SKOKIE, Ill. — The auto lending market has been dominated by indirect lenders with very few companies that have both direct and indirect lending operations. The current state of the auto finance industry is marked by aggressive competition looking for larger market share without clear distinction between prime and subprime and many lenders trying to […] [Read More]

LAKE SUCCESS, N.Y. — Dealertrack Technologies unveiled a new tool this week meant to assist dealerships in developing a fair lending policy and better defend themselves in credit discrimination audits. The company introduced an Equal Credit Opportunity Act Model Fair Lending Compliance Policy Template and Model Exception Rate Justification Sheet for Dealertrack compliance subscribers. Company […] [Read More]

CENTENNIAL, Colo. — CU Direct Connect announced this week that it has signed an agreement with Sonic Automotive to be a preferred lender for the dealer group's stores in Colorado. Officials indicated the agreement became effective on Aug. 1. CU Direct Connect, through its more than 34 member credit unions, is collectively one of the […] [Read More]

Certified pre-owned sales were strong in August for the European automakers, with one luxury brand, in particular, touting its best August ever for CPO sales. Audi Canada had its best August ever this past month, with 436 CPO vehicles sold. Jonathan Breton, manger of certified pre-owned and corporate sales, said this number is up 16.9 […] [Read More]

Canadian minister of finance Jim Flaherty confirmed this week that the government has made strides to move General Motors towards private sector ownership. Canada GEN Investment Corp. — a wholly-owned subsidiary of the Canada Development Investment Corp., who holds Canada's interest in GM — has sold 30 million shares of common stock of General Motors […] [Read More]

Later this month, Auto Remarketing Canada is introducing a new feature to recognize the remarketing industry’s top players. Auto Remarketing Canada Digital Magazine will include the inaugural Auto Remarketing Canada Power 150. This special edition will list the most powerful companies within the remarketing and used-car industry in Canada. The collection includes businesses that span […] [Read More]

Wholesale price movement is expected to continue to decline slightly, following trends seen in August highlighted in NADA Used Car Guide’s latest Guidelines report. This week, wholesale prices are predicted to fall 0.2 percent, or $25. This rate shows little change from August, which was also a mild month for depreciation. According to the Guidelines […] [Read More]

Perhaps used-vehicle shoppers watched movies such as "Gone in 60 Seconds" or "Legally Blonde" last month and saw a Porsche playing a prominent role — because something triggered quite a spike in consumer activity on NADAguides.com for the sports-car brand. Interest in Porsches soared 31 percent year-over-year in August, 10 percent more than fellow European […] [Read More]

Auction volume dropped more than 2 percent sequentially last month, with most vehicle-age classes declining “sharply.” However, a late-model class of vehicles bucked the trend, spurred by rental-car sales in the lanes. That’s according to the latest Guidelines report from NADA Used Car Guide, which said there was a 2.2-percent drop in AuctionNet wholesale transactions […] [Read More]

A report that Auto Remarketing highlights weekly is celebrating its five-year anniversary this week. Black Book is celebrating the milestone of its weekly “Used Car Market Report” video series, hosted every week by Black Book editorial director and senior vice president Ricky Beggs. The reports have run continuously during the five-year span without interruption, according […] [Read More]