During August, close to 12,000 claims related to vehicle flood damage were processed by insurance companies with membership in the National Insurance Crime Bureau. The vehicle damage, according to NICB, likely stretched from Maine to North Carolina; but it appears the wholesale market may have dodged a bullet in the aftermath of Hurricane Irene and flooding […] [Read More]

As wholesale prices and weather conditions varied throughout the country, Black Book’s Ricky Beggs spotted one steady element in the lanes last week. Black Book’s managing editor explained that dealer feedback showed, “The consistency in all markets lies with the ‘low mileage and mid-priced units are strong,’ while the commercial accounts are mostly short of […] [Read More]

With October’s SAAR reaching beyond the 13 million mark, it looks like auto sales might remain strong this month as well — or may even climb above last month’s peaks as inventory levels rise, according to NADA chief economist Paul Taylor. He goes on to predict that some factors could potentially push consumers out of the used-car […] [Read More]

AutoTrader.com announced Wednesday it is using IBM technology as part of its electronic sales order system to simplify and accelerate the experience for dealer and manufacturer customers. Officials explained IBM’s Smarter Commerce initiative can help companies bring new levels of automation to marketing, sales and fulfillment to support a customer-centered approach to commerce.  The company […] [Read More]

Now, dealers and buyers searching Greensboro Auto Auction’s online inventory can view Carfax Vehicle History Reports, as well as access Carfax Auction Quick Check while searching through what its set to run through the lanes.  Company officials noted access to Carfax is available from both the search results and vehicle details pages. As part of […] [Read More]

The National Auto Auction Association said Wednesday that Larry Miles, senior attorney with The Miles Law Firm, recently won an important decision for the California auction industry. NAAA indicated the victory involves the question of whether auto auctioneers are employees or independent contractors. Arguing that auto auctioneers are sufficiently unique in their skills and independent […] [Read More]

SALT LAKE CITY — Prestige Financial Services recently revealed it has established a $30 million senior secured line of credit with Chase. The company explained that this line will serve as one of two primary sources of short-term revolving liquidity to fund its Salt Lake City-based consumer lending activities. Apparently, the new line of credit […] [Read More]

FORT WORTH, Texas — With hopes of still increasing its U.S. lease volume, nearly every element of General Motors Financial's balance sheet improved during the third quarter, resulting in a net income total that doubled from the same quarter a year earlier. The company revealed earlier this week that its third-quarter net income came in […] [Read More]

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RANCHO SANTA MARGARITA, Calif. —  Dealers who focus on special financing and consumers with subprime credit will now have another lender option through Finance Express’ lender portal. The provider of Web-based financial services and technology for independent dealerships recently announced  it has partnered with Friendly Finance Corp. — an indirect subprime automotive finance company. Explaining […] [Read More]