What July jobs report could mean for vehicle-sales prospects

CARY, N.C. –  While some “details were generally encouraging,” experts are continuing to project that it will take some time before dealerships and finance companies see the amount of gainfully employed workers making vehicle purchases as they did back in February. Those experts dissected the July jobs data from the U.S. Department of Labor, which reported on Friday that the unemployment rate declined by 0.9 percentage points to 10.2% and the number of unemployed workers declined by 1.4 million to 16.3 million. Despite decreases during the past three months, the Labor… Read More »What July jobs report could mean for vehicle-sales prospects

NAE/NWAN partners with Ultimar to promote interior and exterior surface protection

CLEVELAND –  National Automotive Experts and NWAN (NAE/NWAN) finalized a partnership with Ultimar this week. The companies explained the partnership allows NAE/NWAN to provide direct manufacturer access to Ultimar’s interior and exterior surface protection product technologies. NAE/NWAN said Ultimar and the entire Granitize line of products are known throughout the chemical industry for their high-performance appearance protection products, EPA antimicrobials and EPA disinfectants. Products include protection for the exterior painted surfaces of a vehicle, the interior fabric and leather/vinyl surfaces, as well as Bac Shield — an antimicrobial product proven to eliminate… Read More »NAE/NWAN partners with Ultimar to promote interior and exterior surface protection

Constant launches fintech solution geared for servicing after modifications

Friday, Aug. 07, 2020, 10:26 AM PORTLAND, Maine –  Fintech and automated loss mitigation provider Constant rolled out an enhancement to its solution aimed at helping finance companies limit delinquencies and charge-offs as they navigate through modifications offered because of the coronavirus pandemic. The company launched AutoCare, a module on its cloud-native Software as a Service platform intended to fend off delinquency and prevent involuntary repossessions. AutoCare is designed to tackle the most complex part of offering a contract modification: determining willingness and ability to pay. Constant’s software can provide finance… Read More »Constant launches fintech solution geared for servicing after modifications

J.D. Power to acquire ALG from TrueCar

SANTA MONICA, Calif., and TROY, Mich. –  J.D. Power’s analytical horsepower is about to get much stronger. Late Thursday afternoon, TrueCar announced that it has entered into an agreement with J.D. Power to sell its ALG subsidiary for $135 million. According to TrueCar’s news release, the total consideration includes an upfront cash payment of $112.5 million at closing and total deferred payments of up to $22.5 million based on certain financial results. The company said the transaction was unanimously approved by TrueCar’s board of directors and is expected to close by… Read More »J.D. Power to acquire ALG from TrueCar

COMMENTARY: How COVID-19 has re-written the auto-finance playbook, possibly forever

TROY, Mich. –  Auto dealers around the country have embraced the unthinkable during the COVID-19 pandemic. They are now offering online sales. Roughly 85% of General Motors dealers were signed up to offer the manufacturer’s “Shop Click Drive” e-commerce program by May of this year, and dealerships ranging from the massive AutoNation chain to smaller, family-owned stores have all turned to e-commerce to spark sales while their customers were following nationwide stay-at-home orders. Now, as parts of the country begin to re-open, while others are still contending with new outbreaks of… Read More »COMMENTARY: How COVID-19 has re-written the auto-finance playbook, possibly forever

Car-Mart grows footprint to 150 stores with new location in Tennessee

Thursday, Aug. 06, 2020, 10:33 AM ROGERS, Ark. –  America’s Car-Mart recently marked the opening of its 150th dealership in one of the largest markets in Tennessee. On the last sales day of July, the chain of buy-here, pay-here dealerships began retail operations in Chattanooga, Tenn. The location is Car-Mart’s seventh dealership in Tennessee and the second store opening of its 2021 fiscal year. The company said the dealership will be managed by Char Green with the assistance of Heather Horne. This will be the second dealership managed by Green as… Read More »Car-Mart grows footprint to 150 stores with new location in Tennessee

Black Book offers cost-benefit analysis of CPO vehicles

LAWRENCEVILLE, Ga. –  Some franchised dealerships don’t have a robust new-vehicle inventory since the coronavirus pandemic disrupted the volume pipeline from automaker factories around the globe. Black Book explained how retailing certified pre-owned vehicles could be leveraged by franchised stores to get into better position for new models among other potential benefits. “For some dealers, there is additional incentive to CPO a certain percentage of their used inventory as it bumps up their status with the manufacturer,” Black Book said in its latest COVID-19 Market Insights report distributed earlier this week.… Read More »Black Book offers cost-benefit analysis of CPO vehicles

Lane watch: Deep-pocket dealers dominate bidding & buying

LAWRENCEVILLE, Ga. –  While the acceleration of wholesale prices moving higher dipped a bit, Black Book indicated dealerships with the most robust financial resources continue to have the best opportunity to secure used-vehicle inventory during the coronavirus pandemic. Black Book specifically mentioned large operations such as CarMax and Carvana showing their “dominance in the lanes” as analysts released their latest COVID-19 Market Insights report earlier this week. “The increase in pricing related to winning bids is forcing smaller buyers to step back from bidding for fear of getting stuck with high-priced… Read More »Lane watch: Deep-pocket dealers dominate bidding & buying

7 groups caution lawmakers about possible ramifications of credit reporting prohibition during COVID-19

WASHINGTON, D.C. –  The coronavirus pandemic certainly has disrupted so many parts of finance-company operations. But a group of seven industry organizations, including the American Financial Services Association, is urging federal lawmakers to make sure the pandemic impact doesn’t spread to one of the most important tools for underwriting and portfolio maintenance — credit reporting. The organizations sent a letter this week to the top two members of the Senate Banking Committee to refrain from adding new credit reporting provisions that may negatively affect consumers as federal lawmakers consider potential financial… Read More »7 groups caution lawmakers about possible ramifications of credit reporting prohibition during COVID-19

PODCAST: More field stories about collections in COVID-19 world

CARY, N.C. –  Payix co-founders Chris Chestnut and Preston Cecil made their debut on the Auto Remarketing Podcast and shared an array of observations and anecdotes from their clients about how finance companies are handling collections during the coronavirus pandemic. Chestnut and Cecil also projected what factors could impact collections most during the remainder of this turbulent year. To listen to this 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