Now in its 11th year of recognizing the top auction sites across the country, Toyota Financial Services and Lexus Financial Services awarded their 2012 Premier Auction Awards this week, the company’s highest recognition of excellence in the remarketing industry to 10 auction sites for their 2012 performances. The 2012 LFS Premier Auction Award winners are […] [Read More]

MaxTradeIn — an online marketplace that allows car owners to trade-in or sell their vehicle to local dealerships competing for their business — has been working with 36 franchised dealers in Indianapolis after launching late last year. There have been more than 1,000 vehicles listed on the site in two months, and this week, the […] [Read More]

In conjunction with a new internal program focused on sustainable business practices, Manheim Seattle announced Thursday it has made a donation to the Mountain to Sound Greenway Trust. In an effort to reinforce their commitment to support local green efforts, the $12,500 gift is made in conjunction with the first-ever Cox Conserves Chairman’s Cup, an […] [Read More]

TPC Management’s professional education program, Auction Academy, began 2013 by holding two training sessions this past month.  First, the Academy’s Senior Auction Managers Group met in Orlando, Fla., and they included a visit to NADA’s conference as part of the curriculum.  Later last month, The Next Generation / Sons and Daughter Group gathered in Birmingham, […] [Read More]

ATLANTA — Manheim needed only one word to summarize what 2012 was like for buy-here, pay-here dealers. In what economist Tom Webb likely will expand upon during the 15th annual National Conference conducted by the National Alliance of Buy-Here, Pay-Here Dealers, Manheim described last year's environment as "challenging" for this store segment. Despite that descriptor, […] [Read More]

NEW YORK — Fitch Ratings discovered this week that both prime and subprime U.S. auto ABS losses have risen in recent months. However, analysts think the trend is likely a "speed bump" that's fleeting as the sectors enter a seasonally strong period. In the subprime segment, Fitch indicated 60-plus-day delinquencies rose 3 percent month-over-month to […] [Read More]

LOS ANGELES — Marubeni Corp., which owns a 20 percent stake in Westlake Financial Services and has two seats on the company board, announced the promotion of an executive to general manager of Marubeni Automotive Department-I among other changes. Relocating from Westlake's Los Angeles headquarters to Japan for this new role is Atsushi Suzuki, who […] [Read More]

AUSTIN, Texas — In developments that likely will affect many repossession agencies, lenders' recovery departments and repo units coming down the lanes, the American Recovery Association and National Finance Adjusters merged into one trade association this week. Officials explained the new trade association will move forward under the name of the American Recovery Association. As […] [Read More]

Lending company NextGear Capital Inc. — created through the merger of Manheim Automotive Financial Services and Dealer Services Corp. — announced today its expansion of operations into Canada. In addition to enhancing service levels for dealers, the floor plan company plans on expanding its field sales and service operations throughout Canada, officials shared. The company […] [Read More]

Ford Motor Company of Canada Ltd.  has officially announced the award winners for the 2012 Auction Quality Program. Winners were selected based on measurements of the auction’s performance in two categories: Overall Auction Quality and Reconditioning Excellence. [Read More]