RALEIGH, N.C. — Given a choice, every lender would prefer to keep the debtor in the vehicle. Once an asset goes out for repossession, the outcome is usually a loss that must be charged off. Even in today's booming used-car market and with the higher asset valuations lenders are experiencing at auction, the likelihood that a lender will […] [Read More]

LOS ANGELES — Westlake Financial Services announced late last week that it has created a new division to will specialize in portfolio acquisition services. The new division, called Westlake Advanced Lending & Portfolio Services, was created to expand the company's product offerings and provide a new source of liquidity for the automotive financial market, according to […] [Read More]

PORTLAND, Ore. — Brasher's Portland Auto Auction commemorated its 17th anniversary last week with a special sales event that was slated to include more than 1,200 units from such consignors as Volkswagen Credit and Audi Financial Services, Wachovia, Reliable Credit, Santander Consumer, Columbia Credit Union, US Bank and PHH. Several prize giveaways, free lunch and birthday […] [Read More]

IRVINE, Calif. — The latest Hot Car Report from Kelley Blue Book's Kbb.com revealed consumer tastes are trending to more practical vehicles rather than SUVs that have enjoyed great success for years. Four of the five vehicles enjoying the most shopping activity growth on the site were sedans. That group included the Chrysler 300, which had […] [Read More]

BEDFORD, Mass. — Volkswagen's iconic Beetle is slated to be completely redesigned and overhauled and might not even carry the same name, Auto Remarketing learned Friday. The new model will not start arriving at stores for about 18 months or so, Katie Shea, the business development coordinator for Minuteman Volkswagen in Bedford, Mass., told Auto Remarketing […] [Read More]

WESTLAKE VILLAGE, Calif. — Following a sluggish February dampened by auto recalls and wintry weather, incentive programs have lifted dealership traffic in March, leading to much improved new-vehicle retail sales that are expected to climb 25 percent year-over-year, according to J.D. Power and Associates. More specifically, J.D. Power projects U.S. new-vehicle retail sales will reach […] [Read More]

McLEAN, Va. — Through the first week of March, one segment, in particular, has led the widespread wholesale price gains from February, according to NADA Used Car Guide. Looking at the AuctionNet prices of one- to five-year-old vehicles, gaining the most ground has been the van segment, officials noted. Specifically, AuctionNet prices of vans were up […] [Read More]

ATLANTA — Manheim's Tom Webb recently analyzed the financial data of the seven largest publicly traded dealership groups for the fourth quarter of 2009. Webb reported in his March Auto Industry Brief that he found positive trends in regard to both gross margins on used-vehicle sales as well as unit volumes. Webb determined that gross margins […] [Read More]

SANTA MONICA, Calif. — With still more than a week left in the month, Edmunds.com analysts projected that March new-vehicle sales are currently pacing at a seasonally adjusted annual rate of 13.2 million. The site came to this figure because of the hefty incentives offered by Toyota and other automakers that came as the Japanese OEM […] [Read More]

FRANKLIN, Tenn. — The marketing executive who headed up the widely successful Hyundai Assurance Program last year has moved over to a rival automaker. Nissan North America has hired Joel Ewanick — who previously was vice president of marketing for Hyundai Motor America — to be the vice president of marketing for the Nissan division, a move that […] [Read More]