The Consumer Financial Protection Bureau (CFPB) is looking to clarify what constitutes abusive conduct in consumer financial markets. On Monday, the bureau issued a policy statement that the regulator said explains the legal prohibition of that abusive conduct and summarizes more than a decade of precedent. Officials explained through a news release that policy statements […] [Read More]

Gill Automotive Group has purchased H&J Chevrolet in Kerman, Calif., from Rick and Mike Teixeira, according to a news release from Performance Brokerage Services, which advised on the deal. The dealership was founded 57 years ago by John Teixeira, whose sons Rick and Mike now operate the business. As for the Gill group, it now […] [Read More]

Black Widow Imaging has new ownership and has restructured under new management. The company, which specializes in high-quality automotive imaging, was purchased late last year in an auction in Missouri bankruptcy court by an angel investor group led by Missouri dealer Matt Croak, a spokesperson for the company told Auto Remarketing via email. The angel […] [Read More]

Monday marked the first business day — or perhaps the third sales day depending on your dealership’s hours of operation — of the second quarter, which most dealers view as strong for the market. That’s the conclusion from survey results of the Cox Automotive Dealer Sentiment Index (CADSI), which also recapped the soft views principals […] [Read More]

Financing a used-vehicle acquisition almost seems like a bargain when compared to new-car trends included in first-quarter data from Edmunds released on Monday. Edmunds reported the average amount financed for a used-vehicle delivery in Q1 came in at $28,610 for 70 months with an average interest rate of 11.1%. With an average down payment clocking […] [Read More]

SavvyMoney and Credit Union of Southern California (CU SoCal) highlighted near record-breaking numbers for pre-approval auto finance marketing campaign deployed last year. Results from the campaign that ran from Aug. 23 to Oct. 16 showed CU SoCal generated a 74% increase in application volume from digital channels, a 53% increase in total funded contracts from […] [Read More]

For many reasons, dealers have been learning to do more with less over recent years. This challenge is coupled with an ongoing priority at dealerships to meet or exceed CSI goals, which requires a personalized high-touch approach to help win that customer relationship, support retention, and drive new sales. All together, these factors can put […] [Read More]

Reynolds and Reynolds has acquired Canadian software company DealerCorp Solutions, which focuses on developing cloud applications for the Canadian car business. This is the second purchase of the year for Reynolds, which in late January announced the acquisition of American Guardian Warranty Services, a provider of vehicle service contracts, limited warranties and other F&I products […] [Read More]

Shift Technologies, which saw its revenues nosedive and other losses deepen in its fourth quarter, announced measures it’s taking to return the company to profitability including the layoff of 30 percent of its workforce since the beginning of 2023. During Shift’s March 28th conference call outlining its financial results for its fourth quarter that ended Dec. 31, and the entire 2022 year, CEO Jeff Clementz said 2022 was “a year of significant change for Shift” and the company has adjusted its strategy to ... [Read More]

Indianapolis-based buy-here, pay-here dealership Oak Motors shared some details Friday on its recent charitable work. The dealership donated a total of $94,000 to seven charities in the Indianapolis, Muncie and Anderson areas of Indiana during 2022. Those nonprofits included Wheeler Mission, Muncie Mission Ministries, DAV (Disabled American Veterans), Second Helpings, Gleaners Food Bank of Indiana, […] [Read More]