Back in 2010, General Motors outlined its plans for an initial public offering in order to generate funds the automaker could use to repay the U.S. Treasury. This week, Chrysler filed paperwork for an IPO, too, but the purpose and potential outcome might not be as straightforward. When asked by Auto Remarketing to explain what […] [Read More]

The growth in revenues for privately owned used-car dealers has simmered down a bit, but revenues are still climbing — and what’s more, net profit margins are getting stronger. That’s according to data provided to Auto Remarketing by financial information company Sageworks that covers privately owned used-car dealers.* The revenue for these dealers from August […] [Read More]

On Tuesday, NextGear Capital appointed a new vice president of diversified products. Tapped for the role was Frank Ford, who will be responsible for strategic planning, development and growth of diversified non-auto floor plan products. The company indicated those products could include recreational vehicles, marine, powersports, salvage, daily rental and others as implemented. “As market […] [Read More]

Hands-on training in the remarketing industry was on the agenda as members of continuing education program Auction Academy met for their latest session, held in Dallas. Members of the Next Generation/Sons and Daughters Group, the Academy’s inaugural class, convened in August for a training session held in cooperation and conjunction with the International Automotive Remarketers […] [Read More]

Auto Data Direct, a Web-based motor vehicle record database, announced Tuesday it has added three states to its lineup. Users can now access records from Washington, Virginia and Indiana, bringing the company’s state count to 31. Commenting on the news, Jim Taylor, president, said, "This is an important milestone in the growth of our company's […] [Read More]

The 2013 Vinventric Best Value in Canada awards were recently released, with three brands, in particular, topping the charts. First up, Toyota received its second consecutive award as Best Value Passenger Car Brand and picked up eight individual vehicle awards. Mercedes-Benz dominated the luxury category, retaining its Best Value Luxury Brand title and also picking […] [Read More]

Dealertrack Technologies announced it has appointed a new head to its Canadian operations. Named to the position of vice president and general manager of Dealertrack Canada is Michael McCarthy. The new hire has an extensive background in financial services. McCarthy is joining the company from Davis & Henderson, where he was vice president for lending […] [Read More]

RICHMOND, Va. — Eighteen percent of the used-vehicle units sales CarMax posted in the second quarter ending Aug. 31 were originated by third-party subprime finance providers, the company said in its earnings release earlier this week. This subprime penetration is up from 15 percent in the same period of 2012. In light of the contribution […] [Read More]

WASHINGTON, D.C. — As the agency's director reinforced the use of disparate impact to check for discrimination, a new report by the Bipartisan Policy Center's Financial Regulatory Reform Initiative includes several recommendations for the Consumer Financial Protection Bureau and Congress to improve the state of consumer protection, increase the efficiency of the financial services industry […] [Read More]

LAKE SUCCESS, N.Y., and MISSISSAUGA, Ontario — Along with revealing who is going to oversee its Canadian operation, Dealertrack Technologies entered an agreement to purchase VINtek, a provider of automotive collateral management, electronic lien and title and consumer automotive finance processing services. Dealertrack said this week that total consideration for the deal will likely be […] [Read More]