BANDON, Ore. — While touching on what new buy-here pay-here regulations California did to its long-term used-vehicle sales projections, CNW Research indicated the year-over-year climb in subprime loan approvals is continuing. This month, CNW said loan approvals for customers with less-than-stellar credit who are buying both new and used models are 47.8 percent higher compared […] [Read More]

IRVINE, Calif. — What top executives said was the company's first quarter of organic sequential revenue growth since 2007, Consumer Portfolio Services posted in third-quarter gains in earnings, revenue and new contracts purchases. The company tabulated that its earnings came in at $2.7 million or 11 cents per diluted share for the quarter that ended […] [Read More]

DETROIT — 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 […] [Read More]

DEARBORN, Mich. — Ford Motor Co. announced this week 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 […] [Read More]

A new study by J.D Power and Associates is the latest to show that smartphones have become a major source of information among in-market car shoppers, making mobile websites more important than ever across the industry. According to J.D. Power and Associates’ 2012 Automotive Mobile Site Study, the results of which were released today, 31 […] [Read More]

America's Car-Mart recently broadened its network of buy-here, pay-here dealerships in Mississippi. Car-Mart's newest location is in Oxford, Miss., bringing the company's total to 117 stores throughout the Southeast. "Oxford is our fourth location to open in Mississippi. It is the type of community that we consider to be ideal for our expansion plans," said […] [Read More]

Asbury Automotive Group increased its used retail sales by 4 percent and pushed used-vehicle revenue up 5 percent during a period that saw that company achieve its best-ever quarterly earnings per share from continuing operations. Releasing its third-quarter results this morning, Asbury sold 14,585 used retail units during the period, compared to 14,053 used sales […] [Read More]

Reporting its third quarter results this morning, Sonic Automotive said it saw increases in sales, earnings and revenue. Highlighting its pre-owned results, Sonic’s used-vehicle retail unit sales were up 6.6 percent year-over-year. New-vehicle retail unit sales were up a significant 25.2 percent over the same quarter last year. Combined, total retail unit sales increased by […] [Read More]

Though wholesale prices, overall, are still seeing declines, the drops may be slowing down, according to  the latest “Beggs on the Used Car Market” report. Guest presenter Tim West — the vice president and North American auction director at Black Book — explained, “As we take a look at the various segments of vehicles, the […] [Read More]

When you want to know what’s happening in the retail used-vehicle industry, it’s best to go directly to the dealer on the lot, and that’s exactly what a key session at the National Remarketing Conference will offer. [Read More]