Wednesday, May 10, 2017

AutoNation’s Jackson: New Tech Could Hurt Used Cars

Morgan Stanley analyst Adam Jonas engaged AutoNation Chairman and CEO Mike Jackson in a frank discussion about whether new safety technology could hasten the obsolescence of used units. 

Executives with the nation’s No. 1 auto retailer are looking forward to the second quarter after recording falling new-car sales and flat F&I profits. They also provided an update on the dealer group's move to a one-price strategy.

Lithia Motors’ first-quarter results include continued gains in F&I penetrations and revenue, a result the dealer group credits to its aggressive acquisition strategy.

The vehicle information site pinned the year-over-year increase on high demand for SUVs, noting that most manufacturers registered higher average transaction prices despite softening sales. 

There were plenty of new innovations on display in and around NADA 2017. The editor takes you on a tour of five new tech tools aiming to help dealers land more sales and F&I opportunities. 

Read more news here

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Wednesday, June 22, 2016

CarMax Reports Sales Up, Profit Down

CarMax Reports Sales Up, Profit Down

CarMax Inc. reported higher sales, but lower profits, for the quarter ended May 31.

Net earnings declined to $175.4 million. Net sales and operating revenues increased to $4.13 billion.

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Thursday, June 11, 2015

Consumer Financial Protection Bureau creates Larger Participant Rule

What the Consumer Financial Protection Bureau officially will consider to be a “larger participant” in the auto finance market took another significant step forward today.

The CFPB published a rule that will allow the agency to supervise larger nonbank auto finance companies for the first time. The CFPB also released the examination procedures that regulators will use to ensure that auto finance companies are following the law.

“Auto loans and leases are among the most significant and complex financial transactions in a typical consumer’s life,” CFPB director Richard Cordray said. “Today’s rule will help ensure that larger auto finance companies treat consumers fairly.”

The CFPB estimated auto loans are the third largest category of household debt, behind mortgages and student loans. The bureau added American consumers had about $900 billion in auto loans outstanding in the fourth quarter of 2014.

Currently, the bureau supervises auto financing at the largest banks and credit unions. Today’s rule extends that supervision to any nonbank auto finance company that makes, acquires or refinances 10,000 or more loans or leases in a year.

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Tuesday, June 02, 2015

NABD Completes Another Successful BHPH Conference!

NABD Completes Another Successful BHPH Conference!

HOUSTON, TEXAS - The National Alliance of Buy Here, Pay Here Dealers (NABD) today announced the successful completion of their 17th annual National BHPH Conference at the Wynn, Las Vegas, Nevada on May 19-21. Operators and experts from around the nation and Canada gathered to hear more than 70 speakers and panelists during the three-day event.

            The conference theme was 'The Very Best of Buy Here, Pay Here' and featured an NABD Hall of Famers panel who shared tips, best practices and their visions on how to operate successfully. The panel included newly inducted Don Foss of Credit Acceptance Corporation and CARite, Ed Bass of Overland Bond, Chicago, Illinois, Julian Codding, Reliable Autos, Oklahoma City, Oklahoma, and John Linnehan, Jr. of Credit Now Auto Company, Ellsworth, Maine.  Conference Chairman and NABD founder Ken Shilson said 'these men have exhibited a lifetime of achievement and success.  Their leadership and knowledge made the industry better in the past and their insights here will make us better in the future!'

            The educational sessions featured fourteen (14) different workshops covering: website best practices, regaining market share ideas and irregular payment tax refunds, payment device best practices, an IRS update, sourcing and financing . . .

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Monday, June 01, 2015

Used Car News

Five used-car lots in Detroit have been shut down for trafficking stolen cars and stolen auto parts.

The Secretary of State suspended operating licenses at Hende Auto Parts, Best Price Auto Sale, Sold Auto Sales, Big 3 Auto Sales and A One Auto Sales.

Investigations found suspicious transactions by dealers, such as trying to obtain clean titles for salvage vehicles.

At one dealer, stolen parts were discovered and 30 cars were seized by police.

Tesla is now selling used electric cars 

Elon Musk now sells used cars. The billionaire's electric car company, Tesla Motors, quietly launched a pre-owned vehicle program at the end of April — a new scheme that offers older versions of its Model S sedan for lower prices than new models. The used cars still come with Tesla maintenance and reliability checks, and like other high-end car makers, Musk's company gives a 4-year or 50,000-mile warranty on pre-owned vehicles.

A Tesla spokesperson told The Wall Street Journal that the used cars would be stored at a Tesla location, allowing customers to collect their car directly, or have it delivered to their home. For now, limited supplies of the used Model S electric cars mean that the new scheme is currently only available in 11 US cities, with supplies coming from display models or owners who traded their older sedans in for new all-wheel-drive models under Tesla's trade-in schemes. But the company can expect an influx of older vehicles soon, as owners who bought their first-generation Model S on a three-year lease in 2013 return the car to the manufacturer.

  • The Safest Used Cars for Under $10K, According to Consumer Reports

  • Chevrolet Malibu (2009-2012, 4-cyl.): Starting at $8,125
  • Ford Fusion (2010-2012, 4-cyl. and hybrid): Starting at $8,325
  • Hyundai Sonata (2006-2014, 4-cyl., non-turbo): Starting at $5,450
  • Kia Soul (2010-2011): Starting at $8,925
  • Toyota RAV4 (2004-2012, 4-cyl.): Starting at $5,590

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Monday, November 24, 2014

NYC Investigates Santander’s Used Financing

New York City’s Department of Consumer Affairs announced an investigation into used-car lending, issuing subpoenas to Santander Consumer USA Inc. and Santander Consumer Funding 3 LLC, auto finance companies owned by Banco Santander S.A.

As the licenser and regulator of the city’s used-car dealerships, DCA is for the first time ever investigating used car dealer financing practices, in particular subprime loans underwritten by lenders such as Santander and arranged for consumers by the used car dealerships. This inquiry builds on DCA’s earlier investigations, which raised concerns that dealerships may be engaged in illegal predatory practices such as selling expensive and unwanted add-ons and arranging high-interest subprime loans without informing consumers of information they are required to provide so that the consumer can make a smart choice about financing.

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Thursday, July 24, 2014

OutstandingAuto Note Balances Top 900B

ATLANTA — With the subprime slice at levels “essential for a healthy economy,” the latest Equifax National Consumer Credit Trends Report indicated the total balance of auto loans midway through 2014 soared to a record high.

Sparked by a growth rate of more than 10 percent, Equifax said on Thursday the total balance of auto loans in finance company portfolios now stands at $902.2 billion.