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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Consumer Financial Protection Bureau creates Larger Participant Rule

WASHINGTON, D.C. -
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.

Read more @ http://autoremarketing.com

Financial Solutions

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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Financial Solutions

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

Auto note buyers

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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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.

BMW to Increase Production in China

Used Car Sales
BMW AG announced that it will be making three new models in China this week, significantly increasing its production in the region. The German carmaker said these new models would increase the number of models it manufactures in the world’s largest auto market to Six from three

Sonic Breaks Used Sales Record Hits Goal of 100 Units Per Store

Used Car Sales
CHARLOTTE, N.C. — As the public dealer groups began reporting their second-quarter performances in full force, Sonic Automotive revealed it reached an all-time high for used sales.

The company sold a record 28,514 pre-owned units in Q2.

Pre-owned units sales per store per month were up, as well, reaching 100 units in May and 93 units for the second quarter as a whole.

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Sales of new cars and trucks from the Detroit automakers were stronger than expected.

All three beat expectations with Chrysler showing a bigger-than-forecast 9.2% gain, Ford showing a shallower-than-forecast 5.8% dip and General Motors overcoming more recalls to eke out a 1% gain instead of a predicted drop in sales vs. last June.

2015 Dodge Challenger Hellcat Production Limits May Cause Massive Markups - Torque News

http://news.google.com Mon, 21 Jul 2014 16:39:49 GMT

Torque News2015 Dodge Challenger Hellcat Production Limits May Cause Massive MarkupsTorque NewsWhile attending last week's 2015 Dodge Challenger launch in Oregon, a variety of Chrysler Group representatives had no expectations of productions limits f ...

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Precedent setting year for vehicle recalls - www.insidebrockville.com/

http://news.google.com Thu, 17 Jul 2014 18:38:50 GMT

Precedent setting year for vehicle recallswww.insidebrockville.com/Recalls are still in the news with more GM, Ford, Chrysler, and Subaru recalls being announced. Most carmakers offer a ... No matter what you drive, make sure your auto maker has your ...

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CFPB Interest In BHPH Dealers Growing

The Consumer Financial Protection Bureau is intensifying its regulatory aim at this industry. Recently during a panel discussion at the National Alliance of Buy-Here, Pay-Here Dealers last month in Las Vegas.

Rick Hackett offered a strong warning. The Consumer Financial Protection Bureau is intensifying its regulatory aim at this industry. And Hackett should know; he spent about two years at the CFPB before officially joining Hudson Cook in March.
The bureau focuses on the risk of a product to consumers,” Hackett said during a panel discussion during the National Conference hosted by the National Alliance of Buy-Here, Pay-Here Dealers last month in Las Vegas.

“Buy-here, pay-here is viewed as a high risk product because it’s expensive and it’s given to folks whose financial lives are relatively volatile, and therefore, it’s a risky situation from the perspective of consumer outcomes,” continued Hackett, who formerly was the head of the Office of Installment and Liquidity Lending Markets in the Division of Research, Markets and Regulations at the CFPB. His responsibilities at the bureau included advising all of the regulator’s divisions with respect to market information and policy issues in the installment and specialty lending areas, including vehicle finance, student lending and payday lending.

You can read more here

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Best Retained Value Awards go to Honda and Acura

Honda and Acura captured the top prizes in Edmunds.com's fourth annual Best Retained Value Awards, which recognize the brands and 2014 models that have the highest projected residual values after five years. It is based on the vehicles’ average "cash" True Market Value (TMV) price during their first five months in the market (or, for vehicles introduced in November or December of 2013, through March 2014). Honda won in the non-luxury division with a projected 50.1 percent residual value after five years, and Acura won the luxury crown with a projected five-year residual value of 45.4 percent. This year's recognition marks the third time that each brand has secured the top prize since Edmunds.com first launched the awards in 2011.

