Two separate purchases involving players connected to the repossession, recovery and remarketing-related fields were announced on Thursday. Starting out with news from the Indianapolis area, ADESA announced that its PAR North America subsidiary bought Fontana, Calif.-based Auto Depot Remarketing. ADR works with various credit unions, regional banks and finance companies, and with this deal, PAR […] [Read More]

Does the date Aug. 19 mean anything to you? For auction owners, staff, and more, this date marks the launch of the National Auto Auction Week. National Auto Auction Association president Paul Lips has designated next week to celebrate the auction industry’s rich history and increase the public’s awareness of the industry and its contributions […] [Read More]

The best car on the market? The answer is probably different for most people. But Edmunds.com has put together a list that could help dealers point out some of the best picks on the market these days to potential customers. The site revealed Thursday a list of what its editors see as the 17 best […] [Read More]

U.S. and Canadian officials indicated that Hyundai and Kia are recalling a total of 325,000 vehicles to fix corroded suspensions and failing axle shafts. The largest of the campaigns is in the U.S. and covers approximately 215,000 Sonata midsize sedans from the 2006 to 2010 model years and about 24,000 Azera full-size sedans from 2006 […] [Read More]

AutoPacific has announced the 2013 Ideal Vehicle Awards, based on surveys from more than 52,000 new-car owners on their satisfaction with their vehicles. Who came out on top? Well, Porsche is the top premium brand (Porsche has also won the IVA for sports cars in seven of the past eight years), while the top-scoring popular […] [Read More]

Officials cited the online training partnership between Audi of America and NADA University as why sales consultant Gonzalo Ladron de Guevara and service adviser Keith Lindgren from Continental Audi of Naperville, Ill., are both learning ways to increase their professional skill sets and advance their careers. Training dealership staff and manufacturer executives to increase sales […] [Read More]

IRVINE, Calif. — As Consumer Portfolio Services continues to buy more contracts, the company believes it's in a good personnel position to handle more originations while the subprime auto finance segment gains steam. CPS recently reported that it purchased $203.8 million of new contracts during the second quarter, up from $180.1 million during the first […] [Read More]

NEW YORK — In its latest Household Debt and Credit Report, the Federal Reserve Bank of New York determined total auto loan balances in the second quarter increased $20 billion from the previous quarter, the ninth consecutive quarterly increase and the largest quarter-over-quarter increase since 2006. In the last nine quarters, the New York Fed […] [Read More]

HAUPPAUGE, N.Y. — This week, GrooveCar signed four new credit unions nationwide to its GrooveCar Direct program, a vehicle-buying service customized for the credit union industry. The new signees include Kinecta FCU in Manhattan Beach, Calif., Washington, D.C.-based HEW Federal Credit Union, New Horizons Credit Union of Mobile, Ala., and United Services Credit Union in […] [Read More]

During his recent presentation at the JP Morgan Auto Conference, Scott Krenz, senior vice president and chief financial officer at Asbury Automotive Group, stressed the importance of the pre-owned department to the dealer group’s overall success. According to Krenz, “It’s not about new cars. It really is a story about used cars and parts and […] [Read More]