ServNet revealed some news from its member auctions Tuesday, with one Iowa facility set to celebrate its 50th anniversary next week. Plaza Auto Auction of Iowa is gearing up for its 50th anniversary sale, which is scheduled for Aug. 28. The auction shared that the celebration will include drawings for $50,000 in prizes, and the […] [Read More]

Beginning this coming Monday, used-car shoppers using DriveChicago.com will have access to free Carfax Vehicle History Reports in a promotion that runs through the end of November. That’s thanks to a new agreement between the Chicago Automobile Trade Association and Carfax. CATA is also working with Carfax to provide vehicle reports to its dealer members […] [Read More]

NEW YORK — After establishing a new record low in June, analysts from S&P Dow Jones Indices and Experian noticed the auto loan default rate ticked up slightly in July. According to S&P/Experian Consumer Credit Default Indices, the auto loan reading edged up to 1.03 percent, rising from that record-setting mark of 1.00 percent set […] [Read More]

DETROIT — Ally Financial took another step on Tuesday toward its full repayment of the U.S. Treasury in moves the company believes "will further strengthen the common equity base." Ally entered into agreements with certain investors providing for a private placement of 166,667 shares of Ally common stock for an aggregate purchase price of $1 […] [Read More]

FORT LAUDERDALE, Fla. — AFS Acceptance — a full-service auto finance company serving the subprime financing needs of franchised and independent dealers — recently acquired the assets and intellectual property of Preferred Automobile Credit Co. (PACCO), a Pennsylvania-based auto finance company. Executives highlighted the $12 million portfolio acquisition is the first for AFS Acceptance in […] [Read More]

ATLANTA — Subprime auto financing provider Global Lending Services recently appointed a chief information officer. Tapped for the position was Michael Miller, who has spent more than 20 years serving in corporate-level positions for both public and private organizations. Miller has worked with some of the industry's leading companies, including serving as chief credit officer […] [Read More]

Of the eight segments included in the data set from AutoTrader.com’s Trade-In Marketplace, the only one expected to see growth in its TIM instant-cash offer amount from August to September is the full-size truck class, according to data provided to Auto Remarketing. And that won’t be the last of its increases, either. “The full-size truck […] [Read More]

Dealers at one Michigan auction can “Win the Race” in a promotion running through Sept. 18. The promotion at Flint Auto Auction, held in partnership with consignor US Bank, combines transportation assistance for vehicles bought at US Bank’s bi-weekly sales events at Flint Auto Auction with prize drawings set for September, when three dealers will […] [Read More]

Domestic or import? The choice may depend on the sex of the shopper. Research from Kelley Blue Book Market Intelligence based on KBB.com traffic and survey data of more than 13,000 U.S. adults shows considerable differences in the shopping habits of men and women. In the research, men are more likely to consider vehicles from […] [Read More]

As multi-platform selling continues to gain steam in the wholesale industry, Auction Edge announced this week it is joining the ranks, offering what it says provides a convenient way to list and manage inventory on multiple online platforms. The company revealed it has integrated Liquid Motors capabilities into the Auction Edge platform. Auction Edge will […] [Read More]