In celebration of the opening of its fifth Houston-area store, CarMax is hosting an online charity content.  The new Katy, Texas, store is more than 21,000-square-feet and is located at 21636 Katy Freeway. In recognition of the new store, the company is hosting the “Road Rally for Charity” content, which is being held on the […] [Read More]

DALLAS — Santander Consumer USA is going public. According to documents filed with the Securities and Exchange Commission last week, Santander Consumer USA intends to use the net proceeds received through the $50 million initial public offering for general corporate purposes. The SEC documents show the majority owner of Santander Consumer USA is Banco Santander, […] [Read More]

NEW YORK — The newest report from Moody's Investors Service detailed the three factors that could lead to higher credit losses for subprime auto lending. Analysts mentioned risk factors such as weakening loan credit, stiff competition among originators and readily available funding for asset-backed securities (ABS) all portend to these potential losses. These conclusions came […] [Read More]

ONTARIO, Calif. — CUDL, administrators of one of the largest lending service networks for credit unions in the United States, recently announced that its lending network expanded to  include a new milestone. The network now includes 10,000 dealers. The company revealed that the CUDL lending network reached the record milestone with the growth of more […] [Read More]

McLEAN, Va. — Ever since the Consumer Financial Protection Bureau released its fair lending guidance to indirect auto lenders on March 21, dealers and lenders have questioned the basis for the guidance — and now Washington lawmakers are, as well. The foundation for the CFPB's guidance wholly rests on a disputed theory of liability called […] [Read More]

In the latest ALG Industry Report, residual values didn’t change much from the previous edition. However, the future used-car supply situation could shake things up a bit. ALG has upped its outlook on used market supply, meaning lower residual values could be on the horizon. “At the industry level, our supply forecast has increased, leading […] [Read More]

Auction values are expected to continue their slow decline this week, with rates predicted to fall by 0.2 percent, or $25, relative to the two-week average. According to NADA Used Car Guide data, the only segment expected to see any price appreciation  will be large pickups, “which continue to show strength in the marketplace,” officials […] [Read More]

How the Consumer Financial Protection Bureau is conducting its business continues to be questioned by leaders on Capitol Hill. On Tuesday, Sen. Mike Crapo requested that the Government Accountability Office (GAO) investigate what he called the "big data" collection effort being undertaken by the CFPB on consumer spending habits. [Read More]

Mimicking how the new-car industry performed in June, AutoNation reported that its new-vehicle unit sales rose 10 percent year-over-year. The dealer group turned 25,162 new units last month. AutoNation’s same-store retail new-vehicle unit sales in June came in at 24,107, an increase of 5 percent as compared to the same month last year. Total retail […] [Read More]

NEW YORK — As subprime auto ABS metrics softened a bit, Fitch Ratings noticed net loss levels for U.S. prime auto ABS dropped for the fourth straight month. Analysts said that continued low delinquencies are signaling firm footing for overall asset performance heading into the slower summer months. "Factors contributing to solid auto ABS asset […] [Read More]