WASHINGTON, D.C. — Five federal supervisory agencies recently released a Memorandum of Understanding aimed at clarifying how the agencies will coordinate their supervisory activities consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act. The five agencies joining forces for this MOU included the Board of Governors of the Federal Reserve System, the Consumer […] [Read More]

WASHINGTON, D.C. — With analysts maintaining that subprime auto lending is surging, the Economic Advisory Committee of the American Bankers Association recently issued a cautionary assessment about how the U.S. economy will continue to grow at a moderate pace. However, the committee thinks there are ongoing downside risks from Europe and the looming "fiscal cliff." […] [Read More]

Low loan default rates and high prices on repossessions are factors in one vehicle leasing company’s decision to suspend lease originations. LEAP Financial on Thursday announced it is suspending originations of leases due to capital constraints. Company officials said attempts to source capital over the last few months did not result in completing a transaction […] [Read More]

May marked a 0.8-percent decline in wholesale prices, and just one major market class showed a year-over-year gain in value during the month, according to Manheim’s Tom Webb, who offered his analysis in the latest Manheim Used Vehicle Value Index report. Overall, the index was at 125.1 for May, compared to 126.1 in April. “The […] [Read More]

The National Automobile Dealers Association announced Thursday the U.S. House Energy and Commerce Subcommittee on Commerce, Manufacturing and Trade passed H.R. 5859, a bill that eliminates a requirement that dealers provide information on auto insurance costs to customers. Officials explained that the bill, which is strongly endorsed by NADA, also eliminates a $1,000 fine per […] [Read More]

With the recent launch of the Consumer Financial Protection Bureau, and legislation arising right and left that will further regulate used-car dealers, not surprisingly, the Federal Trade Commission is receiving more complaints from consumers. What issues are on the top of their lists? Well, according to a report from Fox Business, auto-related problems came in […] [Read More]

Dealers have a new opportunity to influence their position in online search results with a just-announced tool that presents their inventory to a unique audience of car buyers. Kelley Blue Book, in partnership with its parent company, AutoTrader.com, on Thursday announced its new Classifieds shopping experience on Kbb.com, as an innovative way for dealers to […] [Read More]

With strategies and tips to give dealers and managers the tools they need to have a successful summer selling season, the next free Auto Remarketing Training Series Webinar is bringing together experts from Kelley Blue Book, Carfax and vAuto. The free session is scheduled for 2 p.m. ET on Tuesday. The expert panel includes:  —Rob […] [Read More]

HAMDEN, Conn. — A Connecticut independent dealer believes charges of larceny, forgery and misapplication of property will be dismissed in connection with selling a vehicle for a private owner. Earlier this week, police in Hamden, Conn., arrested David Taylor, the owner of Bernardo Motors. According to a law enforcement statement and a newspaper report, the […] [Read More]

WASHINGTON, D.C. — With many young adults fresh from high school and college graduations, officials from Americans Well-Informed on Automobile Retailing Economics (AWARE) shared several tips for these individuals who might be ready to buy their first vehicle. AWARE emphasized these buyers should have a firm grasp of basic financial terms, what's in your credit […] [Read More]