SOUTHFIELD, Mich., and IRVINE, Calif. — Depending on who is responding, the subprime auto financing market is either growing at a sustainable pace or is leading back to poor practices such as underwriting that's too loose. As Fitch Ratings approached its assessment cautiously, high-level executives from Credit Acceptance and Consumer Portfolio Services both shared upbeat […] [Read More]

DETROIT — The F&I office should be busy this year based on the results of an Ally Financial survey conducted at the recent National Automobile Dealers Association Convention & Expo. More than 70 percent of participating dealers expect sales of F&I products such as vehicle service contracts to increase this year. Ally's survey also found […] [Read More]

NEW YORK and CHICAGO — Continuing a string of investment firms pushing money into subprime auto lenders, special finance paper purchaser Nationwide Acceptance Corp. recently received an injection from Prospect Capital Corp. Officials said the combined debt and equity financing totaled $25.2 million. Founded in 1954, Nationwide operates in 22 states and purchases loans originated […] [Read More]

WASHINGTON, D.C. — As the agency decided to extends deadline for comments on proposed modifications to its Used Car Rule, the Federal Trade Commission said its annual study of the U.S. credit reporting industry found that 5 percent of consumers had errors on one of their three major credit reports that could lead to them […] [Read More]

Today’s woman CPO car shopper doesn’t just want to buy a car. She wants a pain-free, fun and empowering car buying experience. When she enters your showroom, the first thing she’ll want to know is who she’s dealing with. If you are friendly, knowledgeable and listen to her, you’ll gain her trust. That’s the thing […] [Read More]

It was another scorcher in the certified pre-owned market last year. According to Autodata Corp., dealers sold 1.83 million CPO units in 2012, making it two straight years of best-ever sales. Dealers have become innovators in pulling in needed used units for their CPO operations; they implemented unique ways to market their certified cars and […] [Read More]

Over the weekend at the NADA Convention & Expo, Experian Automotive launched a new program within AutoCheck that sends out alerts to users to notify them of changes in a vehicle’s condition or history “in a timely manner.” AutoCheck allows OEM certified pre-owned programs and lenders to track 28 different elements, which include things like […] [Read More]

Along with handing out its top annual award, the American International Automobile Dealers Association announced its 2013 chair during its 43rd annual meeting and luncheon on Monday. Taking on the role is Jenell Ross, a dealer from Centerville, Ohio. “Our brands, more than ever before, are America’s brands — and I’m going to tell that […] [Read More]

It’s not uncommon these days to find a dealership that will turn to the service lane or reach out to its existing customer base to generate a trade-in and boost its used inventory. But these are current and/or prior customers; what about advertising to the public and telling them, “We’ll buy your car if you […] [Read More]

After discussing 2012 repossession volume and where levels could be heading, Manheim explained how the remarketing of repo units remains a “struggle” as auto finance companies are looking to move substantial volume upstream and online. Manheim acknowledged lenders are focused on converting repossessed units into cash as quickly as possible. Although the biggest stumbling block […] [Read More]