SCHAUMBURG, Ill. — Lenders awarding new-vehicle contracts to customers in the nonprime, subprime and deep-subprime risk tiers grew by double digits year-over-year during the second quarter. Experian Automotive determined 25.41 percent of all new-vehicle loans went to customers in the nonprime, subprime and deep subprime risk tiers as loans to credit-challenged customers climbed 14 percent […] [Read More]

CINCINNATI — Swapalease.com might have found more evidence of improving credit for consumers. Since the end of May, site officials discovered US Bank customer approvals for taking over a contract on Swapalease.com climbed to an average of 73.7 percent, compared with 55.5 percent at the same time last year. The site emphasized consumer credit is […] [Read More]

RIVERDALE, Ga. — Automobile Acceptance Corp., which has provided indirect lending to prime and subprime buyers in Georgia since 1989, recently added five branches, including two buy-here, pay-here dealerships, two franchised stores and one service center. Combined with its existing 26 branches, AAC now has 31 operations, an amount chief executive officer Robert Culver attributes […] [Read More]

Used-vehicle sales improved 1.5 percent year-over-year in August, according to CNW Research, which said today there were 3.87 million used units sold during the month. Franchised dealers, in particular,  increased their used sales 3.3 percent, as they moved 1.48 million units. And early indications are that certified pre-owned sales fared well for many of these franchised […] [Read More]

A transferable auto warranty designed to protect dealer inventory was recently announced by ABS Auto Auctions. The company launched its new Buyer Shield Limited Powertrain Warranty in early August, when the company began offering the warranty as standard equipment on most vehicles sold through its auctions. ABS said Buyer Shield offers 90-day, 500-mile limited powertrain […] [Read More]

It was recently announced that Nissan North America has partnered with BankPlus to award a series of educational grants to local schools in Mississippi. The grants totaled more than $77,000. The program, administered by the Community Foundation of Greater Jackson, “distributed 68 grants supporting classroom projects that will be conducted during the 2012–2013 school year in […] [Read More]

In the aftermath of Hurricane Isaac that hit the Gulf Coast just last week, Group 1 Automotive said it is looking into damage to 12 of its coastal dealerships after the storm. The company — which recently came in at No. 6 on Auto Remarketing’s Top 125 Used-Car Dealer Groups list — noted preliminary assessments […] [Read More]

Pat Simmons remembers what the eve of an auction sale looked like five or six years ago. Back then, he said, you could see dealers combing the lot the night before a sale, scoping out the inventory, getting a peek at what the next day’s event would bring. “They’d be poking their heads in cars, […] [Read More]

In an effort to secure enough used inventory to the meet the needs of its customers, an Illinois BMW dealership is reaching out to area consumers in hopes to buy $3 million worth of used vehicles this month. Bill Jacobs BMW of Naperville, Ill., launched its “Major Buy Back Event” on Friday and is looking […] [Read More]

This year’s National Remarketing Conference presented by SmartAuction kicks off with a quartet of concurrent workshops that delve into several vital elements of the wholesale industry. The strong opening to the 13th annual event that’s one of the highlights of Used Car Week includes these sessions: —Titled, “What’s Under the Hood?”  The session is going […] [Read More]