SAFCO added an executive whose experience includes time with one of the subprime auto finance company’s competitors as well as posts with a large bank and an automaker's captive. Entrepreneur and fintech veteran Kenneth Gang recently joined SAFCO as its new senior risk officer.  “Having worked for the likes of Wells Fargo, Hyundai, GLS, and […] [Read More]

The episode of the Auto Remarketing Podcast found below is an updated version of the episode posted Wednesday with Jay Maxwell of the Costco Auto Program, edited for better sound quality. Maxwell returned to the show to provide an update on the program, including the pre-owned side of the business. The full episode can be found […] [Read More]

The average used vehicle takes 38.9 days to sell. But the top 20 fastest-selling vehicles only take an average of 29.6 days, more than 30% faster, according to iSeeCars.com. Similar to new cars, SUVs dominate the list of the top 20 fastest-selling used vehicles, according to a new study from the car search engine company. […] [Read More]

It's a seller's market. According to an analysis from assisted commerce car buying app CoPilot, the pandemic has driven new- and used-car inventories to historic lows. “As a consequence, buyers face limited selection and little leverage in price negotiations in most categories. If a buyer balks on price, sellers know they can find another buyer,” […] [Read More]

As the new year begins, the new norms inherent in conducting business during the COVID-19 pandemic continue. The adjustments to these new norms affect everyone personally and professionally, which has in some ways brought forth an opportunity to connect at a more authentic level than ever before. Consider this: every Zoom call brings you into […] [Read More]

In what appears to be a growing pattern among the public retailers reporting earnings results thus far, Penske Automotive Group had lower used-vehicle retail volume, but their pre-owned operations were more profitable. Below is a rundown of some of the used-car specifics in the group’s retail automotive operations results shared in its latest earnings report. Overall […] [Read More]

A legal expert who has appeared multiple times at Used Car Week and other industry events now is the newest partner at Venable. The law firm with locations in six states and the nation’s capital announced this week that Allen Denson has joined the firm as a partner in its financial services practice at its Washington, […] [Read More]

Fueled by 14.7% growth year-over-year, Westlake Technology Holdings reported this week that the finance company with a diversified portfolio beyond just subprime paper ended 2020 with $12.14 billion in total managed assets. Westlake highlighted nine other major achievements generated by its various divisions, including: • Westlake Financial continued its strong push in prime credit financing […] [Read More]

The auto industry has been very rewarding for Jaime Drabzcak. “So what I would say to anybody considering it: Try it. You probably will fall in love with it,” said Drabzcak, who is general manager of Morrie’s Automotive Group in Minnetonka, Minn. Drabzcak made those comments as part of a video submission from her dealer […] [Read More]

Industry associations are looking to bring some semblance of normalcy this year. Within days of the American Recovery Association rescheduling its two largest events to October with the intention of them being in person, the National Automotive Finance Association set dates for the Non-Prime Auto Financing Conference to be a face-to-face event. The 25th annual […] [Read More]