After nearly two months of COVID-19 related ordinances and regulations, RISC acknowledged the repossession industry has not opened up in all areas, continuing to pressure recovery agency owners and their staff financially.  RISC wants to support agents during this crisis by waiving membership and education fees for current and any new RISC Pro members through […] [Read More]

After being delayed because of the coronavirus pandemic, Credit Acceptance Corp. plans to return from Memorial Day weekend and share its first-quarter results on Wednesday.   Earlier this week, the subprime auto finance company gave a glimpse of how it’s navigated through the crisis when chief executive officer Brett Roberts completed his annual letter to […] [Read More]

TrueCar is continuing financial payment relief for its dealer customers through June. The automotive digital marketplace said it would automatically reduce subscription invoices by 25% in states where its pay-per-sale or performance-based billing arrangements are not currently available. The June discount follows TrueCar’s previously announced 50% reductions to those dealers’ April and May invoices. TrueCar […] [Read More]

Cherokee Media Group president Bill Zadeits talks with Hugh Hathcock, owner of ReconVelocity, about the challenges of the pandemic, conversations he has had with dealers and how they are faring. Plus, they discuss the dealer relief program at ReconVelocity, the story behind the company and more. To listen to this episode, click on the link available below, […] [Read More]

Toyota/Lexus Minority Owners Dealership Association board president Ed Fitzpatrick says that because of the coronavirus pandemic, many families are “vulnerable and in a state of economic instability.” Because of that, the association, which represents the needs of minority dealers within Toyota and Lexus, is working with The Salvation Army to fill the pantries of families […] [Read More]

Financial incentives are the most significant factor in shopping for or purchasing a vehicle. The most popular purchase incentive among consumers? A zero-percent financing offer. Those are among the findings of a new study from TRADER Corp., which surveyed more than 500 autoTRADER.ca visitors over a two-week period in late April and early May to identify […] [Read More]

Independent stores might have attractive vehicles in their inventory. They might have a superb location, too. They might even have an established customer base of repeat buyers who share their positive experiences with friends and family. But Chuck Bonanno pinpointed the hurdle that continues to confound independent operators even before the coronavirus pandemic intensified. “Besides […] [Read More]

For the second month in a row, the auto-finance portion of the S&P/Experian Consumer Credit Default Indices for April dropped to the lowest level in 10 years, even as the U.S. Department of Labor said another 2,438,000 workers made initial claims for unemployment benefits last week, pushing the nine-week total to nearly 39 million because […] [Read More]

It’s nice to be able to spread some good news amongst so many dreary reports of late. Car dealerships are beginning to reopen across Ontario and Quebec, which represents 65% of new-car sales in Canada. This is great news! As we know, the auto business lives and dies by the success of its retailers. During […] [Read More]

Through Sunday, month-to-date used-vehicle retail sales for franchised dealers are off 15% from pre-virus forecasts, according to J.D. Power. But there’s actually some good news to unpack from that, including one particular retailer that anticipates being back to original expectations for used sales by July. Here is that silver lining from J.D. Power: Not only is […] [Read More]