As Penske Automotive Group posted a 20.4-percent jump in used retail sales, the company posted record third quarter adjusted income from continuing operations and related earnings per share. The company reported last Friday that its adjusted income from continuing operations attributable to common shareholders increased 19.1 percent to $54.3 million and related earnings per share […] [Read More]

Registration momentum continues to build for the Used Car Week conferences — the National Remarketing Conference, CPO Forum and Re3 Conference — which will all take place next week, Nov. 12–16 in Scottsdale, Ariz. [Read More]

As dealer groups and industry analysts survey the damage of Hurricane Sandy to the used-car industry, most seem to agree on one thing: the storm will push used-vehicle prices up in the coming months. Edmunds.com director of analysis Ray Zhou, commented on this trend late last week, saying “Used vehicle prices will increase $700 to […] [Read More]

After increasing its new-vehicle retail sales by more than 21 percent in the third quarter, AutoNation wasted no time in getting the fourth quarter off to a quick start. The retailer experienced increases across the board in new-car retail sales, as each of its three operationg segments boosted their respective numbers by double-digit percentages. [Read More]

Can Facebook help boost sales in dealerships? The jury is still out, but research firm Friedman-Swift Associates revealed research last week that says more than one in four new car buyers visit social networking sites at least weekly. Jeff Friedman, president and chief executive officer of the Cincinnati-based Friedman-Swift Associates, said, "28 percent of people […] [Read More]

A positive online review of a dealership can draw a wider radius of potential car buyers, says a new study of more than 1,600 car buyers and 600 dealerships by Digital Air Strike. In releasing the results of its Fall 2012 Automotive Social Media and Reputation Trend Study, the automotive social media, online reputation and […] [Read More]

BLOOMFIELD HILLS, Mich. — Whether it's associated with a large, public dealer group or a single buy-here, pay-here lot, matching vehicles up with financing remains one of the biggest challenges managers still face nowadays. Recently, SubPrime Auto Finance News found the top boss from Penske Automotive Group and the current president of the National Independent […] [Read More]

SOUTHFIELD, Mich. — Triggered by a 5-percent uptick in loan unit volume, Credit Acceptance Corp. posted a gain in consolidated net income during the third quarter. The company determined its consolidated net income came in at $53.0 million or $2.12 per diluted share for the quarter that ended Sept. 30. In the same quarter a […] [Read More]

DETROIT — General Motors announced a new $11 billion revolving credit facility this morning, an opportunity officials said also can be tapped by GM Financial. GM said this facility consists of a $5.5 billion three-year facility and a $5.5 billion five-year facility. The new facility replaces GM's existing $5.0 billion credit facility maturing in 2015. […] [Read More]

FARMINGTON HILLS, Mich. — For the first time in company history, Mercedes-Benz Financial Services was named by Great Place to Work as one of the best workplaces in the United States on its annual Best Small and Medium Workplaces list. The lending operation was ranked No. 24 for an accolade that's also been published by […] [Read More]