BANDON, Ore. — As of August, the share of used-vehicle sales to consumers with FICO scores under 619 apparently rose to the highest level since March 2008. However, on the new-car side, buyers with a FICO below 619 have risen only incrementally, according to Art Spinella, president of CNW Research. He characterizes the improvement as "subprime […] [Read More]

IRVINE, Calif. — On Monday, Consumer Portfolio Services announced the closing of its first rated-term securitization in more than two years. The transaction represents the company's first senior subordinate securitization since 1993, according to management. In the transaction, qualified institutional buyers purchased $85.352 million of investment grade notes backed by auto receivables purchased by CPS and […] [Read More]

A repossession agent made a gruesome discovery while on assignment earlier this month in this community north of St. Louis. The local sheriff’s office eventually determined the agent uncovered a murder-suicide. The agent arrived at the home and found two deceased individuals, according to reports from the Madison County Sheriff’s Department published by the St. Louis […] [Read More]

As OPENLANE prepares to launch new enhancements and special promotions at this week’s annual American Recovery Association convention, the company also shared how many agencies have registered to remarket repossessed vehicles since the beginning of the year. OPENLANE executives indicated more than 80 recovery companies, representing hundreds of lenders and thousands of repossessed vehicles, are […] [Read More]

The rebound in gross domestic product has tapered off as of late, but the economy and GDP will likely make the improvements needed for there to be roughly 11.5 million new vehicles sold for full-year 2010 and about 13.5 million for 2011, according to the National Auto Auction Association’s Auction Industry Report. NAAA economist Ira […] [Read More]

The National Automobile Dealers Association revealed that serving as the organization’s chairman for 2011 will be Stephen Wade, the president of Stephen Wade Auto Center. His stores are located in St. George, Utah. Wade has a slew of franchises to his name. Among them are Chevrolet, Cadillac, Chrysler, Jeep, Dodge Nissan and Mazda. He also […] [Read More]

In an apparent retort to Avis Budget Group upping its offer to acquire Dollar Thrifty Automotive Group the day before, Hertz Globing Holding said Friday that the price in its agreement with Dollar Thrifty is its “best and final offer” and believed that the deal will be green-lighted by DTAG’s shareholders when they meet later […] [Read More]

The Edmunds.com forecast for September new-vehicle sales left it trending in mixed directions compared to the previous month and the same time last year. Site analysts expect this month’s new-vehicle sales, including fleet, to total approximately 936,900 units. That amount would represent a 27.9-percent increase from September 2009, but a 5.5-percent decrease from August of […] [Read More]

Used-vehicle dealers who utilize Dealix to push out their inventory listing online through UsedCars.com now should gain added exposure through an enhanced relationship the company recently developed. Now all Dealix UsedCars.com customers are scheduled receive placement within the marketplace section at AOL Autos. AOL Autos received more than 7.3 monthly unique visitors in July, according […] [Read More]

Thanks to IBM and Mazda North American Operations teaming up, Mazda dealers have a new tool at their disposal that can not only help them command the online arena, but also save money, generate revenue and save shoppers time. Through the IBM WebSphere Commerce software, dealers will be able to access a template that lets […] [Read More]