The “one pocket of strength” for the used-car market this year, as Cox Automotive chief economist Jonathan Smoke put it in a June presentation to the media and industry, has been the certified pre-owned segment. That certainly played out in preliminary first-half CPO sales results provided to Auto Remarketing by Motor Intelligence in early July. Through June, year-to-date CPO sales are estimated at ... [Read More]

Before he heard his name announced, Dan Johnson knew. As emcee Michael York began to read the bio of the 2023 National Quality Dealer Award winner, it didn’t take long for Johnson, the owner and general manager of LiteHouse Auto, in Lakewood, N.Y., to realize that winner was him. “It’s all a little bit of a blur,” he said. “That first or second sentence ... [Read More]

Next up on our series of shows from the Canada’s Used Car Week podcast stage in June is a conversation with Denise Garagan, president of Denny Dealer Services. Garagan and Cherokee Media Group senior editor Joe Overby discuss the background of the company, which is an F&I provider, and her journey in the auto industry. […] [Read More]

Cherokee Media Group senior editors Joe Overby and Nick Zulovich welcomed their newest teammate, Andrew Friedlander, for this installment of the Auto Remarketing Podcast recorded in Las Vegas at the 2023 NIADA Convention. The trio recapped some of the most interesting developments that surfaced at the event as well as looked ahead toward Used Car […] [Read More]

The third development of the Federal Trade Commission’s investigation and lawsuit against Kole Consulting Group and its owner, Daniel Kole, and some of the defendants running American Vehicle Protection (AVP) became public this week. The newest proposed court order in the case — which the defendants have agreed to — includes the bans from extended […] [Read More]

FINN, an auto subscription company based in Munich, Germany, and New York, has signed a 25 million euro ($27.2 million) asset-backed facility with Avellinia Capital. The facility complements FINN’s existing asset-backed securitization program, effectively increasing the advance rate from 95% to 100%. FINN has now secured more than $1 billion of debt and leasing facilities […] [Read More]

The McConkey Auction Group is expanding. And this time, it’s through an all-new greenfield location. The auction group announced Thursday that it has launched MAG Alaska, a hybrid auction located on four acres in Anchorage. The location includes a 300-unit consignment lot, test track and vehicle inspection services. Vehicles are actually sold through the company’s […] [Read More]

Michigan-based Victory Automotive Group has acquired C&C Toyota and C&C Chrysler Dodge Jeep Ram in Marietta, Ohio, broker Blair Sharpe of the Tim Lamb Group announced. The dealerships are now known as Victory Toyota Marietta and Victory Chrysler Dodge Jeep Ram Marietta. The dealerships include 12,480 square feet of office/showroom space plus a collision center […] [Read More]

We’re only a few days into the second half of 2023, and the pace of mergers and acquisition continues to be strong. The latest one surfaced Thursday, as Safe-Guard Products International, a provider of branded protection products for the automotive, RV, powersports and marine industries announced it has acquired Dealer Solutions and Design (DSD) based […] [Read More]

Minutes from the June meeting of the Federal Open Market Committee showed the Federal Reserve sees how an official recession could surface later this year. And getting that retail installment sales contract bought by your dealership’s network of finance companies is likely part of the scenario drawing the attention of policymakers. According to the Fed’s meeting minutes ... [Read More]