Manheim revealed Thursday it has names a chief technology office. Manheim has selected Michael Noel for the role. Noel will report to executive vice president and chief operating officer Janet Barnard, effective May 6.   In his new role, Noel will lead Manheim’s technology systems, applications and operations.  “We are thrilled to have Michael join […] [Read More]

As final March sales numbers roll in, there’s a new Japanese midsize car on top. NADA’s Jonathan Banks reported that Nissan “narrowly” edged out both Toyota and Honda for the number one midsize car sales spot. In Banks’ latest post on the NADA Used Car & Truck Blog, he reported Nissan Altima’s total sales numbers […] [Read More]

Toyota, Honda, Nissan and Mazda are among the automakers planning recalls stemming from an airbag issue created by a defective product manufactured by one of the industry’s largest suppliers. Among the 3.4 million units worldwide expected to be recalled, Toyota, Honda and Mazda offered specific details on Thursday about which models are subject to issues. […] [Read More]

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 a multi-state network […] [Read More]

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]