Point Predictive chief fraud strategist Frank McKenna returned for his monthly visit on the Auto Remarketing Podcast. With Halloween a week away, McKenna explained what “scary” financial things such as phantom loans and the dark web are and how they can greatly impact auto financing. To listen to the conversation, click on the link available below, […] [Read More]

Perhaps dealerships and other segments of the auto finance and retail spaces can take solace in the dissenting statement from one of the former leaders of the Federal Trade Commission, which ordered a Washington, D.C.-area dealer group to pay more than $3.3 million in penalties over “junk fees” and alleged discrimination. Last week, the FTC […] [Read More]

The numbers around new-car affordability (or lack thereof) are quite staggering. According to data from Cox Automotive and Moody’s, to buy a new car in September would have taken 42.2 weeks of median income. That’s up 9% year-over-year, Cox said in a Data Point report, also noting that auto finance interest rates were at their […] [Read More]

In response to continued industry demand for used vehicles, Penske said Friday that it increased the footprint of its network of used truck centers. And perhaps the third quarter ComTrend analysis from Work Truck Solutions of new and used commercial vehicles reinforced why the publicly traded company made this decision. Work Truck Solutions indicated that […] [Read More]

Black Book regularly recaps what happened during the previous week within the wholesale market, as highlighted in this previous report. On Friday, the division of Hearst announced an expanded data offering for its residual valuations, looking forward as long as 10 years. Previously, Black Book said residual values were available for up to seven model […] [Read More]

It is a well-known philosophy for any business, but especially in retail, that what gets measured gets improved. However, due to the fast-paced nature of our business, a mistake that I see far too many used car sales operators make is not measuring enough. Often, this dynamic leads to a situation whereby the store is […] [Read More]

This week, Consumer Portfolio Services announced that it named PayNearMe as its primary payments partner, saying the service provider’s technology “is like gold.” According to a news release, this partnership will accelerate the finance company’s digital transformation and deliver a “frictionless” customer experience across all digital payment types — cash, debit, ACH and mobile-first payment […] [Read More]

Open Lending announced this week it is partnering with one of the nation’s largest credit unions, America First Credit Union (AFCU), which now will offer indirect auto financing services through Open Lending’s Lenders Protection program. The companies said their alliance can allow dealers to give more opportunities for vehicle deliveries with credit union members who […] [Read More]

Indiana Auto Auction has a new general manager, ServNet announced in its latest newsletter. Promoted to the role is Andrew Schaefer, who is the chief financial officer of the auction, which is part of the Stanley-Autenrieth Auction Group. Schaefer has been with Indiana Auto Auction for more than 25 years. "We are delighted to officially name […] [Read More]

On Thursday, IAA announced an expansion in a fifth state so far this year, adding California to the list that already includes New Jersey, Florida, Indiana and Hawaii. IAA highlighted capacity growth in two important California regions. The company said IAA Fresno has expanded again to meet growing demand in the key market of the […] [Read More]