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September 8, 2016 - Industry News

Car Depreciation Accelerates in August, Black Book Reports

Only two car segments ranked in the Top 12 for strongest monthly retention, the firm reported this week. It added that depreciation for all car segments topped rates recorded during the last three years for the month of August.

Tags: Black Book, used-vehicle values, vehicle depreciation

September 8, 2016 - Industry News

E-Credit Express to Integrate NADA Used Car Guide Values Into Platform

E-Credit Express announced today it will integrate NADA Used Car Guide values into its lender management platform to speed up the used-vehicle sale and loan approval process for dealers and finance sources.

Tags: E-Credit Express, NADA, NADA Used Car Guide, used vehicles

September 7, 2016 - Industry News

KAR Auction Services Names New Senior Vice President

Stacey White, senior vice president of enterprise optimization.

KAR Auction Services Inc. has promoted Stacey White to senior vice president of enterprise optimization. The more than 20-year veteran of the auto remarketing industry will maintain her prior duties while also overseeing the company’s procurement and sourcing strategies.

Tags: Kar Auction Services, Promotion, Vice President

September 6, 2016 - Industry News

Manheim Names General Manager for Baltimore-Washington Region

Manheim has appointed John Eriksen as general manager of Manheim Baltimore-Washington, according to a company announcement. In his new role, he will concentrate on serving clients and improving their auction experienced, the company stated.

Tags: Auto Auction, General Manager, Manheim

September 6, 2016 - Industry News

Shane O'Dell Returns to NextGear

Cox Automotive has named Shane O’ Dell president of financial solutions. The former Manheim exec will oversee NextGear Capital, where he served as COO before joining Manheim as senior vice president of vehicle solutions.

Tags: Cox Automotive, NextGear Capital, Promotion

August 25, 2016 - Industry News

Black Book: Wholesale Car Values Falling at Fastest Pace This Year

The wholesale value of 2008-2014 model-year cars continued to fall last week, according to Black Book’s Market Insights report. While many of the familiar trends — trucks performing better than cars — were present, there were some outliers.

Tags: Black Book, depreciation, Wholesale, wholesale values

August 23, 2016 - Industry News

U.S. Bank Names ADESA Northwest Auction of the Year

For the sixth consecutive year, ADESA Northwest was selected as the U.S. Bank Auction of the Year in the marine/RV segment. .

Tags: ADESA, Auction, Award, U.S. Bank

August 16, 2016 - Industry News

July's 2.3% Drop in Wholesale Prices Ties June Record, NADAUCG Reports

Wholesale prices for vehicles up to eight years in age fell 2.3% in July, tying June for the biggest drop recorded so far this year, according to the NADA Used Car guide. As a result, the firm lowered its seasonally adjusted used vehicle price index 1.1% to 118.9 .

Tags: depreciation, NADA, NADA Used Car Guide, used vehicles, Wholesale Pricing

August 15, 2016 - Industry News

ADESA Announces Management Changes at Two Auction Locations

Steve Swanson, general manager ADESA Colorado Springs.

ADESA named Steve Swanson general manager of its Colorado Springs location, Cindy Kuhn regional online manager, and Rich Levene general manager of ADESA Austin.

Tags: ADESA, General Manager, Hiring

August 15, 2016 - Industry News

Earn Compliance Certification at Industry Summit

Organizers of the upcoming Industry Summit have announced that registered attendees, exhibitors, and sponsors are invited to the Certified Automotive Compliance Specialist review session and exam that concludes the co-located Compliance Summit on Tuesday, Aug. 30.

August 11, 2016 - Industry News

HSBC to Pay $434,500 for SCRA Violations

The Justice Department announced that HSBC Finance Corp. has agreed to pay $434,500 to settle charges that its vehicle repossession practices violated the Servicemembers Civil Relief Act (SCRA).

Tags: Department of Justice, HSBC, Repossessions, Santander Consumer USA, Settlement

August 10, 2016 - Industry News

Kontos: Wholesale Pricing Increases 4.9% in July

The average wholesale used price in July was $10,362, a 2% decline from June but a a 4.9% increase from a year ago, according to ADESA Analytical Services. The strength of truck prices carried the year-over-year gains.

Tags: ADESA, remarketing, used vehicles, Wholesale Pricing

August 9, 2016 - Industry News

Black Book: Most Used-Vehicle Segments Show 'Slightly Better' Retention in July

The average price of a used vehicle for model years 2011-2015 depreciated 1.5%, slightly less than last month (1.7%) but slightly higher than a year ago (1.4%), according to Black Book.

