TORRANCE, Calif. — Toyota Financial Services will soon have a new president and chief executive officer.  The company announced earlier this week that George Borst is retiring at the end of September, and filling his shoes as president and CEO will be Mike Groff, who is currently senior vice president of sales, marketing and product […] [Read More]

WASHINGTON, D.C. — With August straight ahead and back-to-school campaigns for clothes and more about to intensify, Americans Well-informed on Automobile Retailing Economics urged parents to provide guidance and support so teenagers can take an active role in selecting a vehicle. AWARE emphasized that teens can learn money management basics while doing homework to find […] [Read More]

Organizers of the North American Repossessors Summit revealed the dates and theme of their sixth annual event, which for the first time is being hosted by the American Recovery Association, Allied Finance Adjusters and Time Finance Adjusters. NARS 2014 is set for March 20—22 with the theme “Reclaim Your Industry.” Organizers say they’re focused on […] [Read More]

The budget advice McDonald’s is handing out to its employees probably would only dedicate enough money to purchase the lowest-end vehicle at a typical buy-here, pay-here dealership. BHPH stores often cater to customers whose primary source of income might be as a worker at fast-food restaurant such as McDonald’s. But the chain recommended the employees […] [Read More]

As regular readers know, I’ve long argued that packs on used vehicles are problematic for dealers in today’s marketplace. First, packs burden every car with additional cost. Velocity dealers know full well how challenging it can be to acquire and recondition vehicles in a manner that allows sufficient margin for a respectable front-end gross profit. […] [Read More]

Auto/Mate Dealership Systems, which offers dealership management system software, announced this week that it will take part in a new program aimed to assist auto retailers with the use of industry-related technology. The company will participate in General Motors’ new Dealership Technology Assistance Program, after Auto/Mate’s dealership management system and Customer/Mate both received certification from […] [Read More]

Car and truck wholesale prices in July are continuing to ease slightly, making for what NADA Used Car Guide’s Jonathan Banks is calling “another mild month.” So far this month, used prices have fallen 1.3 percent, similar to June’s 1.1-percent rate of depreciation. “Although July’s month-to-date figure is a bit higher than June’s rate, depreciation […] [Read More]

Toyota Financial Services will soon have a new president and chief executive officer.   The company announced Monday that George Borst is retiring at the end of September, and filling his shoes as president and CEO will be Mike Groff, who is currently senior vice president of sales, marketing and product development. Upon retiring from […] [Read More]

Because convincing a potential buyer to take that next step after seeing or hearing a dealership advertisement can be a challenge, Cars.com offered managers some recommendations on how to refine a call to action. In a recent blog post titled, “4 Steps to Writing an Effective Call to Action,” Thomas Muellner of Cars.com acknowledged that […] [Read More]

The National Highway Traffic Safety Administration said Ford is recalling the 2013 C-Max Hybrid not equipped with panoramic roofs, which includes a little more than 33,000 vehicles. During vehicle testing, NHTSA indicated the unit exceeded a head injury criteria requirement set by Federal Motor Vehicle Safety Standard No. 201 titled, “Occupant Protection in Interior Impact.” […] [Read More]