With a credit report being such a significant element in the vehicle financing process, Consumer Financial Protection Bureau director Richard Cordray told the gathering assembled for a credit reporting field hearing how regulators might oversee how credit report providers do business. Cordray insisted on Monday that, “credit reporting plays a critical role in consumers’ financial […] [Read More]

With regulation constantly evolving especially from the Consumer Financial Protection Bureau, Recovery Industry Services Co. recently enhanced its offerings for recovery professional and repossession agents. One of the newest RISC products is a document geared to meet CFPB requirements — the Compliance-Complaint Checklist. “After a review of our training programs by a law firm that […] [Read More]

Penske Automotive Group — which ranked third on Auto Remarketing’s list of the top 125 dealership groups in the U.S. based on 2011 used-vehicle sales —  revealed this week it completed the redemption of $63.3 million in outstanding 3.5 percent senior subordinated convertible notes due 2026. The company said it settled the obligation in cash; […] [Read More]

Amid a certified pre-owned market that continues to grow, AutoTrader.com delved into one particular segment of this business,  assembling a list of what it considers to be top seven CPO minivans that retail for $20,000 or less. In compiling this list, site writer Jeffrey Archer included a mix of five import models and a pair […] [Read More]

When it reaches the dealer’s lot, today’s trade-in has three to four more years on it than the cars that consumers were bringing in just a few years back, according to Black Book. And the stores most likely to gain from this trend are the buy-here, pay-here businesses, the firm said. [Read More]

FordDirect — a joint venture between the Blue Oval and its franchised dealers — announced today the launch of its new social media and reputation management service for Ford and Lincoln dealers. The service, powered by Digital Air Strike, is designed to provide dealers with the “proper guidance, tools and resources to enable them to […] [Read More]

While 50 cents might not fetch much nowadays, that decline in gas prices since April created a ripple effect throughout the industry, especially when it comes to wholesale prices. That’s the word from Kelly Blue Book, which calculated that used values dropped more than 2 percent in June, the second consecutive monthly decline since values […] [Read More]

Black Book editors and survey personnel found that dealers often proposed the same question when watching lane activity; used-car managers wondering, “What’s going on here?” Managing editor Ricky Beggs appeared to have an answer when he compiled the latest edition of his online video blog, “Beggs on the Used Car Market.” After recapping wholesale prices […] [Read More]

Kelley Blue Book’s Eric Ibara says the commonly held notion that gas prices will “inevitably rise” should be reconsidered, citing oil production increases in the U.S. as grounds for this assertion. But a potential drop in gasoline prices could prove detrimental to OEMs and manufacturers if they are not prepared Ibara , director of residual […] [Read More]

Toyota Motor Sales USA has announced that Bob Carter, group vice president and general manager of the Toyota division, has been promoted to senior vice president of automotive operations to replace the retiring Don Esmond. MS revealed that Esmond has been named senior adviser and will aid in the transition leading up to his retirement. […] [Read More]