MARBLEHEAD, Mass. — FinCo Management, a provider of deep subprime dealer financing, is expanding its Financing Alternatives and Servicing Today program into 31 states, covering nearly 75 percent of the U.S. population. The company said the program should be operating in those 31 states by mid-November. By partnering with FinCo, dealers can offer deep subprime […] [Read More]

LAKE SUCCESS, N.Y. — DealerTrack announced today the company has been selected as the recommended DMS provider for Dealers United, a national purchasing network for privately owned dealers. As part of the agreement, officials said Dealers United will market DealerTrack DMS as the recommended DMS solution to its entire network of nearly 5,000 franchised and […] [Read More]

HAUPPAUGE, N.Y. — CU Xpress Lease said its September activity reached a one-year high showing growth of 64.88 percent in lease volume year-over-year and 36 percent year to date. Officials said the vehicle leasing program available to current credit union members or individuals eligible for credit union leasing originated $20 million in leasing in September.  […] [Read More]

Joe Balbi, owner-operator of two Pennsylvania Thrifty Car Sales franchises, says the key to success is all about having the right team and knowing your customers. “It is our team, ownership and our franchise that makes us successful. Anybody can open a Joe's used-car lot, but with Thrifty Car Sales there is branding and accountability, […] [Read More]

What will the remarketing of repossessions be like next year? How did the process of moving these units through the wholesale market unfold this year? Those questions and more will be discussed during the Re3 Conference, which focuses on repossession, recovery and remarketing. In a conference session titled, “Remarkable Remarketing & Repossessions,” some of the […] [Read More]

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. “There has […] [Read More]

In honor of Breast Cancer Awareness Month, a Pennsylvania dealership group has gone pink, splashing vast pink ribbons across all eight of their buildings.   Smail Auto Group says the pink ribbons are making more than a visual statement: The auto group is also donating $100 for every new and used vehicle sold at Smail dealerships […] [Read More]

The latest trend data prepared by the National Auto Auction Association showed how much September volume went up while prices softened in the wholesale market. NAAA information indicated last month’s volume ticked up by 0.6 percent compared to September of last year. However, economist Ira Silver pointed out that year-to-date, auction volume is off by […] [Read More]

Because so many new midsize cars are being introduced for 2013, Black Book discovered the development is placing larger-than-normal downward pricing pressure on late-model used models in the segment. Managing editor Ricky Beggs noted that wholesale price averages for these units have dropped an average of 1.0 percent each week during the past few months. […] [Read More]

Among approximately 2,200 vehicles that Black Book editors adjusted on average each day last week, Ricky Beggs shared that it was modifying wholesale prices of average- and clean-condition models that caused the most noteworthy movements. Beggs mentioned that 36 percent of the average-condition changes resulted in an upward price adjustment while 33 percent of clean-condition […] [Read More]