CINCINNATI — Steady is as good an adjective as any to describe credit approval trends in connection to vehicle leases last month, according to data reported last week by Swapalease.com. Site officials said credit approvals came in relatively unchanged in October compared with the previous month. The year-to-date approvals for customer credit finished October at […] [Read More]

On Thursday night, KAR Auction Services named a new president and chief executive officer of ADESA effective Jan. 6. Appointed to the role on that date will be Stephane St. Hilaire. Meanwhile, Tom Caruso will be named chief client officer for KAR. St. Hilaire is currently the president and chief operating officer of ADESA Canada. […] [Read More]

After a group of analysts reported that October saw the biggest auction price decline this year, it seems used-car price depreciation is slowing down this month. Following a 3.5-percent drop last month, according to NADA data, depreciation “eased up substantially over the first half of November,” NADA Used Car Guide senior automotive analyst Larry Dixon […] [Read More]

On Thursday, Reynolds and Reynolds acquired XtreamService, a software company founded in part by Hendrick Automotive Group chairman Rick Hendrick that is designed to help dealerships reach customers more effectively and deliver improved sales, service and customer retention results. Terms of the acquisition were not disclosed. Officials explained Xtream is a data mining tool for […] [Read More]

Carvana, the 100-percent online auto retailer that launched nine months ago in the Atlanta market, is going national. The company — which offers a platform for shoppers to browse vehicles, find financing and coordinate delivery all online — announced an expanded service area on Thursday, which it said was made possible by new delivery and […] [Read More]

Along with announcing the lineup of model year 2014 vehicles that will be tested as part of the agency’s 5-Star Safety Ratings Program, the National Highway Traffic Safety Administration updated advertising guidelines for vehicle manufacturers, dealers and advertising agencies. The agency explained on Thursday the updated guidelines now explicitly state that ratings are always whole […] [Read More]

PureCars announced on Thursday that the company has not only completed its acquisition of software firm Tentail, but has also appointed a Tentail founder as new chief technology officer.    Named to the CTO role is Adam Phillips, who founded Tentail with Ashley Messer, who has also joined PureCars. Both work from the company’s development […] [Read More]

LAKE SUCCESS, N.Y. — The most important takeaway Dealertrack Technologies' associate general counsel for compliance Randy Henrick gleaned from last week's Consumer Financial Protection Bureau Auto Finance Forum didn't even come from the bureau. It was a point reinforced by an official from the Department of Justice. What prompted Henrick to describe last week's event […] [Read More]

DETROIT — With its latest move announced this week, Ally Financial said it has now repaid more than 70 percent of the investment the U.S. Treasury made in the company. Ally completed a private placement of 216,667 shares of Ally common stock for an aggregate price of roughly $1.3 billion, and said it also completed […] [Read More]

MINNEAPOLIS — ACA International, the Association of Credit and Collection Professionals, recapped why two U.S. District Courts examined messages left for consumers and third parties and found the messages were not communications under the Fair Debt Collection Practices Act. "The issue of leaving messages for consumers continues to receive scrutiny in the courts," ACA officials […] [Read More]