Best Retained Value Awards Go To Honda and Acura

Honda and Acura captured the top prizes in Edmunds.com's fourth annual Best Retained Value Awards, which recognize the brands and 2014 models that have the highest projected residual values after five years. It is based on the vehicles’ average "cash" True Market Value (TMV) price during their first five months in the market (or, for vehicles introduced in November or December of 2013, through March 2014). Honda won in the non-luxury division with a projected 50.1 percent residual value after five years, and Acura won the luxury crown with a projected five-year residual value of 45.4 percent. This year's recognition marks the third time that each brand has secured the top prize since Edmunds.com first launched the awards in 2011.

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FTC Fines CPS $5.5 Million

Consumer Portfolio Services Inc. will pay more than $5.5 million to settle Federal Trade Commission charges that the company used illegal tactics to service and collect consumers’ loans.
The FTC alleged that the Irvine, Calif.-based company collected money that consumers did not owe, harassing consumers and third parties, and disclosing debts to friends, family, and employers.
CPS has agreed to refund $3.5 million on 128,000 accounts and to halt collections on another 35,000 accounts to settle the charges. CPS will pay another $2 million in civil penalties for alleged violations of the Fair Debt Collection Practices Act and the Fair Credit Reporting Act.

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GM Recalls Another 2 and a half Million Vehicles

General Motors LLC is recalling nearly 2.5 million model year 2004-212 Chevrolet Malibu vehicles manufactured May 16, 2003 through Oct. 11, 2012; 2004-07 Malibu Maxx vehicles manufactured June 25, 2003 through April 5, 2007; 2005-10 Pontiac G6 vehicles manufactured May 26, 2004 through Jan. 4, 2010; and 2007-10 Saturn Aura vehicles manufactured April 24, 2006 through May 26, 2009

Dont Miss NABD 2014

DON'T MISS NABD 2014
BUY HERE, PAY HERE WEEK
May 18-22 - Wynn Las Vegas


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GO Financial completed the sale of a substantial equity interest in GO Financial to Manheim today

Subprime auto finance company GO Financial completed the sale of a substantial equity interest in GO Financial to Manheim today, furthering connecting the dealer-support efforts of GO Financial and NextGear Capital.

GO Financial is now majority owned by DriveTime chairman Ernie Garcia and DriveTime president and chief executive officer Ray Fidel and minority owned by Manheim. NextGear Capital still is wholly owned by Manheim.
- See more at: http://www.autoremarketing.com

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Hands-On Training!

Learn first-hand all of the key financial and operational aspects of running a successful BHPH operation, and use the BHPH "Best Practices" you learn to increase your profits!
Attendees will receive
• Comprehensive Procedures Manual
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• Tour of all iCars facilities
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Establishing the Market Value of a BHPH Auto Note

Establishing the Market Value of a BHPH Auto Note
BHPH Notes
•Every note, or contract has a unique market value.
•The market value of a note is the highest cash price an informed and proactive seller can sell it for on the open market.
•The market value of a note will be somewhat less than the outstanding principal balance remaining on it.
•The market value of a note is inversely related to the general interest rate environment.
•There are a number of important factors that determine the market value of a note.
◦The type of collateral
◦The value of the collateral
◦The amount of owner’s down payment
◦The current note balance
◦The interest rate
◦The number of payments made and remaining
◦Your experience receiving payments

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Finance Company Repo Rates at Highest Point Since 2010

SCHAUMBURG, Ill. -

Experian Automotive found that fourth quarter repossession rates at what analysts categorize as finance companies — operations that do not hold commercial deposits but make vehicle loans — rose to their highest point since 2010.

Fourth quarter repo rates for finance companies — which often cater to subprime buyers — jumped 76.3 percent year-over-year to 2.84 percent, according to Experian’s most recent State of the Automotive Finance Market report. That level is more than triple the industry average, which climbed by 42.8 percent to 0.65 percent in Q4.


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Ally Names Dealer Services CEO

Ally Financial Inc. has named Jeffrey Brown, currently senior executive vice president of finance and corporate planning, to the role of president and CEO of the dealer financial services business.

In this role, Brown will have oversight for the company's leading automotive finance, insurance and auto servicing operations. He will continue to report to Ally CEO Michael A. Carpenter.




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