IRVINE, Calif. — As Consumer Portfolio Services continues to buy more contracts, the company believes it's in a good personnel position to handle more originations while the subprime auto finance segment gains steam. CPS recently reported that it purchased $203.8 million of new contracts during the second quarter, up from $180.1 million during the first […] [Read More]

NEW YORK — In its latest Household Debt and Credit Report, the Federal Reserve Bank of New York determined total auto loan balances in the second quarter increased $20 billion from the previous quarter, the ninth consecutive quarterly increase and the largest quarter-over-quarter increase since 2006. In the last nine quarters, the New York Fed […] [Read More]

HAUPPAUGE, N.Y. — This week, GrooveCar signed four new credit unions nationwide to its GrooveCar Direct program, a vehicle-buying service customized for the credit union industry. The new signees include Kinecta FCU in Manhattan Beach, Calif., Washington, D.C.-based HEW Federal Credit Union, New Horizons Credit Union of Mobile, Ala., and United Services Credit Union in […] [Read More]

During his recent presentation at the JP Morgan Auto Conference, Scott Krenz, senior vice president and chief financial officer at Asbury Automotive Group, stressed the importance of the pre-owned department to the dealer group’s overall success. According to Krenz, “It’s not about new cars. It really is a story about used cars and parts and […] [Read More]

In a move cheered by OEM organizations, the U.S. Department of Transportation’s National Highway Traffic Safety Administration announced its plans to require automakers and motorcycle manufacturers to provide consumers with a free online tool that will enable them to search recall information by vehicle identification number starting next year. “Safety is our highest priority, and […] [Read More]

Wholesale prices are expected to rise once again this week, with one segment even predicted to see as high of a climb as $125. NADA Used Car Guide is predicting overall wholesale prices to increase 0.2 percent, or $25, relative to the two-week average. And it seems depreciation rates may be slowing from July’s numbers. […] [Read More]

With the 2013 IARA Annual Summer Roundtable set for next week, the organization's Certification Commitee chair recently talked with Auto Remarketing about an important offering for remarketing professionals now more widely available. Dave Sutton —  the national director of data partnerships at Carfax and the chair of the Certification Committee for the International Automotive Remarketers […] [Read More]

Another major player in the auction business has announced its plans for the upcoming National Auto Auction Week, which is sponsored by the National Auto Auction Association and kicks off Monday. Manheim said its North American auctions are participating in the big event and will utilize social media, including Facebook and Twitter, to help spread […] [Read More]

A new tool announced this week aims to unify the gap between offline and Web-based showrooms. Online sales software firm SaleMove has launched its Inbound Sales platform, which the company says will allow dealership sales consultants to communicate directly and instantly with online car shoppers using SaleMove live video chat and collaborative search features. At […] [Read More]

Baltimore-area Hyundai dealers joined the automaker’s philanthropic organization, Hope On Wheels, this week to award the Johns Hopkins Sidney Kimmel Comprehensive Cancer Center, Division of Pediatric Oncology of Baltimore with a $75,000 Hyundai Scholar Grant. Dr. Christopher Gamper received Hope On Wheels’ most recent grant for his work in immunotherapy against cancer, in hopes of […] [Read More]