Big Apple authorities determined end-of-lease transactions did not go as designed during a three-year period amid the pandemic. New York attorney general Letitia James last week announced settlements worth more than $1.9 million with five Nissan dealerships in New York City and on Long Island. James said the actions stemmed from overcharging more than thousand […] [Read More]

In an era where economic indicators interlace with consumer behavior to dictate market dynamics, the automotive industry, particularly the used-car segment, finds itself at a crossroads. One of the less discussed, yet increasingly prevalent phenomena within this sector is the rise of underwater trades — situations where the amount owed on a car loan surpasses […] [Read More]

Greenville Auto Auction in Greenville, N.C., has been recognized by United Auto Credit Corporation as its 2023 Auction of the Year. United Auto Credit said the award celebrates the “exceptional performance and unwavering dedication” displayed by the team at Greenville Auto Auction in delivering outstanding service and support to the company. “Greenville Auto Auction consistently […] [Read More]

Resolvion has a new CEO and it’s someone who finance companies and repossession agents likely know from his most recent role. The provider of repossession management solutions announced this week the appointment of Mike Thomas as CEO. From 2015 to 2020, Thomas held increasingly higher roles with Primeritus Financial Services, from senior vice president of […] [Read More]

There’s an anniversary coming up this summer. But it’s not exactly one the used-car business — and especially the certified pre-owned segment — is looking forward to. During Cox Automotive’s Q1 2024 Industry Insights and Sales Forecast conference call in late March, senior director of economic and industry insights Jeremy Robb noted that the severe drop in auto leases caused by the COVID pandemic is about to start coming home to roost ... [Read More]

Pretty much any way you want to examine the data, new bankruptcy filings are increasing. According to data provided this week by Epiq Bankruptcy, the 120,094 total bankruptcy filings registered during the first quarter represented a 14% increase from the 105,497 total filings during the same period last year. Epiq reported consumer filings increased 13% […] [Read More]

Credit Acceptance chief executive officer Kenneth Booth highlighted the path the subprime auto finance company has enjoyed to getting to its largest outstanding portfolio in its 52-year history. Booth reiterated to shareholders in a letter posted on Wednesday that Credit Acceptance closed 2023 with its portfolio sitting at $7.0 billion. “With a year-over-year increase in […] [Read More]

Everyone is talking about artificial intelligence these days – which, to the fun-loving minds at HGreg, made it ripe for an April Fool’s gag. The dealership group’s latest in a long line of April 1 initiatives offered the chance to use an AI-driven service to design a car online, which would then built and delivered […] [Read More]

Since launching the Women & Automotive: Canadian Leadership Forum in 2016, Cherokee Media Group has honored and recognized a group of Canada’s auto industry leaders each year through its Women & Automotive: Profiles in Leadership program. And we’re excited to announce our 2024 honorees, who will be recognized in the upcoming edition of the Auto […] [Read More]

Manheim Pennsylvania held its annual Xtreme Spring Sale event March 19-22, raising $86,000 for Aaron’s Acres, a local nonprofit that provides recreational opportunities for young people with disabilities. The auction said the sale has been its largest sales event for 15 consecutive years. The 2024 event hosted 7,000 dealers onsite and via Simulcast, who bid […] [Read More]