Tags: Black Book, Report, Used Vehicle, Value Retention, Vehicle Value

July 28, 2016 - Industry News

ORIAS Offers Prize to Industry Summit Attendees

Organizers of the upcoming Industry Summit have announced that Old Republic Insured Automotive Services (ORIAS) will award two $500 American Express gift cards in a random drawing of attendees who register by this Friday, July 29.

Tags: Compliance Summit, F&I manager, F&I trainer, Industry Summit, ORIAS

July 28, 2016 - Industry News

CFPB Proposes to Overhaul Debt-Collection Market

At a field hearing held today, the Consumer Financial Protection Bureau outlined proposals its considering that would overhaul the debt-collection market. One of the proposals on the table is capping collector contact attempts.

July 12, 2016 - Industry News

Kontos: Strong Truck Values Drive 3.3% Increase in Wholesale Prices in June

Average wholesale values fell again on a month-over-month basis in June, but they remain up on a year-over-year basis thanks to the continued price strength of trucks, according to ADESA Analytical Services.

Tags: ADESA Analytical Services, Tom Kontos, used-vehicle sales, used-vehicle values

July 8, 2016 - Industry News

Compliance Summit Adds Certification Component

Organizers of Compliance Summit have announced that attendees will have the opportunity to earn Certified Automotive Compliance Specialist status at the Las Vegas event, which will be held Aug. 29–30, 2016, at Paris Las Vegas as part of the annual Industry Summit.

July 5, 2016 - Industry News

CFPB Proposes Implementation of Privacy Notice Exemption

Last week, the CFPB proposed to implement an amendment to the Gramm-Leach-Biley Act (GLBA) that will grant certain financial institutions exemption from sending annual privacy notices to customers.

Tags: CFPB, Customer Privacy, Law

June 23, 2016 - Industry News

Gen Z Buying 6.5 Times More Used Cars Than New

Shoppers age 18 to 24, or Generation Z, buy 6.5 times more used cars than new cars, according to an analysis of Polk vehicle registration data analyzed by Edmunds.com. While it’s not surprising that college-aged consumers are buying used cars, what they’re buying is.

Tags: Edmunds, Generation Z, used vehicles

June 23, 2016 - Industry News

ADESA Promotes Two to Dealer Services Leadership Roles

The business unit of KAR Auction Services has promoted C.J. Lopez to director of major dealer accounts, and Kjersta Loyd to regional dealer sales manager for the Mideast and Midwest regions.

Tags: ADESA, Auto Auctions, used vehicles

June 22, 2016 - Industry News

Black Book: Depreciation Rates Showing Consistency

Over the last four weeks, depreciation rates for both cars and trucks have begun to show some consistency, according to Black Book, with truck depreciation picking up from the spring season.

Tags: Black Book, Used-Car Values, vehicle depreciation

June 9, 2016 - Industry News

TransUnion, FICO Team Up on New Credit Scoring System

Based on TransUnion’s CreditVision trended data, FICO Auto Score 9 XT is specifically designed for the auto finance marketplace. The scoring system ignores paid off collection agency accounts, separates unpaid nonmedical accounts that have gone into collection from unpaid medical accounts in collections, and provides a deeper dive into consumer behaviors.

Tags: Credit Scores, FICO, ProMax Unlimited, TransUnion

June 8, 2016 - Industry News

Wholesale Prices Rise Again in May, Manheim Reports

Wholesale used-vehicle prices increased again in May, suggesting dealers have continued to achieve efficiency gains that allow them to bid-up auction prices even as gross margins narrow, according to Manheim’s Used Vehicle Value Index.

Tags: Manheim, Manheim Used Vehicle Report, used-vehicle values, Wholesale Pricing

June 8, 2016 - Industry News

ADESA Launches National Accounts Team for AutoVIN

ADESA announced today the formation of a new national accounts team for its AutoVIN subsidiary. Leading the team will be Amy Weisenburger.

Tags: ADESA, AutoVIN, Hiring

June 7, 2016 - Industry News

SNAAC Makes Greater Cincinnati's 'Top Workplaces of 2016' List

The Ohio-based auto finance company made Greater Cincinnati’s ‘Top Workplaces of 2016’ list. SNAAC was previously named a ‘Best Place to Work’ in 2015 and 2013.

Tags: auto financing, SNAAC, Subprime Financing, top workplace