Two new awards will be given out for the first time at this year’s upcoming National Auto Auction Association annual convention. NextGear Capital announced the creation of two new industry awards on Tuesday that are designed to recognize independently owned auctions for their dedication to and support of the industry. They are called the NextGear […] [Read More]

Technology meets marketing in a new joint venture announced this week by AutoAlert Inc. and The Ready Group. Boyd Warner, chief executive officer of AutoAlert, made the partnership announcement, noting a joint venture with Boston-based strategic automotive marketing agency The Ready Group LLC. The new entity is called DirectAlert LLC, which company officials said will […] [Read More]

MARBLEHEAD, Mass. — This week, FinCo Management — a provider of deep subprime dealer financing — began offering its new HYBRID 50 program to dealer partners with buy-here, pay-here experience. FinCo explained that dealer partners can get funded up front to cover their cost of vehicles along with a modest profit. Then, the partners can […] [Read More]

WASHINGTON, D.C. — The American Financial Services Association released a white paper on recent state developments in issuing and releasing liens and titles on motor vehicles, including Electronic Lien and Title (ELT), electronic titling, and other lien and titling issues, such as New York's new lien release law. AFSA officials indicated at least 25 states […] [Read More]

REDWOOD CITY, Calif. — Recovery Database Network recently introduced its Compliance Dashboard and Automation Center, a tool aimed at providing lenders with a visually dynamic way to easily assess key recovery performance data and monitor recovery vendor compliance with performance standards. Integrated into RDN's recovery management software and available to subscribers at no additional cost, […] [Read More]

CENTENNIAL, Colo. — CU Direct Connect said it posted strong application and funded auto loan growth during the first half of the year. The non-profit credit union service organization aimed at providing vehicle lending and origination funding platforms utilized by credit union members and dealer partners indicated that a portion of this growth was attributed […] [Read More]

Recovery Database Network recently introduced its Compliance Dashboard and Automation Center, a tool aimed at providing lenders with a visually dynamic way to easily assess key recovery performance data and monitor recovery vendor compliance with performance standards. Integrated into RDN’s recovery management software and available to subscribers at no additional cost, the company insisted the […] [Read More]

Sonic Automotive dealerships turned an average of 89 used vehicles per month during the second quarter, a span in which the retail total ended up nearly flat against the year-ago period. According to the report the company put out this morning, that average retail sales total pushed Sonic’s used-unit volume to 26,599 vehicles during Q2. […] [Read More]

Asbury Automotive Group announced today its second-quarter results, revealing that both used retail revenue and pre-owned sales soared by double digits during the period. Actual used sales were up 22 percent year-over-year, coming in at 17,703 units, compared to 14,496 sold during Q2 of last year. With total revenue increasing by 16 percent to $1.3 billion […] [Read More]

Overall, 2012 was a good year for franchised car dealers. In its recent recap of last year’s dealership financials, the National Automobile Dealers Association reports that total dealership sales increased 9.2 percent compared to the prior year, driven by gains in the new- and used-vehicle departments, as well as F&I. But the relatively rosy portrait […] [Read More]