June 2020

McLEAN, Va. –  With the new July 15 federal tax filing deadline fast approaching, the 2020 tax season has been anything but typical. This has added yet another disruptive layer to the developments that have buffeted the used auto market across the country. Billions of undistributed dollars remain on the IRS balance sheet, throwing into flux our ability to assess factors that are traditionally applied to anticipate consumer spending on automotive purchases over the next few quarters. Responding to challenges associated with the completely unexpected consequences of a tumultuous year will… Read More »ANALYSIS: Auto dealers plan for irregular 2020 tax season as $31 billion in refunds trickle out to taxpayers over rest of year

SANTA MONICA, Calif. –  Supplies and incentives are running a bit short in the new-car market. And for cost-conscious shoppers, certified pre-owned may prove to be an attractive alternative, according to an analysis from Edmunds. When June started, new-vehicle inventory levels were only two-thirds of what they were a year ago, Edmunds said, thanks to the impact of factory shutdowns during the pandemic. And while automakers piled on new-car incentives at the pandemic’s outset, those are now “drying up,” Edmunds said in its analysis. But CPO may offer a balance for… Read More »Shortage of new-car supply, incentives could boost lure of CPO

Tuesday, Jun. 30, 2020, 03:01 PM FRANKLIN, Tenn. –  Two members of the Dealers Auto Auction Group are expanding, including one auction that is building a brand-new facility. The group announced that Dealers Auto Auction of Memphis is building an all-new, six-lane facility on 100 acres in Eads, Tenn., while Dealers Auto Auction of Mobile is adding more acreage, offices and lanes to its existing facility. “We are very excited to be able to continue to reinvest into our facilities,” Dealers Auto Auction Group chief executive David Andrews said in a… Read More »2 DAA Group locations to expand

FREDERICK, Md., and LAWRENCEVILLE, Ga. –  Two well-known names within the used-vehicle space — Mike Stanton and Tim West — each recently were given industry accolades for their service. West received the Ed Bobit Industry Icon Award, and the National Auto Auction Association named Stanton as its newest Warren Young Fellow. For West, Black Book’s longtime vice president of North American auctions, his accolade arrived during virtual award ceremonies; first on Wednesday with the International Automotive Remarketers Alliance (IARA) and then a day later with NAAA. The IARA presentation included executive… Read More »NADA’s Stanton, Black Book’s West each receive more industry honors

DEARBORN, Mich. –  The Blue Oval is providing a safety net for individuals who are considering a certified pre-owned vehicle, as well as a used or new model, and financing the deal through its captive. In light of the unsettled economy impacted by COVID-19, Ford on Monday announced a program dubbed Ford Promise that gives consumers the option to return the vehicle in case customers lose their jobs within the first year of taking delivery. Under the new Ford Promise program, customers who lease or purchase a vehicle with Ford Credit… Read More »CPO, used models included in vehicle-return program from Ford Credit

Tuesday, Jun. 30, 2020, 10:21 AM DALLAS –  Tricolor is looking to shore up its endeavors to meet state and federal regulatory standards by hiring a chief compliance officer. On Tuesday, the used-vehicle retailer with locations in California and Texas focusing on the sale and financing of vehicles to Hispanic customers announced that has it named veteran compliance executive Stacie Trier to this post. “More than ever, lenders have both a responsibility and an opportunity to align their business models with appropriate outcomes by providing borrowers with access to credit on… Read More »Former Exeter exec becomes chief compliance officer at Tricolor

CARY, N.C. –  More reaction rolled in stemming from Monday’s Supreme Court decision involving the Consumer Financial Protection Bureau. While some legal experts are pondering long-term ramifications of the decision, nearly half of the attorneys general in the U.S. celebrated because the Supreme Court also agreed with the argument made in a multistate amicus brief connected to how these states could oversee auto-finance companies and other providers of financial services. Led by New York attorney general Letitia James and joined by a coalition of 23 other attorneys general, they said they… Read More »23 AGs celebrate Supreme Court retaining their ‘powerful tools’ in CFPB decision

ESSEX, England and MISSISSAUGA, Ontario –  IAA reinforced its international operations in a pair of ways this week. First, Impact Auto Auction, the Canadian business unit of IAA announced the availability of Impact 360 View, what the company described as an innovative imaging technology that can allow online vehicle buyers a 360-dgree viewing experience of a vehicle’s exterior and interior. Then, IAA announced that its U.K.-based business unit has completed the roll-out of IAA Seller Portal and VISion salvage management, both customized for the U.K. market. For Canadian dealers looking for… Read More »IAA completes technology enhancements in Canada, UK

RICHMOND, Va. –  In the face of disruption, be empathetic, patient, and open-minded – it will be better one day! I wanted to take a few moments and look back at the last two economic shocks I’ve experienced in my automotive career. It’s these experiences that can make us stronger and more resilient if we seek to embrace and tackle them the right way. The Great Roller Coaster Ride of 2020 The last three months have been quite the roller coaster ride for our economy, the automotive industry and me personally. As… Read More »COMMENTARY: Shocks to the system

CARY, N.C.  –  The wholesale vehicle market has reached a positive milestone in June, and this particular one had not occurred in more than three months. According to the Used Market Update released by J.D. Power on Thursday, there were approximately 110,000 units sold at auction the week ending June 21, meaning each of the first three weeks of June had auction sales north of 100,000 units. The last time this happened was the run of weeks ending March 1, March 8 and March 15, according to the J.D. Power data.… Read More »100,000-plus auction sales for 3 straight weeks