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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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The Federal Trade Commission last week approved settlements with CarMax, Asbury Automotive, and West-Herr Automotive Group, which the regulator charged with failing to disclose that some pre-owned vehicles offered for sale had unrepaired safety recalls despite the companies' claims of rigorous vehicle inspections.
Read More →The vehicle valuation firm reported today that the average used vehicle for model years 2011-2015 depreciated slightly 0.6%. Cars overall recorded depreciation of 0.3%, while trucks registered depreciation of 0.8%.
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Fiat Chrysler and Toyota showed the greatest year-over-year improvement as prices and incentives gained ground last month.
Read More →With the Industry SAAR falling below 17 million for the first time since August, the trade group said the industry's March sales performance 'suggests that sales may be plateauing.' The association said now is the time for dealers to tighten their operations and push back on any tax increases on consumers.
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Clearlane allows consumers to finance a vehicle purchase from a dealership or a private party sale, refinance their existing loan, or buy their vehicle at lease end. The site also sells GAP and service contracts.
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Tom Webb will retire on June 30, ending a more than four-decade career. Cox Automotive officials said a replacement will be named in the coming weeks.
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The 20-year company veteran previously led the Wells Fargo Insurance business. She succeeds Dawn Martin Harp, who announced her retirement on Jan. 10.
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Santander Consumer USA will pay $26 million to settle charges brought by the attorneys general of Delaware and Massachusetts.
Read More →The special finance company, which counts the cofounder and former COO of Exeter Finance in its executive ranks, will use the funding to launch a new and pre-owned auto leasing program this year.
Read More →Both cars and trucks realized a healthy seasonal boost in wholesale performance last week, with both segments retaining their values better than they have in the past six months.
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