IRVINE, Calif. — Earlier this week, Consumer Portfolio Services marked the closing of its third term securitization of the year. The transaction is CPS' 10th senior subordinate securitization since the beginning of 2011. In the transaction, qualified institutional buyers purchased $205 million of asset-backed notes secured by automobile receivables purchased by CPS. The sold notes, […] [Read More]

Carfax Canada has named a new leader. Joining the company as general manager/managing director of Carfax Canada is Jon Arnett. Arnett has over a decade of automotive experience in Canada, including time in the vehicle history industry, the company shared. In his new position, Arnett will be responsible for overseeing efforts to continue expanding the […] [Read More]

It was the second-best quarter ever for the certified pre-owned market, trailing only the quarter that preceded it (and by just 1.5 percent, no less). That’s the latest on the scorching CPO industry from Autodata Corp., which said third-quarter numbers were quite strong.  There were 540,383 certified sales, good for second all-time behind the second […] [Read More]

On the third day of the first partial U.S. government shutdown in 17 years, Congress will continue its negotiation efforts to pass a series of bills to fund the government. In the meantime, the country waits, as does the automotive industry. The effects of the shutdown on the automotive sector are arising in a few […] [Read More]

Seasonal price declines in the lanes are expected to grow a bit steeper this week, with all segments projected to decline slightly. According to NADA Used Car Guide, wholesale prices, on average, are expected to fall by by 0.9 percent, or $125. “In general, overall declines across all segments are expected to accelerate this week; […] [Read More]

Year-to-date auction volume two-thirds of the way through 2013 remains ahead of year-ago levels by more than 5 percent, according to the National Auto Auction Association, which said August numbers, in particular, climbed more than 8 percent. In the latest Economic Dashboard released this week, auction volume in August was up 8.5 percent over comparable […] [Read More]

Based on the contention that nearly 80 percent of potential purchasers began their online vehicle shopping using a search engine, Trilogy developed a premium lead service for used vehicles based on what the company believes is already proven new-vehicle lead technology. Executives highlighted Trilogy SmartLeads is designed to provide high quality third-party leads for used […] [Read More]

POADA is hosting 700Credit, a provider of credit reporting and compliance products and services, for a free Market Intelligence Webinar titled, “Compliance Questions Answered.” Kenneth Hill, managing director of 700Credit, will be the presenter during the webinar that’s set for Wednesday at 2 p.m. ET. Hill noted three elements participants can expect to learn from […] [Read More]

Chrysler Group announced this week that it will recall an estimated 10,800 trucks — most of which are in dealer hands — to upgrade software that controls instrument-cluster illumination. The automaker explained in-plant quality-control personnel discovered instrument-cluster backlighting may function intermittently on certain vehicles. Regulatory compliance requires that information displays be clearly legible. “Vehicle performance […] [Read More]

CarProof Vehicle History Reports announced this week it has made a “first of its kind” data agreement for the company. Under the new agreement with Kia Canada, CarProof reports will now include open recall information Kia vehicles. Recall information on a specific Kia vehicle will now appear directly on the CarProof vehicle history report, the […] [Read More]