Start the day with the information you need to succeed!
Click here to sign up for our newsletters!
- Hits: 14
NextGear Capital has announced a new agreement with CarMax that will allow dealers to use their NextGear Capital lines of credit at all 68 CarMax auction locations.
NextGear Capital floor plans are currently accepted at over 1,000 live and online auctions, and may be used with inventory sources such as trade-ins, off street purchases and loan payoffs.
- Hits: 13
The co-owners of a Lafayette, La., used-car dealership face felony charges for allegedly stealing tens of thousands of dollars in state sales tax revenues.
Shawn Paul Calvit and Michael Vilchez Laue own and operate Lauco Auto Sales at 220 Johnston Street in Lafayette. Investigators with the Louisiana Department of Revenue say the pair underreported the sales price of more than 100 vehicles, shorted the state on the sales taxes, and pocketed the difference.
- Hits: 13
Ally Financial Inc. cut back on new-car originations in the second quarter, but came close to a record on the used side.
Total auto originations for the quarter were $9.4 billion, down from $10.8 billion a year ago. However, Ally reached a near record for used volume at $4 billion.