Roger Penske shared some good news about Penske Automotive Group’s used-only chain, CarShop, during the company’s fourth quarter and full-year 2022 earnings call last week. He noted that CarShop unit sales increased 12% to 71,242 units during 2022 and that revenue increased 16% to $1.7 billion. He also shared some CarShop news that was not […] [Read More]

Five industry organizations — including the National Independent Automobile Dealers Association — welcomed the recent reintroduction of the Right to Equitable and Professional Auto Industry Repair (REPAIR) Act in the U.S. House. According to NIADA, the REPAIR Act (H.R. 906) would ensure consumers have access to data relating to their vehicles, critical repair information, tools […] [Read More]

Focused on what auto finance underwriters might see daily, the Consumer Financial Protection Bureau (CFPB) released a report this week examining trends in credit reporting of debt in collections from 2018 to 2022. While focused on other parts of the credit market, the report showed the total number of collections tradelines on credit reports declined […] [Read More]

RunBuggy, a technology platform connecting car shippers and transporters, said Wednesday it has teamed up with Dealer.com. Under this partnership, RunBuggy’s vehicle transportation management technology will be integrated into the websites of Dealer.com’s franchised dealership customers. This will allow those dealers to provide an easy for consumers to generate a quote and arrange transportation of […] [Read More]

A pair of developments from the fleet world arrived on Wednesday. First, Holman announced the acquisition of Park Wood Managers, a leading underwriter and insurance provider for commercial trucking fleets. Then, the NAFA Fleet Management Association (NAFA) recognized the 2022 graduates of its Certified Automotive Fleet Manager (CAFM) program. Executives highlighted the addition of Park […] [Read More]

Performance Brokerage Services helped to facilitate more dealerships change ownership, with the latest developments coming to light on Wednesday involving two Ford stores in Pennsylvania. The dealership brokerage firm announced the sale of Barber Auto Group’s two dealerships — Barber Ford of Exeter and Barber Ford of Hazleton — from Matt DePrimo to Key Auto Group. […] [Read More]

Although estimated overall used-car sales for January are 8% softer year-over-year, the market improved from December, and sales of certified pre-owned vehicles were up 21.5% year-over-year. That’s according to analyses this week from Cox Automotive. Overall, Cox estimates there were 2.81 million used cars sold last month, compared to … [Read More]

Sonic Automotive said Wednesday it has acquired the Harley-Davidson store that is the home of the Sturgis Motorcycle Rally. Black Hills Harley-Davidson, located Rapid City, S.D., hosts “The Rally at Exit 55” during the Sturgis event, which draws 500,000 enthusiasts each year. “We are thrilled to welcome the team from Black Hills Harley-Davidson into the […] [Read More]

If contract holders in your portfolio do business with Fifth Third Bank, here’s an option to help them stay current. AutoPayPlus has engaged with Fifth Third Bank to further diversify its portfolio of bank partners that provide money transmission solutions for the company’s F&I program that offers automated payments and early payoff of automotive and […] [Read More]

The National Automotive Finance Association has a new look — at least online. This week, the NAF Association launched its newly redesigned website with revamped features such as a modernized logo, streamlined design, improved functionality, and easy access to essential information. The NAF Association highlighted the comprehensive website is designed to bring a “personalized” user […] [Read More]