FONTANA, Calif. — Dealers might not necessarily be asking auctions specifically about repossessed vehicles. But when a repo unit comes down a lane, it's likely headed to a dealer's inventory soon. Several auction executives discussed repossessions recently with Auto Remarketing. All shared how repossessed vehicle volume is generally up, and how an overall tight wholesale supply is […] [Read More]

SHELBY TOWNSHIP, Mich. — It's safe to say every manager who's tasked with remarketing vehicles within their own respective auto finance companies has one goal in common — to sell the most amount of repossessed vehicles at the highest return within the shortest period of time.  Historically, having available sale-ready negotiable titles within a timely basis has always […] [Read More]

ATLANTA — Manheim revealed details about its training sessions planned at the National Automobile Dealers Association Convention & Expo later this month. Several sessions titled "Secrets of the Modern Wholesale Auction" are scheduled to be under the direction of Amanda Savage, customer relations director of Manheim Online Solutions. Savage's presentations are billed under NADA's "Vehicle Sales — […] [Read More]

FREDRICK, Md. — On Friday, the National Auto Auction Association announced a slight expansion to the list of vehicles that it recommends no longer be sold at auction. The list now includes a model from General Motors — 2009/2010 Pontiac Vibes, to be specific. In a statement sent out Friday, NAAA included a notice from GM Remarketing […] [Read More]

TORONTO, Ontario — DealerTrack Canada reported earlier this week that it has purchased Trade Tracker — which provides Canadian dealers with systematic online process for appraising vehicles — for $1.2 million (CAD). Trade Tracker's online approval tool is used by roughly 300 Canadian dealers and is designed to help them more efficiently and accurately review, appraise and track […] [Read More]

TORONTO, Ontario — In another crackdown by Ontario authorities on curbsiding, Eric Stiles was given a one-year prison sentence and his company was fined $375,000. This decision came after he plead guilty to 30 counts of trading in a vehicle without the benefit of registration, the Ontario Motor Vehicle Industry Council announced. OMVIC explained that because Stiles' […] [Read More]

DEARBORN, Mich. — Ford Credit Canada Limited gained immediately available proceeds of $28 million (CAD) this week after completing a sale of subordinate notes, which were sponsored by Ford Credit Canada Limited, Ford Auto Securitization Trust (FAST). They are backed by a pool of retained conditional sale contracts from Ford Credit Canada, which bought these notes […] [Read More]

AUBURN HILLS, Mich. — Despite some reports that Chrysler was considering a lawsuit to stop the arbitration process, the automaker released a statement Thursday announcing that it will comply with the legislation. "The company looks forward to expeditious completion of the process. A robust dealer network is a critical component of the group's strategy of rebuilding […] [Read More]

FREDERICK, Md. — In response to the National Auto Auction Association's recommendation, many auctions throughout the country, including those with Manheim, ADESA, Auction Broadcasting Co. and ServNet, are halting sales of eight Toyota models. Over at Manheim, officials released a statement Thursday that said, "Manheim will fully comply with the NAAA's position and halt sales at our […] [Read More]

BANDON, Ore. — While Wednesday's news that Toyota was temporarily halting production and sales of eight models in U.S. and Canada dominated the headlines, something that began as a "small problem" has led to Toyota dropping in quality perception down to No. 7 among mass market brands, according to CNW Research's latest Purchase Path study. Toyota usually […] [Read More]