Edmonton, Alberta-based Carfinco Financial Group Inc. revealed this week it is expanding into the U.S. market with a new acquisition. The company has purchased Massachusetts-based Persian Acceptance Corp. (PAC), an indirect lender in the subprime retail automotive industry, from Peter and Jennifer Miller. Key members of PAC management will remain in place under the continuing […] [Read More]

Manheim Toronto announced a new hire this week. Tapped for the position of general manager is Don Wallace. In his new role as GM, Wallace will be responsible for all business operations at Manheim’s Canadian flagship location, the company reported. Wallace has worked with Manheim Canada for two years now, leading e-business and product development […] [Read More]

If there ever was a sign that Jack Neshe is tailor-made for the auction business, it’s this. When he was working at a franchised dealership in the Boston area during the 1980s, his day off each week was Friday. With a day free from the car business, what did he do during his time off? […] [Read More]

In addition to several awards handed out by the National Auto Auction Association, Wheels, Inc. announced its 2013 NAAA Auction Awards on Wednesday. The Auction Performance Awards from Wheels are as follows: The Top Performing Auction Awards Top Performing Auction Presented to: Manheim Harrisonburg Recognition for the top performer in the Eastern Region for the […] [Read More]

One of the primary generators of certified pre-owned vehicles — leasing — rose to a level in the second quarter never seen by dealers and finance companies, and more volume could be ahead if a recent online survey is any indication. Experian Automotive reported that of all new vehicles financed in Q2, leases accounted for […] [Read More]

A Florida law firm that specializes in legal services for dealerships offered clarification following two dealers from Maryland and Ohio agreeing to settle the Federal Trade Commission’s charges that they falsely advertised the cost or available discounts for their vehicles. Regulators said that the settlements — part of what they called the FTC’s continuing crackdown […] [Read More]

Ford declared this week that the OEM is on pace to set an all-time certified pre-owned vehicle sales record this year with 228,000 Ford, Lincoln, Mercury CPO sales. Should the Blue Oval hit that level, it would represent a 32-percent growth in sales versus last year. Early reports to Auto Remarketing showed that Ford turned […] [Read More]

The International Automotive Remarketers Alliance board of directors announced the appointment of a new executive director, tapping a former president of the National Auto Auction Association. Taking on the role effective this past Sunday is Tony Long. “Tony is a genuine industry veteran and professional,” said Levi McCoy, the newly installed president of the IARA […] [Read More]

Toyota Motor Sales USA rolled out two voluntary safety recalls this week for a mix of sedans and crossovers. One campaign involves approximately 133,000 Toyota Highlander Hybrids from the 2006 through 2010 model years as well as Lexus RX 400h vehicles from the 2006 through 2008 model years. The other involves approximately 102,000 Lexus vehicles, […] [Read More]

Officials from the National Automobile Dealers Association said this week that registration for the 2014 NADA Convention & Expo in New Orleans remains steady, which has resulted in several hotels filling up quickly. Previously reported as sold out, NADA indicated a limited number of rooms have been added to several popular hotels, which include the […] [Read More]