growth, Mercedes-Benz Canada […] [Read More]

Tax season normally coincides with high prices at auction, and this year is no exception. According to the latest Blue Book Market Report from KBB.com, used-car values stated the year 1 percent higher than at the beginning of the calendar year in 2013. That said, some of the lowest-priced models in the lanes might also […] [Read More]

As spring approaches and many are day-dreaming about warmer, sunnier weather, fuel efficiency is making traction with shoppers in the market for a new vehicle. For the second month in a row, Porsche’s ad for the Panamera Hybrid took the top luxury ad spot in January, according to Phoenix Automotive’s January Auto Insights report. Kevin […] [Read More]

With the financial penalty associated with the Consumer Financial Protection Bureau and U.S. Department of Justice settlement leaving a significant impact on the company's fourth-quarter performance, Ally Financial chief executive officer Michael Carpenter outlined a three-point plan to achieve success throughout its business ventures. This morning, Carpenter described Ally's navigation through bankruptcy proceedings and a […] [Read More]

Less than two weeks after the National Automobile Dealers Association released its fair credit guidance to member franchised stores, top executives at two of the largest publicly traded dealer groups are still assessing the recommendations and determining what to do next. AutoNation chairman and chief executive officer Mike Jackson said the company would be implementing […] [Read More]

CNW Research determined the amount of pre-approved loans, subprime buyers and the percentage of January's used-vehicle sales to buyers with FICO scores below 550 all increased year-over-year. The firm indicated the level of pre-approved financing for a used-vehicle purchase last month came in at 7.52 percent, up from 6.65 percent a year ago. Meanwhile, CNW […] [Read More]

Wolters Kluwer Financial Services recently integrated with Frazer's Bankers Systems brand retail installment contracts. Officials explained the integration can provide Frazer with the ability to electronically select and print plain-paper compliant contracts, disclosures and ancillary forms through the Frazer DMS system. Frazer software is used at more than 11,000 dealerships throughout the U.S., and has […] [Read More]

Two Northeast credit unions recently reported exponential growth using CU Xpress Lease, an alternative new-vehicle leasing product that incorporates low residual value risk to create incremental loan growth and increased efficiency. Teachers Federal Credit Union in Hauppauge, N.Y., said it experienced year-over-year growth in excess of 277 percent using the program. IC Federal Credit Union […] [Read More]