The number of vehicles entering the lanes at NAAA-member auctions fell 7% year-over-year in 2022 and the number of units sold dropped 4%, but here’s some good news for their consignor partners: average price per unit climbed 4% and hit an all-time high. That’s according to the annual industry survey from the National Auto Auction […] [Read More]

GM Financial announced its Auction of the Year winners on Wednesday, spotlighting five regional honorees and one overall Most Valuable Auction of the Year winner. Starting with the 2022 Regional Auction of the Year Winners, those included: America’s Auto Auction Columbus Fair in Obetz, Ohio Southern Auto Auction in East Windsor, Conn. America’s Auto Auction […] [Read More]

Vehicle Acquisition Network (VAN) opened the month by releasing a new eBook focused on five process principles for completing private-party purchases based on extensive dealer feedback. And then this week, VAN, which connects dealers to more than 18 private-party platforms, introduced a new learning resource center called VAN University that’s within the VAN ENGAGE platform […] [Read More]

Consumer interest in used electric vehicles has more than doubled year-over-year, and many of those with an EV trade-in are apparently pleasantly surprised at what their trade fetches. Though the industry is still working to solve challenges in the pre-owned EV space —  like battery health — both of those findings from the second annual […] [Read More]

Here’s more evidence that staying in communication with your customers could help keep payments coming and potentially keep your auto finance portfolio healthier. Lexop said a recent survey of more than 1,100 American consumers who were late in paying their bills revealed how simple improvements to the billing and collections process could significantly reduce delinquency […] [Read More]

On Wednesday, the Standards for Technology in Automotive Retail (STAR), a leading automotive IT standards organization, announced the approval of uniform risk assessment standards for retail automotive. According to a news release, these standards can assist automotive dealers and vendors alike in complying with cybersecurity requirements under the revised Safeguards Rule from the Federal Trade […] [Read More]

In response to the continuing growth of its agency partners network, AutoPayPlus expanded its sales team this week with the addition of Damon Walker as agency development manager. Skilled in finance, sales, service and consulting, AutoPayPlus highlighted that Walker is an experienced automotive software and data executive with over a decade of sales leadership experience. […] [Read More]

You’re likely not the only one with significant interest in how auto defaults and vehicle repossessions are trending. It’s why Jeremy Robb, senior director of economic and industry insights at Cox Automotive, delved into the subjects during an episode of the Manheim Market Insights Series posted online last week. “Due to economic volatility we’re seeing in today’s financial markets, we’re getting a lot of questions around auto loan default rates and repossessions. We want to make a few things clear for our audience,” Robb said. Robb then went into four data points that might interest finance companies of all sizes ... [Read More]

A founding team member of Inovatec Systems now is the company’s chief information officer. The provider of cloud-based software solutions for finance companies announced this week that it has promoted Mario Rea to be CIO and be responsible for the company’s IT operations, infrastructure, security and compliance initiatives. Rea first joined Inovatec in 2011 and […] [Read More]

J.D. Power said Wednesday it is collaborating with connected vehicle analytics and infrastructure company Motorq to provide insights to the auto industry based on connected vehicle data. And this partnership kicks off with used electric vehicles — specifically, data to measure EV battery health. The companies will utilize data from actual vehicles and work with […] [Read More]