Cox Automotive estimates that repossession volume will make a “significant” rise in 2021 compared to last year. According to data shared during Friday’s Cox Automotive Industry Insights 2021 presentation, repossession volume in 2020 softened to the lowest level in five years, sliding to 1.4 million units. In 2015, Cox Automotive said 1.5 million repossessed vehicles […] [Read More]

Wells Fargo is looking to reinforce its commitment to consumers. On Tuesday, the bank launched a new enterprise-wide, consumer-focused advisory group, the Office of Consumer Practices (OCP). Wells Fargo explained the OCP will be part of the chief operating office and will be led by Michael Lipsitz, chief regulatory and policy affairs executive. “Keeping customers […] [Read More]

A report compiled by AmTrust Financial Services showed how much value consumers are getting from F&I products, especially guaranteed asset protection (GAP) coverage as well as owners who operate their vehicles where weather and road conditions are poor. The AmTrust 2020 Extended Auto Warranty Advisor identified common trends for extended warranties and claim payouts based […] [Read More]

Amid some sequential slowing, wholesale vehicle prices closed 2020 with some strength, according to Auto Remarketing’s examination of various indices from around the industry. Starting with the Manheim Used Vehicle Value Index, that came in at 161.1 for December. While wholesale prices were off 0.59% from November (mix-, mileage- and seasonally adjusted), last month’s index […] [Read More]

The approval rate at Swapalease.com closed 2020 on a high note, prompting an “optimistic” outlook for this year. Site officials reported on Tuesday that the approval rate for applicants looking to take over a vehicle lease came in at the highest rate of the year in December, registering in at 72.7%. That reading to round […] [Read More]

Online auto auction company Copart has opened four buyer lounges across Eastern Europe, Africa and Latin America that allow international buyers to bid on and purchase Copart vehicles. AutoBidMaster manages the lounges, which are located in Minsk, Belarus; San Salvador, El Salvador; Odesa, Ukraine and Lekki Lagos, Nigeria. Copart said that with the lounges, local […] [Read More]

The Empty Stocking Fund, or ESF, provides toys and gifts to disadvantaged children during the holiday season, and each year the organization distributes nearly 200,000 gift items to tens of thousands of metro Atlanta children in need. On Tuesday, Jim Ellis Automotive Group said it donated $65,000 to ESF, raised through its annual Holiday Giving […] [Read More]

After its recent announcement of a $15 million Series A financing, e-commerce company Modal said it made six senior-level hires. The hires are for the positions of chief technology officer, chief operating officer, vice president of marketing, vice president of sales and two vice presidents of strategic relationships. Modal (formerly Drive Motors), which provides e-commerce to […] [Read More]

After a downturn in 2020, the used-car market is expected to kick off a multi-year rebound in sales, with numbers expected to eclipse the 40 million mark in 2022, say analysts with Cox Automotive. According to Friday's Cox Automotive Industry Insights 2021 presentation, there was an estimated 36.7 million total used-vehicle sales in 2020. While that’s […] [Read More]

Remitter USA is beginning its journey through 2021 with revamped leadership, including a new chief executive officer and vice president of sales. Now overseeing the white-labeled digital communications platform powered by artificial intelligence that can help finance companies maximize revenue by reducing delinquencies and increase payments through optimized customer engagement as CEO is Larry Chiavaro. […] [Read More]