IRVINE, Calif. — Consumer Portfolio Services announced Monday that it has entered into an agreement with Fireside Bank to purchase a $237 million portfolio of performing automobile receivables. Fireside Bank is a wholly owned subsidiary of Unitrin Inc.  A subsidiary of CPS is to acquire and hold the receivables. The closing of the transaction, which is subject […] [Read More]

The M. Davis Co. recently rolled out another division to augment USA Recovery Solutions, Skip Masters and USA Transport Solutions. Officials described USA Remarketing Service as a full and complete national auctioneering service that includes flat fees, exclusive services, onsite representation as well as physical and online sales with no storage fees for USA Recovery […] [Read More]

Beyond discussion about new bylaws and the organization’s second-ever industry scorecard, leaders of the American Recovery Association are most excited about the potential for one of the highest-attended annual conventions ever. ARA is assembling starting on Aug. 17 for a four-day event at the Westin Jersey City Newport Hotel in Jersey City, N.J. “I think […] [Read More]

ADESA Great Lakes is set to make its debut Tuesday with a grand opening event to usher in the new era for this Michigan RV/marine/powersports auction. ADESA Great Lakes — previously known as Great Lakes Auction — will continue to be a dealer-only auction, offering in-the-lane, simulcast and electronic proxy bidding. Officials noted that the […] [Read More]

Last month, the certified pre-owned market dropped modestly compared to what ended up being the best CPO month of 2010, according to Autodata Corp., but sales moved ahead from June. What’s more, year-to-date certified sales stayed in front of last year’s pace and many automakers have enjoyed especially strong CPO sales through the first seven […] [Read More]

The new-vehicle sales slowdown since 2008 is not only pushing wholesale used-vehicle prices higher, but Kelley Blue Book expects the supply of these used units to become even tighter. Contained within the residual value discussion in the August edition of the Blue Book Market Report, Eric Ibara, KBB’s director of residual value consulting, explained how […] [Read More]

As National Highway Traffic Safety Administration officials excused Ford and General Motors from having to recall more than 500,000 units, American Honda revealed late last week it’s bringing back approximately 1.5 million vehicles. The Honda recall stems from the need to update the software that controls the automatic transmission in about 1.5 million U.S. vehicles. […] [Read More]

With the automaker apparently aiming to bolster its presence this key market, a customer experience organization was revealed late last week by Volkswagen of America as well as who will fill the newly created position of heading up customer experience.  VW announced that head of sales Mark Barnes has been named vice president of customer […] [Read More]

While working with one of my clients covering a strategy on changing the price of a vehicle he had priced at $15,298, my first reaction was to tell him to reduce it down to $14,995 so he wouldn’t miss any searches done up to $15,000 because of $298. Then it dawned on me, don’t change […] [Read More]

Autobytel is seeing its financial standing make a positive turn as the company posted a net income — not a net loss — during the second quarter. Company officials highlighted their second-quarter net income came in at $199,000, a stark contrast from the year-ago reading, which was a net loss of $3.0 million. Even in […] [Read More]