Automotive retail sales were tepid in August, consistent with the sluggish U.S. economy, according to Dataium’s latest Automotive Shopper Intensity index. Released late last week, the index illustrated that auto demand was up just 3.5 percent from July. Maintaining their lead in ASI were Toyota and Hyundai, which ranked highest among all makes. Rounding out […] [Read More]

General Motors is recalling more than 470,000 sedans, including late models from two nameplates the automaker no longer manufacturers. The recall covers the Chevrolet Malibu, Saturn Aura and Pontiac G6 from the 2007 through 2010 model-years to repair a condition in which the transmission gear position may not match the gear on the shifter, which […] [Read More]

A new remarketing solution is meant to draw customers to dealer showrooms like a magnet. OnlineDrive announced its latest product late last week, called RemarketingMagnet, which the company says is designed to drive returning website visitors to a dealership’s physical showroom. Larry Bruce, OnlineDrive’s president and chief executive officer, explained: “RemarketingMagnet takes remarketing to the […] [Read More]

Hyundai is asking its customers the following question: “Is your driveway in need of a makeover?” To celebrate the new Elantra GT, coupe and sedan, the OEM has introduced an online tool that “allows customers to style and tailor their favorite Elantra model, in the comfort of their home.” [Read More]

BANDON, Ore., and CHICAGO — Part of the reason CNW Research projected used-vehicle sales to climb by more than 8 percent this month is the soaring number of subprime loan approvals. According to the firm's September Retail Automotive Summary, subprime approvals for both new- and used-vehicle sales are 62.5 percent higher this month than they […] [Read More]

NEW YORK — A recent report by Standard & Poor's Ratings Services reiterated that the U.S. subprime auto finance market is growing again and — despite some potential risks — its near-term growth prospects look good. As increased capital flows into this market and competition strengthens, S&P analysts acknowledged that they were reminded of the […] [Read More]

IRVING, Texas — Specialty auto finance company Exeter Finance Corp. announced the completion of its second rated term securitization late last week, issuing $300 million in notes backed by subprime auto installment receivables. The company indicated the notes were purchased by qualified institutional buyers, and accredited investors in a private placement offering pursuant to Rule […] [Read More]

DES MOINES, Iowa — Iowa attorney general Tom Miller recently announced one of the state's independent dealers has agreed to stop what was alleged to be illegal repossessions of vehicles. In an agreement with the consumer protection division, called an assurance of discontinuance, Miller alleged that Goldy's Auto of Ottumwa, Iowa, illegally attempted to have […] [Read More]

The number of lease returns in 2013 is likely to climb by nearly half-a-million units year-over-year, according to Edmunds.com, which expects more than 2.5 million leases to reach end-of-term next year. That would be the highest number of lease terminations since 2010, creating what could be a flood of potential used inventory for dealers. When […] [Read More]

CarMax announced Thursday its second quarter results, which revealed increases in operating revenues, sales and net earnings. Company officials also shared that as used supply continues to rise, they expect sales to continue to look up for the used-car retailer. For the fiscal quarter ending Aug. 31, the company revealed a 7-percent increase in net […] [Read More]