No doubt a key component to having a healthy auto-finance portfolio is the contract holders being gainfully employed. The U.S. Bureau of Labor Statistics shared some positive news on that front on Friday. The Labor Department reported that nonfarm payroll employment increased by 943,000 in July, and the unemployment rate fell by 0.5 percentage points […] [Read More]

While the pandemic has hindered face-to-face contact in many ways, Nicholas Financial reiterated that its branch-model system and how the subprime finance company interacts with dealers and consumers again helped its quarterly performance. Nicholas reported figures from the first quarter of its 2022 fiscal year, highlighting that its net income for the three months that […] [Read More]

This week, Tricolor announced details of its seventh securitization that included a class to gain a AAA rating. The used-vehicle retailer that specializes in the Hispanic market, rolled out an issuance of $234 million of asset-backed bonds secured by a pool of its installment contracts. According to a news release, JPMorgan Securities LLC acted as […] [Read More]

For buy-here, pay-here operators who received a Paycheck Protection Program (PPP) loan of $150,000 or less, they might not have to repay the amount. On Wednesday, the U.S. Small Business Administration (SBA) launched a streamlined application portal to allow borrowers with PPP loans of $150,000 or less through participating lenders to apply for forgiveness directly […] [Read More]

July was an interesting month for wholesale vehicle prices in Canada. On one hand, Canadian Black Book’s Used Vehicle Retention Index was up 20.3% year-over-year, and was off a mere 0.3% from June, which was the 10th straight month of all-time highs in the index. But perhaps more notable is the fact that the month-over-month […] [Read More]

In an increasingly digital remarketing world, what effect does a vehicle passing through an auction lane actually have? ADESA is aiming to find out. Auto Remarketing has confirmed that ADESA has begun conducting a small pilot return of running vehicles through auction lanes, largely to gauge the numbers-impact of running a car through a lane. […] [Read More]

As it turns out, EchoPark isn’t the only piece of Sonic Automotive with expansion plans. In addition to the growth in its line of standalone used-car stores, Sonic plans to increase its presence on the franchise new-car dealer side. For the most part, the geographic footprint of Sonic’s 86 franchised dealerships includes the majority of […] [Read More]

The Consumer Financial Protection Bureau (CFPB) decided debt collection firms are ready to abide by new rules. Last week, the bureau announced that two final rules issued under the Fair Debt Collection Practices Act (FDCPA) will take effect as planned on Nov. 30. The CFPB issued a proposal in April that — if finalized — […] [Read More]

Along with finalizing a commercial agreement with Inmar Intelligence, Modal, which  that provides e-commerce tools to dealers and brands, this week announced its newly appointed chief executive officer. Taking over the role is an executive who already has been with the company since last August, as chief operating officer Sameer Bhalla has been chosen to […] [Read More]

Carvana announced both its entry into Nebraska and a new milestone on Wednesday: surpassing 300 overall markets. The used-car ecommerce platform is now available in Omaha (its 300th market) and Lincoln (No. 301). “It feels like not so long ago that we launched our first market and set out to change the way people buy and […] [Read More]