RateGenius: Applications & savings via auto refinancing jump in 2020

AUSTIN, Texas –  RateGenius shared how much consumers saved when refinancing their vehicle’s retail installment sales contract in 2020. According to the firm’s report based on activities through its network of more than 150 finance companies nationwide, RateGenius said Americans saved an average of $989.72 percent year via refinancing their vehicle in 2020. That’s the largest amount in RateGenius’ database since 2016. RateGenius highlighted in the report that 42% of successful refinancing applications generated annual savings of $1,000 or higher. Furthermore, with an average interest rate of 10.5% on their existing… Read More »RateGenius: Applications & savings via auto refinancing jump in 2020

How GM’s CarBravo program could impact auction lanes

Sunday, Jan. 23, 2022, 11:51 AM When General Motors launches CarBravo later this year, the majority of the vehicles available on the omnichannel used-car sales platform will be inventory owned by its dealers. However, CarBravo will also include vehicles owned by General Motors and GM Financial, like off-rental and off-lease units. So, that begs the question: how would that impact the number of vehicles that GM or GM Financial might sell wholesale at a traditional or digital auction? Source Article

Dealer group roundup: Gee & Springhill add to store portfolios

CARY, N.C. –  Separate announcements from DCG Acquisitions, part of the Dave Cantin Group (DCG), and Haig Partners detailed how a dealer group in the Northwest as well as another one in the Southeast each became bigger this week. DCG represented both parties in the larger of the two newest developments, as the Gee Automotive Companies — among the top three largest family owned and operated automotive groups in the Pacific Northwest — acquired Dick’s Auto Group, which is one of the oldest family-owned and operated automotive groups in Portland. Ore. According… Read More »Dealer group roundup: Gee & Springhill add to store portfolios

Vroom returns to Super Bowl, this time taking on private-party sites

NEW YORK –  In 2020, the Kansas City Chiefs took on the upstart and defense-minded San Francisco 49ers in the first Super Bowl appearance for their star quarterback Patrick Mahomes. In their return trip to the Big Game last year, the Chiefs faced an opponent of a wholly different sort: Tom Brady and the veteran-laden Tampa Bay Buccaneers, brimming with offensive firepower. The team at Vroom may be able to relate to such divergent tasks. In the online used-car retailer’s first trip to the Super Bowl (advertising, that is), the company… Read More »Vroom returns to Super Bowl, this time taking on private-party sites

PODCAST: Jonathan Smoke shares his take on 2022 used-car market

CARY, N.C. –  Cox Automotive chief economist Jonathan Smoke is back on the show to help us make sense of the mixed signals that wholesale vehicle prices have shown at the start of 2022. Plus, we talk about the growth in what Cox Automotive has dubbed “New Form Online Retailers” and all things used cars. To listen to the episode, click on the link available below, or visit the Auto Remarketing Podcast page.  Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play. Source Article

PODCAST: Top 3 F&I data points from 2021 spotted by StoneEagle

Thursday, Jan. 20, 2022, 04:34 PM CARY, N.C. –  In his first appearance of the year on the Auto Remarketing Podcast, StoneEagle F&I senior vice president of business development Joe St. John acknowledged how enticing it would be to run a dealership again because of the F&I performances many stores enjoyed in 2021. Along with his top three data points from last year, St. John also described how positive the landscape has been for F&I service providers, too. To listen to the episode, click on the link available below, or visit the Auto… Read More »PODCAST: Top 3 F&I data points from 2021 spotted by StoneEagle

New index shows wholesale trades of new vehicles fetching prices far above invoice

LOUISVILLE, Ky. –  Dealer Trade Network is a wholesale trading market of new-vehicle inventory. And the company has launched a new index that compares the new-car wholesale trading price (i.e., new vehicles sold from dealer to dealer) with the invoice prices of those new vehicles. What did the New Car Wholesale Monthly Trading Price Index determine? For one, that the average new-car wholesale trade price was $4,787 higher than invoice price in December, and that it was nearly $5,550 higher earlier in the year. In September, Dealer Trade Network spotted a $5,494… Read More »New index shows wholesale trades of new vehicles fetching prices far above invoice

Carvana says it is quickest online auto retailer to reach 1 million sales

Wednesday, Jan. 19, 2022, 04:59 PM CARY, N.C. –  Carvana is staking its claim to two milestones: the fastest used-car retailer to organically sell more than 400,000 units in a year and the fastest online auto retailer to have reached 1 million sales since founding (nine years). The company said it reached each of these landmarks in the fourth quarter. “Our engine of growth is fueled by amazing and ambitious people who all share the same values and commitment to our customers, who bring boundless energy and discipline, who feel like… Read More »Carvana says it is quickest online auto retailer to reach 1 million sales

NIADA bolsters advocacy with new government affairs director

ARLINGTON, Texas –  As the organization also got its preparations in motion for its annual convention, the National Independent Automobile Dealers Association (NIADA) reinforced its government advocacy on Wednesday with the addition of Christina Perez as director of government affairs. NIADA highlighted that Perez joins vice president of government affairs Brett Scott in advancing the association’s engagement with federal legislators and regulators. According to a news release, Perez will also be heavily involved in NIADA’s political action committee (NIADA-PAC). “NIADA continues to expand our footprint in Washington D.C., by bringing on… Read More »NIADA bolsters advocacy with new government affairs director

KBRA spots more payment wobbling in December reporting

Wednesday, Jan. 19, 2022, 03:19 PM More evidence that consumers maintaining their monthly payments for their vehicles is continuing to wobble arrived this week from Kroll Bond Rating Agency (KBRA). In its latest analysis looking at the automotive securitization market, KBRA found that December remittance reports showed mixed credit performance across prime and non-prime auto pools during the November collection period. Source Article