S&P Global Ratings acknowledged this week that it is too early to assess the full impact of Hurricane Ian on rated U.S. auto asset-backed securities (ABS). However, firm analysts currently believe that rating downgrades are unlikely, based on their assessment of … [Read More]

Informed.IQ, a provider of artificial intelligence-based software for financial institutions, has made notable inroads with providers in the subprime auto finance space. First, continuing its focus on artificial intelligence and machine learning, Consumer Portfolio Services last month partnered with Informed.IQ to calculate income automatically, collect and clear credit stipulations and dealer docs, creating a better […] [Read More]

Nissan is broadening the age and mileage eligibility in its certified pre-owned program through a new offering called “Certified Select,” which will also include certain non-Nissan vehicles. Vehicles up to 10 years old with up to 100,000 miles will be included in Certified Select, which provides an 84-point inspection and six-month/6,000-mile limited warranty and roadside […] [Read More]

There are three types of vehicles that have either started arriving in the auction lanes or are likely to do so soon, with each speaking to a larger industry trend — those being flooded vehicles, repossessions and model-year 2023 cars. Black Book spoke to these trends in its latest weekly Market Insights report, recapping the week […] [Read More]

Certified pre-owned sales fell more than 11% year-over-year in September and were off 5% from August, according to a Cox Automotive analysis of Motor Intelligence data. With 201,707 CPO vehicle sales, September marked the softest sum in seven months.  And through nine months, year-to-date certified sales are at 1.84 million, down 15% from the 2.16 […] [Read More]

Vincentric spotlighted its 2022 Best CPO Value in Canada Awards last week, and standing out from the pack were Toyota and Hyundai. Both took home four model-level wins as well as one brand award apiece, with Toyota earning top marks in the passenger car category and Hyundai winning the SUV/van category. Audi earned the brand […] [Read More]

KAR Global announced upgrades in Canada last week that are designed to make processing Assurance claims and arbitration more efficient for its ADESA Canada and TradeRev marketplaces, and allow bulk checkout for purchases on these online platforms. With the enhancements, ADESA Canada and TradeRev customers can file both arbitration and Assurance claims from the Purchases […] [Read More]

Even before the arrival of Hurricane Ian, there were already some 400,000 vehicles on the road with previous water damage, according to CARFAX data. The wrath of that storm, which led to flooding and other damage throughout Florida and the Carolinas, may have nearly … [Read More]

Stellantis has expanded its certified pre-owned vehicle program in North America with the launch of “CPO Go,” which includes vehicles that are between 6 and 10 model years old and/or have mileages between 75,001-120,000 miles. Previously, the automaker’s CPO eligibility only covered vehicles between 1 and 5 model years old with 75,000 miles or fewer. […] [Read More]

Hyundai Glovis, the logistics arm of Korean conglomerate Hyundai Group, has acquired a family-owned automotive auction in Pennsylvania. It is the first acquisition in a national wholesale to retail business Hyundai Glovis plans to build in the United States. “In Korea, Glovis is the largest auction house. The US is the largest used-car market in […] [Read More]