One of the trends that we’ve noticed over the last couple of years is the debate over gross and turn. Since the recession, there has been an isolated movement to treat all cars as commodities and be willing to take less gross on every unit. Ever run into a Carmax buyer at an auction? You’ll […] [Read More]

Late last week, Toyota Motor Sales USA said it will conduct a safety recall involving approximately 209,000 FJ Cruiser vehicles. The automaker explained the seatbelt retractors for the driver and front passenger seat belts are mounted in the rear doors (access doors) of the vehicle.  Due to insufficient strength of the rear door panel, cracks […] [Read More]

HOUSTON — CNW Research indicated more than 15 percent of all used-vehicle sales last month came through the buy-here, pay-here industry. And leaders from the National Alliance of Buy-Here, Pay-Here Dealers want to equip operators to secure an even larger share of the market. NABD highlighted the theme for this year's National Conference at the […] [Read More]

DETROIT — Ally Financial completed the renewal of $11 billion in credit facilities at both the parent company and at its banking subsidiary, Ally Bank, with a syndicate of 19 lenders. Last week, officials highlighted the secured facilities can be used to fund retail, lease and dealer floor plan assets in the U.S. "Supporting continued […] [Read More]

PHILADELPHIA — As the company recently received an endorsement from the Florida Bankers Association, VINtek reported a 28-percent increase in new customer signings in 2012 for its collateral management services, electronic lien and title services and direct finance processing for auto lenders. VINtek highlighted that new clients represent an estimated 30-percent increase in recurring revenue […] [Read More]

NASHVILLE, Tenn. — Primeritus Financial Services announced the sale of two of its subsidiaries last week. Officials confirmed that Primeritus sold Repossessions Unlimited operating in Florida and Extreme Recovery in California.   In the first transaction, Chris Fazio purchased Primeritus' ownership in Repossessions Unlimited. As sole owner of Repossessions Unlimited, officials said Fazio will continue to […] [Read More]

It’s not just that the expectation that more vehicles will be coming out of leases this year. What also bodes well for increased off-lease volume at the auction is the economics of it all, says ADESA’s Tom Kontos. Bottom line: dealers could be able to get their hands on more off-lease vehicles this year at […] [Read More]

Used supply may be improving, but the inventory situation for many used dealers is still a cause for concern and will most likely remain so during 2013. In light of this, industry experts offered their tips for how dealers should best capitalize on improving pre-owned supply. “Many dealers won’t need to change a thing.  Their […] [Read More]

According to the J.D. Power and Associates 2013 U.S. Customer Service Index (CSI) Study released earlier this week, overall customer satisfaction with service at a dealer facility has increased to 797 (on a 1,000 point scale), up significantly from 787 in 2012. And the study found that buyer loyalty is directly connected to a dealership’s […] [Read More]

Honda said Thursday it will recall more than 180,000 vehicles in the U.S., and almost 250,000 worldwide, for a problem with select vehicles’ electronic stability control system. The issue, that involves Honda Pilot, Acura RL and Acura MDX vehicles in the U.S., could cause the car to brake when the driver isn’t pressing the brake […] [Read More]