This week, Fitch Ratings and Kroll Bond Rating Agency (KBRA) offered their latest analysis of recent and potential future auto finance performance based on securitizations, with Fitch seeing the possibility of the subprime segment remaining “resilient,” while KBRA is anticipating some seasonal performance deterioration. Beginning first with KBRA’s update, firm analysts indicated November remittance reports […] [Read More]

On Thursday, TurboPass awarded six of its subscribing dealerships with an End of the Year Award, including honors for Independent Dealer of the Year, Franchise Dealer of the Year Newcomer of the Year Both the East and West regions of the country received each of these three awards from the financial technology software company that […] [Read More]

When it comes to used-vehicle values, the story of 2023 could center on the theme of “correction.” That certainly has been the case for much of 2022, as illustrated by commentary from ADESA chief economist Tom Kontos shared via email with Auto Remarketing. Throughout the year, the gap between 2022 average auction prices and those […] [Read More]

Ken Garff Automotive Group has purchased two dealerships in Arizona from Earnhardt Auto Centers, according to a news release from Kerrigan Advisors, which represented Earnhardt in the transaction. Ken Garff bought Earnhardt Volkswagen in Gilbert-Chandler and Rodeo Kia in Avondale. “It was a sincere pleasure and honor to once again represent the Earnhardt family in […] [Read More]

DriveItAway, a U.S.-based mobility platform that offers vehicle subscription-to-purchase services, is expanding to Canada. The company has partnered with Ontario-based Legacy Auto Credit, a dealership offering in-house leasing and auto financing to credit- and debt-challenged customers. “For decades Legacy Auto Credit has helped those who are credit challenged to acquire a new or used vehicle. We […] [Read More]

With another lift of 50 basis points on Wednesday, the Federal Reserve now has pushed the federal funds rate higher by 425 basis points this year to the 4.25% to 4.50% range. While Federal Reserve chair Jerome Powell emphasized the importance of getting inflation under control, Cox Automotive chief economist Jonathan Smoke cautioned that “the […] [Read More]

While a single company influenced the rising number of commercial Chapter 11 bankruptcy filings in November, consumer filings rose more evenly, according to data provided by Epiq’s Bankruptcy Analytics platform. Epiq reported total U.S. bankruptcy filings in November came in at 31,178, which is 6% higher than the 29,335 total filings in November of last […] [Read More]

Continuing an active end of the year within the commercial financing area, First Business Bank’s floorplan financing team this week announced the promotion of Spencer Brink to portfolio manager of floorplan financing. Brink joined First Business Bank in 2016 as a credit analyst intern, moving into a full-time credit analyst role after graduation from the […] [Read More]

Good news for the Canadian used-vehicle market: Prices are considerably steadier, according to Canadian Black Book, which released its Used Vehicle Retention Index for November on Friday. Specifically, the index came in at 158.7 for the month, relatively steady with October’s 158.8 reading. Following a 44% increase in January, the year-over-year increases in CBB’s index […] [Read More]

Last month marked the first year-over-year rise in certified pre-owned sales since September 2021, according to a Cox Automotive Data Point report Tuesday and month-by-month data the company previously sent Auto Remarketing. Beyond snapping a 14-month streak of year-over-year declines, the CPO market also has this positive sign as year-end draws near: annual sales are […] [Read More]