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]

The vehicle service market is on the rise in the automotive industry, according to new research from J.D. Power. The recently released 2022 Canada Customer Service Index shows that as vehicle owners in Canada transition to a “post-pandemic world” and return to pre-pandemic driving routines, the auto service industry is in a position to see […] [Read More]

Earlier this month, Douglas Campbell became president of America’s Car-Mart. This week, the buy-here, pay-here dealership chain by naming two more leading executives, filling the newly formed role as director of acquisitions as well as picking a chief digital officer. In the first of separate news releases, Car-Mart announced that as part of an acquisition […] [Read More]