PHOENIX — NowAuto Group executives recently shared the reasons why their charge-offs and defaults improved significantly during the fiscal second quarter over the prior quarter and prior year. NowAuto found that charge-offs and defaults in the quarter that ended on Dec. 31 dropped because of increased credit criteria, improved contract management and system upgrades. As a result of […] [Read More]

BANDON, Ore. — Reviewing both open and closed-end leases from dealers and third-party lessors, such as banks, CNW Research discovered that the automaker with the largest market share is Ford. Ford trucks apparently account for more than 8.6 percent of lessees in January. Meanwhile, Toyota cars came in second with 6.4 percent of all leased vehicles. […] [Read More]

LAKE SUCCESS, N.Y. — DealerTrack will be hosting a Webinar on Thursday to highlight and discuss all its new offerings which were unveiled at the National Automobile Dealers Association Convention in Orlando, Fla. Topics will include: —Retrieve critical appraisal data within seconds using new mobile appraisal functionality from DealerTrack AAX. —DealerTrack DMS offers new integration with Dealer […] [Read More]

DAYTONA BEACH, Fla. — Many individuals in the towing industry cross over into the world of the recovery, which in our world means repossessions. In many cases, it would seem like a likely connection. We both utilize tow trucks, have to maintain vehicle storage facilities and train our drivers. In many cases, it is a natural […] [Read More]

PALATINE, Ill. — MVTRAC recently announced an enhancement to its MVFastTrac solution suite through a strategic partnership with CenterOne Financial Services. Executives explained the arrangement is meant to offer seamless remarketing services. They claim this model can reduce the cycle time, resources and management required for default management and recovery divisions while significantly improving loan value […] [Read More]

EUGENE, Ore. and CORPUS CHRISTI, Texas — Brasher's Northwest Auto Auction, a ServNet member, commemorated its 19th anniversary recently with a celebratory sale that included an offering of more than 800 vehicles, a pre-sale breakfast for dealers, a prize auction and a special giveaway. Among the 800-plus vehicles up for sale included units from such consignors […] [Read More]

ATLANTA and WOODCLIFF LAKE, N.J. — As part of a new partnership with BMW Group Financial services, Manheim is distributing and remarketing all BMW and Mini company cars originating from the automaker's North American headquarters. And it appears to be paying off already, as the turn rate on these company vehicles has decreased from roughly 35 […] [Read More]

FAIRFIELD, Calif. — Copart recently announced that Willis Johnson will remain chairman of the company but will relinquish the title and responsibilities of chief executive officer to Jay Adair, who has been serving as the company's president. Moving up into the role as president will be Vincent Mitz, Copart's executive vice president. Copart also mentioned that […] [Read More]

HOFFMAN ESTATES, Ill. — Dealers who have lost their franchises have the opportunity to keep their businesses and facilities running through a new automotive program from Sears. Basically, through the Independent Sears Auto Center franchise program, dealers can run their own licensed Sears Auto Center, where they can center their operations on parts and services, over-the-counter […] [Read More]

BLOOMFIELD HILLS, Mich. — Penske Automotive Group noted strong gains during the fourth quarter in several areas, including income, total revenue and total retail units sold, when executives shared their most recent financials late last week. Penske revealed that its 2009 fourth quarter income from continuing operations was $19.3 million, which compares to an adjusted loss […] [Read More]