Acura said last week it will voluntarily recall approximately 76,000 model-year 2004 through 2008 TSX sedans in 22 U.S. states and Washington, D.C. Officials said the campaign stems from the need to install a water resistant cover over the electronic control unit at no cost to the client. “In cold-weather states where road salt is […] [Read More]

BB&T today announced its 2012 Auction of the Year, an auction location it says is known for setting the bar high. Named the 2012 Auction of the Year is Manheim Tampa, recognized for providing top sales results, sales percentage and expenses relative to liquidation for both BB&T and its affiliate, Regional Acceptance. Other eligibility requirements […] [Read More]

Crossover SUVs are primarily family cars, and what’s most important to families? Some would say dependability. To show dealers what this segment’s customers should be looking for to find a safe, reliable ride, J.D. Power and Associates posted a list of 10 crossover SUV  models (2010 model-year) with the fewest owner-reported problems from its 2013 […] [Read More]

Normal 0 false false false EN-US X-NONE X-NONE HANOVER, Md. — The recent Consumer Financial Protection Bureau bulletin focused on dealer reserve, an element that usually doesn't affect most buy-here, pay-here stores. But Hudson Cook's legal team recommended that BHPH dealers keep watch on developments as the agency continues to ramp up its look at […] [Read More]

ATLANTA —  SubPrime Auto Finance News learned this morning that Sandy Schwartz not only will serve as the president of Manheim, but will assume the role of president of AutoTrader Group, which includes AutoTrader.com, Kelley Blue Book and VinSolutions. Chip Perry, who has been with AutoTrader.com since its inception in 1997, will leave the company […] [Read More]

NEW YORK — Fitch Ratings discovered asset performance came in stronger for U.S. prime auto ABS while subprime auto loans reversed a seven-month trend of rising losses. Fitch indicated prime and subprime 60-day delinquencies came in lower in February by 4.7 percent and 2.4 percent month-over-month, respectively. The firm said prime annualized net losses dropped […] [Read More]

IRVINE, Calif. — Consumer Portfolio Services recently closed its first term securitization of 2013. The transaction is CPS' eighth senior subordinate securitization since 2011. In the transaction, the company explained qualified institutional buyers purchased $185 million of asset-backed notes secured by automobile receivables purchased by CPS. The sold notes, issued by CPS Auto Receivables Trust […] [Read More]

In a year of “encouraging” signs for the auction business, the amount of volume flowing into National Auto Auction Association member facilities climbed more than 6 percent in 2012, and sales for these auctions nearly reached 8 million units. That’s according to NAAA’s 16th annual survey of its members, conducted for the association by CliftonLarsonAllen […] [Read More]

A bulletin released by the Consumer Financial Protection Bureau on Thursday targeted dealer reserve and potential discriminatory practices as the agency took its first regulatory move aimed solely at the auto finance industry. The CFPB explained its bulletin was directed at indirect auto lenders that permit dealers to increase consumer interest rates and that compensate […] [Read More]

Carmark Certified Pre-Owned and CarMark Auto Finance are bringing dealers two free webinars this coming week, highlighting the programs and what they can offer stores. First, the CPO webinar, titled, "CarMark Certified Pre-Owned: A CPO Program for ALL Dealers,"  is scheduled for 2 p.m. (EST) on Tuesday. This offering will focus on how dealers can […] [Read More]