Ford Motor Co. announced Monday that Mike Bannister, executive vice president and chairman and chief executive officer of the OEM's financial arm, Ford Motor Credit Co., has elected to retire effective Jan. 1. After 39 years of service, Bannister will be succeeded by Bernard Silverstone, who will be named group vice president and chairman and […] [Read More]

ServNet is set to hold its biannual Meet the Owners event next month in Southern California, where it will elect a new member of the board of directors, meet with remarketing executives and more. The group also noted that technology continues to be a major focus on these events. [Read More]

In recent months, used-car prices have declined more rapidly than the slowdown in new-car prices, according to Kelley Blue Book. As such, there is more space now between used prices and new prices than there was earlier this year. However, KBB’s Alec Gutierrez emphasized that the gap should stay narrow enough to “prompt consumer consideration […] [Read More]

This fall season may be bringing more shoppers to the lots to purchase a certified pre-owned pick-up truck, and AutoTrader.com officials suggest now may be a good time for shoppers to consider these full-size rides. Why? AutoTrader explained there is a “pretty big gap between the average price of new models and CPO models” on […] [Read More]

When gas prices rise, so does consumer interest in hybrid vehicles, according to Arthur Henry, manager of market intelligence and market analyst at Kelley Blue Book. In fact, Henry noted this concept “reigned true” this month, as used hybrid cars increased 10 percent in share month-over-month, what he called “a direct response to the recent […] [Read More]

The used-car business had two of its best years ever in 2011 and 2010, with record sales of 15.6 million reported last year at franchised dealerships. According to the National Automobile Dealers Association, 8.7 million were retail sales made at dealerships, and 57 percent of them came from trade-ins or from the ever-increasing inventory of […] [Read More]

In the latest video report on wholesale activity, John Brasher of Brasher's Sacramento Auto Auction noted that prices appear to be softening, thanks to a market correction that was “probably needed.” He also talked about the sale early last week in his neck of the woods at Brasher’s Sacramento. “There were close to 1,900 units […] [Read More]

In an effort to provide greater dealer support nationwide, Audi of America revealed late last week it will be creating a new Central Region, which will represent 22 percent of the company’s U.S. dealerships.  The fourth region in the country for the OEM will be based near Chicago and is set to open for business […] [Read More]

Asbury Automotive Group made a new appointment to its board of directors last week, adding executive vice president and chief operating officer Michael Kearney. With Kearney’s appointment, Asbury’s board of directors now consists of nine members. “I am pleased to welcome Michael as a member of our Board,” Asbury chairman Thomas DeLoach Jr. said. "Michael […] [Read More]

ATLANTA — Manheim chief economist Tom Webb projected repossession volumes will climb next year while also explaining why that growth will be tempered. Webb estimated a "relatively small increase" in repossession volume for 2013, "say in the neighborhood of 75,000 units or so. "To be sure, the number of contracts outstanding has risen," Webb continued. […] [Read More]