TORONTO, Ontario — The Ontario Motor Vehicle Industry Council has hit Empire Auto Sales — an unregistered dealership — and its three owners (Dinesh Gathani, Alpa Gathani and Ankit Gathani) with a $7,000 fine for not disclosing the history of salvage vehicles it sold to unsuspecting consumers. OMVIC conducted an investigation and filed charges under the Consumer Protection […] [Read More]

MISSISSAUGA, Ontario — Mitsubishi Motor Sales of Canada is donating $100 from every vehicle it sells during April, May and June in the hope of raising more than $500,000 for Right to Play, an international charity based in Toronto that reaches out to children and communities via sports and play programs. Basically, Right to Play's programs aim […] [Read More]

RICHMOND, Va. — Though facing a challenging environment during its fiscal fourth quarter, CarMax saw its earnings and unit sales rise on a year-over-year basis for the third consecutive quarter, the company announced Thursday. Specifically, reporting on the fourth quarter ending Feb. 28, CarMax said its net income for the period was $75.4 million, up from […] [Read More]

BROOKFIELD, Wis. — Fiserv announced this morning that it has launched enhanced risk management capabilities in its next-generation Automotive Loan Origination System. Basically, the enhanced program is designed to empower auto lenders to provide fast, consistent customer credit decisions. "We have incorporated business rules management technology into the software to reduce operational risk for automotive loan […] [Read More]

IRVINE, Calif. — Along with revealing its operating results for the fourth quarter and all of 2009, Consumer Portfolio Services announced it entered into another new financing facility worth $50 million. Company executives indicated that the facility is structured similarly to an unrated term securitization transaction with an extended pre-funding period. They explained that it allows […] [Read More]

SARASOTA, Fla. — Constellation Automotive Software, which specializes in the buy-here, pay-here marketplace, recently announced it added a new consulting and training practice division. The company tapped industry veterans Don Miller and Al Mosher to serve in consultant roles. Miller spent the past eight years as a consultant for CarBiz, supervising the CarBiz Consulting Group for the past five […] [Read More]

SANTA BARBARA, Calif. — March sales have been an unexpected surprise for the auto industry, according to Matt Traylen, chief economist and client partner with ALG. In addition to retail sales climbing, leasing levels are expected to come in above last year's March level as well, he noted. "March sales have been an unexpected boost to […] [Read More]

WESTLAKE VILLAGE, Calif. — Pushed by economic improvements in some areas and gains in consumer confidence, global auto sales for full-year 2010 will likely rise 4 percent from last year and steadily move back toward where they were before a sluggish 2009, according to J.D. Power and Associates. However, some markets may still be challenged, though emerging markets — like Brazil, […] [Read More]

WASHINGTON, D.C. — Having voiced its concerns to the U.S. Treasury Secretary about the recently proposed consumer protection agency that would further regulate auto dealers' financing endeavors, the National Automobile Dealers Association is calling on dealers to take action. As most likely know, Treasury Secretary Tim Geithner, along with the Department of Defense and consumer advocacy […] [Read More]

FORT LAUDERDALE, Fla. — AutoNation said Wednesday morning that it expects to see an increase in earnings per share and revenue for the first quarter 2010, and also announced that it plans to amend and extend its credit agreement. Moreover, the company unveiled a senior notes offering and announced a debt tender offer. As far as […] [Read More]