DETROIT — The rebirth of hundreds of soon-to-be-eliminated General Motors dealers took an enormous step forward late last week when the automaker announced it would send more than 600 Letters of Intent for dealership reinstatement. GM did not give a specific number of letters it intends to send, but other media reports had the figure ranging from 601 […] [Read More]

CARY, N.C. — S&A Cherokee, the publishers of Auto Remarketing and SubPrime Auto Finance News, announced today that Ellen Hughes-Cromwick, Ford's chief economist, will serve as the keynote speaker for the Automotive Economic Forecast & Financial Forum. Hughes-Cromwick's role with Ford is to oversee the corporate economics and strategic issues group at the automaker. She has […] [Read More]

ATLANTA — Even after the usual seasonal gains were considered, wholesale prices showed a strong year-over-year upswing during February, according to Manheim's Tom Webb. There were value increases across the board, particularly among truck segments, which were up double digits from the prior-year period. Specifically, the Manheim Used Vehicle Value Index during February was 118.1, up […] [Read More]

IRVINE, Calif. — Along with a significant discussion about how Toyota recalls affected the market, Kelley Blue Book shared details about the depth of strengthening wholesale vehicle values throughout February. Analysts contend in the latest Blue Book Market Report that the rise in prices stem from dealers flocking to auction lanes in anticipation of the spring […] [Read More]

INDIANAPOLIS — The Auction Broadcasting Co. named a new chief financial officer recently, and hired to serve in that role is David Newcomer, who was previously the CFO for the radio division of Emmis Communications, a media and communications holding company. "Dave comes to ABC at the perfect time," explained Mike Hockett, ABC chairman and chief executive officer.  […] [Read More]

REDWOOD CITY, Calif. — CarsArrive Network, the transportation solution company owned by OPENLANE, recently announced it is now the sole service provider for Volkswagen Credit. The agreement also includes the transport of units from Audi Financial Services for all vehicles being moved to physical auctions. Officials said the arrangement started back on Feb. 15 and enhancements […] [Read More]

SAN FRANCISCO — The Jumpstart Automotive Group attempted to quantify which automaker gained the biggest return on its investment in Super Bowl advertising and found three of the four largest spenders enjoyed positive gains. The manufacturer that seemed to get the most out of these efforts was Kia. Jumpstart determined that Kia spent the lowest amount […] [Read More]

TORONTO, Ontario — In response to Jeff Watson, MP for Essex, calling for an investigation into the automaker's recalls, Toyota Canada said late last week that it would be happy to participate in a hearing with the Standing Committee on Transport, Infrastructure and Communities. "As part of our continued efforts to communicate openly and broadly with all […] [Read More]

DEARBORN, Mich. — Ford Credit Canada announced that one of its subsidiaries has moved its vehicle leasing business over to an Ontario limited partnership. Basically, in late February, Canadian Road Holdings transferred its entire leasing business to Canadian Road Leasing Co. Canadian Road Holdings has a 99 percent limited partnership in the leasing partnership. Then, Canadian […] [Read More]

RED DEER, Alberta — Though loan originations and net income were down year-over-year in its most recent quarter, RIFCO saw a drop in delinquency rates for the first time in five quarters and said the company is still on pace to show full-year profitability for the fourth straight time. Specifically, net income for the third quarter ending […] [Read More]