Less than seven days after announcing it was selling insurance business interests in Mexico, Ally Financial on Tuesday reached an agreement to sell its Canadian auto finance operation, Ally Credit Canada, and ResMor Trust to Royal Bank of Canada, the country's largest bank by assets and market capitalization. Ally said it will receive an approximately […] [Read More]

As luxury units remain scarce this fall season, one new dealer-to-dealer sales website aims to “ease the burden” of finding quality, highline vehicles for franchised dealers. Highlinesale.com, a site dedicated to wholesale luxury vehicles, touts 10,000 pre-screened luxury vehicles and is “expanding daily,” Cliff Varn, vice president of sales told Auto Remarketing.  And of those […] [Read More]

During Tuesday’s quarterly earnings conference call, an analyst asked Asbury Automotive Group management about what led to such a strong uptick in the gross profit for the reconditioning/preparation part of the company’s parts and service business, given the more modest increase in used retail sales. In answering, Asbury’s Michael Kearney turned to the 121 Program, […] [Read More]

Just before the closing session of the Re3 Conference, industry leaders will gather to offer a wrap-up of where the repossession industry has been in 2012 and where it’s headed in 2013. This dynamic session will provide attendees with perspective and forecasts from some of the industry’s leading executives. The session is titled “Remarkable Remarketing […] [Read More]

While the days’ supply level hit a year-high, a trend CNW Research spotted at both franchised and independent dealerships indicates October used-vehicle prices continued to decline both month-over-month and year-over-year. In the opening days of this month, CNW president Art Spinella determined franchised dealerships were asking an average of $11,419 for used models, off 0.34 […] [Read More]

Wholesale prices are expected to continue softening this week, except for one highline segment, according to NADA Used Car Guide. Officials said that the luxury car segment is expected to see a “slight uptick” of 0.3 percent, or $75. “Also on the luxury side, the luxury utility segment is expected to remain flat over the […] [Read More]

Joining the list of dealer groups reporting third-quarter results this week, Lithia Motors reported Wednesday that it pushed its used retail sales up more than 26 percent year-over-year, selling 13,320 used units. The company generated $230.3 million in used retail revenue, compared to $184.6 million in the same period of 2011.  Meanwhile, Lithia sold 5,173 […] [Read More]

The percentage of change in used-car prices hit double digits for one luxury model from September to October, according to Cars.com. Meanwhile, a certain domestic model made a big comeback on the pricing front, the site noted. In the latest used-car price report posted to the "Kicking Tires" blog, Mike Hanley of Cars.com noted the […] [Read More]

Used-car operations for franchised dealers have been buoyed by a “boat-load of trade-ins,” and independents have been on the comeback trail, according to CNW Research’s look at October used-car sales. Overall, the year-over-year increase in used-vehicle sales this month will likely eclipse 8 percent, CNW said, basing its analysis on the first 20 days of […] [Read More]

Sonic Automotive's third-quarter performance brought  record-breaking volume numbers for used and new sales, and the company continues to make progress toward its per store monthly used-sales goal.  Sonic saw an average of 87 used retail sales per store this month, rising from 82 during the same period of last year. [Read More]