December 2022

During this holiday week, the National Independent Automobile Dealers Association (NIADA) announced a move that marked the first time its 75-year history that the organization will be led by a woman. Late on Monday, NIADA said its board of directors unanimously selected chief financial officer Melanie Wilson as interim chief executive officer, handling day-to-day operations, as Bob Voltmann has resigned from his position as CEO. Among Auto Remarketing’s annual Remarketing & Used-Car Industry’s 40 Under 40 honorees in 2019, Wilson has served as the NIADA’s CFO for six years, prompting… Read More »NIADA elevates Wilson to be interim CEO

Friday, Dec. 16, 2022, 11:06 AM The Cherokee Media Group team wishes you a safe and happy holiday season and a joyous new year. Saturday’s issue of Used Car Weekend will be the final regularly scheduled e-newsletter from our team in 2022 before we take a holiday break. We thank you for your interest, support, readership and feedback this year. The Auto Remarketing e-newsletters will resume with the Auto Remarketing Canada enewsletter the morning of Jan. 3. We look forward to another outstanding year. Warm wishes for a happy and safe holiday season from all of us! … Read More »Happy holidays from Cherokee Media Group & best wishes for 2023

Friday, Dec. 16, 2022, 09:42 AM This week, Fitch Ratings and Kroll Bond Rating Agency (KBRA) offered their latest analysis of recent and potential future auto finance performance based on securitizations, with Fitch seeing the possibility of the subprime segment remaining “resilient,” while KBRA is anticipating some seasonal performance deterioration. Beginning first with KBRA’s update, firm analysts indicated November remittance reports showed that securitized prime and non-prime auto credit performance continued to … Source Article

On Thursday, TurboPass awarded six of its subscribing dealerships with an End of the Year Award, including honors for Independent Dealer of the Year, Franchise Dealer of the Year Newcomer of the Year Both the East and West regions of the country received each of these three awards from the financial technology software company that helps enhance stip fulfillment and underwriting. Dealerships receiving the Newcomer of the Year award are the stores that signed up this year and used TurboPass more than any other dealer in their region. Both the… Read More »TurboPass honors 6 dealers

When it comes to used-vehicle values, the story of 2023 could center on the theme of “correction.” That certainly has been the case for much of 2022, as illustrated by commentary from ADESA chief economist Tom Kontos shared via email with Auto Remarketing. Throughout the year, the gap between 2022 average auction prices and those from 2019 has moderated. In February, average auction prices were 50.7% higher than 2019 levels, Kontos’ data shows. In November, that gap had narrowed to 30.5%. This amid a spring price uptick (7.2% between February… Read More »PREVIEW: State of the Used Car Industry report

Thursday, Dec. 15, 2022, 12:52 PM Ken Garff Automotive Group has purchased two dealerships in Arizona from Earnhardt Auto Centers, according to a news release from Kerrigan Advisors, which represented Earnhardt in the transaction. Ken Garff bought Earnhardt Volkswagen in Gilbert-Chandler and Rodeo Kia in Avondale. “It was a sincere pleasure and honor to once again represent the Earnhardt family in the sale of their valuable dealerships and property,” advisory founder and managing director Erin Kerrigan said in a news release.  “The success of these dealerships, the power of their… Read More »Ken Garff buys 2 Ariz. stores from Earnhardt Auto Centers

Thursday, Dec. 15, 2022, 11:38 AM DriveItAway, a U.S.-based mobility platform that offers vehicle subscription-to-purchase services, is expanding to Canada. The company has partnered with Ontario-based Legacy Auto Credit, a dealership offering in-house leasing and auto financing to credit- and debt-challenged customers. “For decades Legacy Auto Credit has helped those who are credit challenged to acquire a new or used vehicle. We are proud to welcome them as a key partner for DriveItAway’s unique subscription to ownership platform to expand our service into Canada, enabling more clients to drive his/her vehicle… Read More »DriveItAway mobility platform expands footprint to Canada

Thursday, Dec. 15, 2022, 11:26 AM With another lift of 50 basis points on Wednesday, the Federal Reserve now has pushed the federal funds rate higher by 425 basis points this year to the 4.25% to 4.50% range. While Federal Reserve chair Jerome Powell emphasized the importance of getting inflation under control, Cox Automotive chief economist Jonathan Smoke cautioned that “the Fed is now risking that monetary conditions, once rates reach the … Source Article

Thursday, Dec. 15, 2022, 11:23 AM While a single company influenced the rising number of commercial Chapter 11 bankruptcy filings in November, consumer filings rose more evenly, according to data provided by Epiq’s Bankruptcy Analytics platform. Epiq reported total U.S. bankruptcy filings in November came in at 31,178, which is 6% higher than the 29,335 total filings in November of last year. Analysts determined overall individual filings also increased … Source Article

Thursday, Dec. 15, 2022, 11:19 AM Continuing an active end of the year within the commercial financing area, First Business Bank’s floorplan financing team this week announced the promotion of Spencer Brink to portfolio manager of floorplan financing. Brink joined First Business Bank in 2016 as a credit analyst intern, moving into a full-time credit analyst role after graduation from the University of Wisconsin – Madison and reaching the role of senior credit analyst. At its inception in 2020, Brink joined the floorplan financing team as lead credit analyst before… Read More »First Business Bank Promotes analyst to portfolio manager of floorplan financing