RICHMOND, Va. — CarMax is looking to boost sales prospects in 140-character, tweet-size chunks by launching a new promotion using the social networking Web site Twitter. Company officials are planning to give one consumer $25,000 toward the purchase of a used vehicle from their nationwide inventory. The award is the grand prize in the promotion CarMax […] [Read More]

CHICAGO — A key macroeconomic element factored greatly into TransUnion's projection that auto loan delinquencies — or borrowers 60 or more days past due — will climb in 2010. Officials explained that if the borrower doesn't have or loses a steady job or source of income, the likelihood of an account falling into this category grows tremendously. And with […] [Read More]

DAYTON, Ohio — Reynolds and Reynolds recently revealed that one of its financial contract solutions now will be utilized by Hyundai Capital America. Almost 1,500 dealerships nationwide that sell and service Hyundai and Kia vehicles and finance them through Hyundai Capital have adopted the Reynolds LAW 553 Universal Retail Sale Contract for use in their vehicle […] [Read More]

DES MOINES, Iowa — Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Co., closed out 2009 by providing a large revolving credit facility to 1st Franklin Financial Corp. The total amount of the facility was $100 million. "We look forward to many years of a mutually beneficial association with Wells Fargo," said Ben Cheek, […] [Read More]

AUSTIN, Texas — Innovative Funding Services recently named a new chief operating officer. Appointed to the post was Robert McKie, who was previously the vice president of sales at Wells Fargo Financial in Eden Prairie, Minn. "With the incredible growth we have experienced over the last year, we needed an industry expert to guide our next […] [Read More]

ALPHARETTA, Ga. — LeasePlan USA announced Monday that it has appointed a new senior vice president of operations. Filling the role is Tim Martin, who has been with the company for more than four years. Most recently, he served as vice president of Atlanta operations for LeasePlan. In his new position — which became effective Friday — Martin […] [Read More]

SANTA MONICA, Calif. — Reflecting on the tumultuous auto market in the past year and looking ahead to the next 12 months, Edmunds.com analysts project that the used-vehicle price strength of 2009 — caused largely by low inventory levels and healthy demand — will likely continue into 2010 thanks to "tight" supply and sustained demand. "Used-car prices rose […] [Read More]

STAMFORD, Conn. — Used-car prices are likely to climb 5 percent this year and continue to show growth through the next four years, according to the RVI Group. The company is anticipating the year-over-year upswing in used prices to reach a peak of 13-percent in 2012 before starting to stabilize. Specifically, the RVI forecasts that the Manheim […] [Read More]

RICHMOND, Va. — CarMax found that used-vehicle shoppers coming to its Web site in 2009 had diverse tastes. While the Honda Accord was again the most sought-after vehicle, newcomers such as the Jeep Wrangler and Chevrolet Silverado broadened the scope of potential purchases. CarMax officials determined that the Honda Accord topped their list of most-searched vehicles […] [Read More]

IRVINE, Calif. — When shoppers went to Kelley Blue Book to review options for a new-vehicle purchase in 2009, they flocked to models from two nameplates significantly more than all others. Kbb.com officials determined the most-researched new vehicles on their Web site in 2009 predominately were made by either Honda or Toyota. In fact, of the […] [Read More]