PHOENIX — DriveTime Automotive Group posted gains in total revenue, unit sales and originations in 2012, according to its reports filed with the Securities and Exchange Commission this week. Officials said DriveTime dealerships posted a 7-percent gain in unit sales, turning 59,930 vehicles in 2012, up from 56,109 units in 2011. The company's 2012 originations […] [Read More]

MASON, Ohio — In an effort to help dealers showcase the product to potential buyers in the F&I office, TriStar officials recently announced they have released two new promotional videos on YouTube about their vehicle service contract.  The company explained TriStar Freedom Guard is designed to help service members keep their vehicle running smoothly. Should […] [Read More]

SALT LAKE CITY — Prestige Financial Services completed its 11th and largest rated term securitization on Wednesday, issuing $350 million in securities backed by $353,535,758 in automobile installment receivables. In a transaction led jointly by Wells Fargo Securities and J.P. Morgan Securities, officials explained the notes were purchased by qualified institutional buyers and accredited investors […] [Read More]

NASHVILLE, Tenn. — Primeritus Financial Services, which offers recovery management, skip-tracing and remarketing services, announced this week it has sold its remaining direct recovery repossession business. Primeritus sold the business to Connect 1 Recovery, finalizing Primeritus' exit from the direct recovery business. "Connect 1 Recovery LLC will be an important service provider for Primeritus as […] [Read More]

The prices in the lanes are expected to remain relatively stable this week, according to NADA Used Car Guide analysts, perhaps indicating the start to a downward trend in values this month. NADA UCG analyst David Paris said,  “Indicators point towards a relatively flat week again, with a slight $25 uptick overall. We still expect […] [Read More]

Along with strong gains in wholesale unit sales and CarMax Auto Finance income, improved used unit sales help push CarMax to record earnings for its recently completed fiscal year and fourth quarter. Overall, the company reported net sales and operating revenues of $2.83 billion (up 14 percent year-over-year) for the fourth quarter ending Feb. 28 […] [Read More]

Chrysler Group issued six separate recalls earlier this week, involving approximately 215,000 vehicles in the U.S. According to the automaker, the recalls stem from a variety of different reasons, including: Tunnel Shield Chrysler said it will recall approximately 78,500 older-model 4×2 SUVs to brace a heat shield that can loosen and contact the driveshaft, causing […] [Read More]

In his post-sale report for Tuesday, John Brasher of Brasher’s Sacramento Auto Auction noted a particular used segment showing well in the lanes this week. With dealers reporting good retail sales of late, Brasher said what’s “piping hot” on the used side is the market for cars priced at $12,000 to $15,000 and under. “We […] [Read More]

Sonic Automotive said Wednesday it has named an executive vice president and chief financial officer. Tapped for the position is Heath Byrd, formerly the  company’s chief information officer. Byrd joined Sonic in November of 2007 as CIO and “has been a driving force in the implementation of the company's many technology innovations,” the company said. [Read More]

With industry recognition to announce and an expansion in planning, one auction group is celebrating its success. Dealer's Auto Auction — a group of four wholesale auctions with locations in Alabama and Tennessee — this week announced that Dealer's Auto Auction of Murfreesboro has been recognized with the Emkay 100% Club Award for 2012.  “This […] [Read More]