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July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
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SEARCHMENUSEARCHCredit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
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Despite slowing auto sales and a slight dip in blue sky values, dealership buy/sell activity remained robust in the first quarter, according to the buy/sell advisory firm’s The Blue Sky Report.
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AutoNation named Lance Iserman executive vice president of sales and COO. The more than 15-year company veteran replaces William “Bill” Berman, who resigned last month.
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AutoGravity’s mobile financing app is now available in New Jersey. According to company officials, the app has been downloaded more than 400,000 times since its introduction last summer.
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Transaction prices continued to climb at a steady rate in May, driven by the weakening sales mix of cars, according to the vehicle information side.
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Not even record incentive spending for the month is expected to keep May retail sales on pace with a year ago, according to the two firms.
Read More →CNAN earned first-place Diamond honors in the Service Contract and Reinsurance categories. The company has been voted a top provider by readers of Auto Dealer Today every year since the awards program was created in 2005.
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Bank of America is piloting new enhancements to its mobile banking technology that will allow clients to complete the auto financing process directly with the bank on a mobile device.
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The award is designed to recognize an individual who has made the most noteworthy contribution to the auto finance industry in the last two years. Judges described White Clark CEO Brendan Gleeson as a “visionary for the motor finance industry.”
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If the firm's forecast is realized, May's new-vehicle sales total would best April by 7% but would be flat with a year ago. The vehicle information site also believes retail sales will account for 80.5% of volume.
Read More →Michigan's U.S. senators are backing a proposal that would allow automakers to apply credits for model years as far back as 2009 to help them meet future standards to require their car and truck fleets to average 41 miles per gallon by 2021, reports the Detroit News.
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