National Automotive Finance Association executive director Jennifer Martin had a lot of positive developments to share in this episode of the Auto Remarketing Podcast. The organization is using technology to grow and serve its membership while also preparing for a series of events, including the 28th Non-Prime Auto Financing Conference, which is set for June […] [Read More]

Fisker announced the latest additions to its growing stable of dealers, with two new Fisker stores coming in California and one in New Jersey. Newport Fisker in Orange County and Fisker of San Jose have come on board with the electric vehicle manufacturer in California, along with Belford Fisker in Belford, N.J. The company said […] [Read More]

Rita Case, president and CEO of Rick Case Automotive Group, presented the second annual Rita and Rick Case Changemaker Award to the Frederick A. DeLuca Foundation and Jonathan DeLuca, Fred DeLuca’s son and a director of the foundation, during the 2024 South Florida Heart Ball, hosted by the American Heart Association. The Rita and Rick […] [Read More]

The number of battery-electric vehicles sold at auction through April is nearly double the amount sold in the first four months of 2023, and prices for EVs have declined at a faster rate than the overall market. That’s according to respective wholesale car market analyses by the National Auto Auction Association and Cox Automotive. NAAA’s […] [Read More]

Automotive technology provider Xcite Automotive has named Andy McBride as its new chief commercial officer. McBride’s background includes more than 19 years with HomeNet Automotive, a Cox Automotive company, including stints as vice president of business development and chief operating officer. Xcite said McBride’s “deep understanding of the automotive market” will be instrumental in accelerating […] [Read More]

The first quarter of 2024 marked the first time since the second quarter of 2021 that AutoNation has shown an increase in new-vehicle sales and used-vehicle sales together in the same quarter. AutoNation CEO Michael Manley provided that news during the company’s first quarter 2024 earnings call on April 26. But used vehicles and the company’s AutoNation USA used-vehicle business were not a big focus of the earnings call, as AutoNation representatives spent more time discussing other areas such as its customer financial services business and inventory levels. The limited discussion that did take place on the company’s used-vehicle business was mostly ... [Read More]

Asbury Automotive Group in its first quarter pivoted its used-vehicle strategy, which had been focused on gross profit, to put more emphasis on volume, said David Hult, the company’s president and CEO. So when it came to sourcing used vehicles for retail sale in the quarter, Asbury doubled the percentage of vehicles it typically purchases outside of its own structure including trade-ins, from about 10% to 20%, said Hult, during the company’s quarterly earnings call for the three-month period ending March 31. Though the company makes less money on used vehicles it purchases for retail sale than those it takes on trade, the revised acquisition strategy ... [Read More]

Bigger isn’t always better. Sonic Automotive can attest to that. Last June, the company significantly downsized its EchoPark used-car operation, suspending operations of eight stores, 14 related delivery/buy centers and three Northwest Motorsport locations within the EchoPark segment. Now EchoPark is a success story, with ... [Read More]

The Justice Department and Hyundai’s captive finance company settled allegations this week involving repossessed vehicles. Officials announced on Wednesday that Hyundai Capital America has agreed to pay $333,941 to resolve allegations that it violated the Servicemembers Civil Relief Act (SCRA) by illegally repossessing 26 vehicles owned by servicemembers. In a complaint filed in the U.S. […] [Read More]

Experian rolled out a new tool on Thursday to help finance companies and other lenders work with consumers who might not be in the prime space or have robust credit histories. The company announced the launch of Cashflow Attributes, a solution to help expand what Experian sees as “fair and affordable” access to credit, particularly […] [Read More]