In the latest ALG Industry Report, residual values didn’t change much from the previous edition. However, the future used-car supply situation could shake things up a bit. ALG has upped its outlook on used market supply, meaning lower residual values could be on the horizon. “At the industry level, our supply forecast has increased, leading […] [Read More]

Auction values are expected to continue their slow decline this week, with rates predicted to fall by 0.2 percent, or $25, relative to the two-week average. According to NADA Used Car Guide data, the only segment expected to see any price appreciation  will be large pickups, “which continue to show strength in the marketplace,” officials […] [Read More]

How the Consumer Financial Protection Bureau is conducting its business continues to be questioned by leaders on Capitol Hill. On Tuesday, Sen. Mike Crapo requested that the Government Accountability Office (GAO) investigate what he called the "big data" collection effort being undertaken by the CFPB on consumer spending habits. [Read More]

Mimicking how the new-car industry performed in June, AutoNation reported that its new-vehicle unit sales rose 10 percent year-over-year. The dealer group turned 25,162 new units last month. AutoNation’s same-store retail new-vehicle unit sales in June came in at 24,107, an increase of 5 percent as compared to the same month last year. Total retail […] [Read More]

NEW YORK — As subprime auto ABS metrics softened a bit, Fitch Ratings noticed net loss levels for U.S. prime auto ABS dropped for the fourth straight month. Analysts said that continued low delinquencies are signaling firm footing for overall asset performance heading into the slower summer months. "Factors contributing to solid auto ABS asset […] [Read More]

PHILADELPHIA — VINtek, a provider of automotive collateral management, electronic lien and title (ELT) services and direct finance processing for automotive lenders, reached a new customer milestone. The company recently signed its 3,000th ELT client. VINtek explained ELT replaces a paper title and lien with data exchanged electronically between a department of motor vehicles (DMV) […] [Read More]

NASHVILLE, Tenn. — After a year of multiple acquisitions, restructuring and rebranding, Primeritus Financial Services celebrated the company's 500,000th repossession assignment this week. Primeritus Financial Services chief executive officer Chuck Tapp reflected on the accomplishment and shared when he hopes the company will hit its next milestone in connection with its recovery management, skip-tracing and […] [Read More]

HAUPPAUGE, N.Y. — GrooveCar is gearing up for its 14th annual summer sale aimed at helping dealerships move more metal through financing underwritten by some of Long Island's largest credit unions. During this exclusive 10-day event that runs from July 12 through 21, 100 Long-Island based dealers will participate in the sale offering steep discounts, […] [Read More]

General Motors of Canada has appointed a new vice president of sales, service and marketing. Tapped for the new VP position is John Roth, who succeeds Marc Comeau, who will move to GM Korea. In his latest role, Roth was the regional director responsible for the Cadillac South Central Region within U.S. sales and service. […] [Read More]

Manheim Canada announced this week there is a new general manager at Manheim Halifax. Appointed to the role is Howard Connolly. The company shared that Connolly brings more than 30 years of automotive and auction experience to the role. His career includes 16 years in the remarketing industry serving in a variety of roles including […] [Read More]