For the second time this month, the Consumer Financial Protection Bureau finalized a consent order with a firm involved with auto-finance payments. And similar to the one the CFPB reached at the beginning of November, bureau officials see the possibility of U.S. Equity Advantage (USEA) not possessing financial resources to pay the $9.3 million included […] [Read More]

McConkey Auction Group has purchased ABS Auto Auctions, a Southern California group launched in 1992 by Tom Harmon. The purchase was announced in a news release included in an email announcement from ABS that was sent to Auto Remarketing on Friday. This move continues MAG’s expansion in the Southwest and West, as the group recently […] [Read More]

The retail and wholesale pieces of the auto dealer world have undergone great digitization, and a new program from Spiffy tackles what the company says is next in this “digital evolution.” It's the service department. The on-demand car care, technology and services company has launched Digital Servicing powered by Spiffy Dealer Solutions, a program that […] [Read More]

The Greater Rockford Auto Auction recently broke ground on an office expansion that will include more office space, a new dealer work area, a larger conference room and a video production room. The auction plans an early 2021 completion date for the 3,000-plus-square-foot addition. The office expansion is the most recent in a series of […] [Read More]

As business for ServNet Auctions has continued during the turmoil and made necessary adjustments because of the COVID pandemic, the group says its auctions have also carried on in their support of their communities. That includes holding charity events that have raised thousands of dollars to assist people in need. ServNet says that the pandemic […] [Read More]

As highlighted in this recent profile of him in Auto Remarketing, KAR Global chief economist Tom Kontos knows what a constant beat is. And in this case, it’s wholesale prices continuing to soften while remaining above year-ago and pre-COVID-19 readings. According to KAR Global Analytical Services’ monthly analysis of wholesale used-vehicle prices by model class, […] [Read More]

Ben Winkler is the new general manager for BSC America’s Tallahassee Auto Auction in Tallahassee, Fla.  In the position, Winkler replaces Tim Myreck, who the company said is pursuing new opportunities. Winkler was previously with ADESA Dallas, and he first worked on the operations side for that company. He then went on to serve as […] [Read More]

On Nov. 3, Massachusetts voters overwhelmingly voted “yes” on question No. 1 of the state election ballot, thereby approving the initiative law to enhance, update and protect the 2013 Motor Vehicle Right to Repair Law as an amendment to the Massachusetts Motor Vehicle Right to Repair Act. The initiative requires that vehicle manufacturers provide vehicle […] [Read More]

Fitch Ratings, Kroll Bond Rating Agency (KBRA) and S&P Global Ratings each offered perspectives on the securitization market this week. After sharing metrics their analysts gathered, each firm pointed to two trends moving in opposite directions. All three highlighted how contract modifications are declining and as a result, delinquencies are climbing with the expectation for […] [Read More]

Digital and next-generation merchandising company Xcite Automotive has launched a dealer-centered service that it says can streamline the reconditioning and merchandising process of preparing vehicle inventory for sale. The service is called ReconLogic, and it can help get vehicles “retail-ready” in five days or fewer. Xcite describes that as a much faster turnaround than the […] [Read More]