Used Car NewsUsed Car News

  • ABG 185.54 +0.81 - +1.10%
  • AN 61.29 -0.02 - -0.03%
  • CACC 0.00 -1.28 - -0.86%
  • CAR 59.84 +0.35 - +0.59%
  • CARZ 37.93 +0.2396 - +0.64%
  • CPRT 40.00 +0.10 - +0.29%
  • CPSS 7.25 0.00 - 0.00%
  • CRMT 50.56 +0.31 - +0.62%
  • DAI N/A - N/A
  • F 17.00 -0.03 - -0.19%
  • FIATY 0.00 0.00 - 0.00%
  • GM 35.35 0.00 - 0.00%
  • HMC 32.00 +0.58 - +1.86%
  • HTZ 29.81 +1.02 - +4.48%
  • KAR 38.05 -0.09 - -0.26%
  • KMX 56.38 +1.04 - +1.89%
  • LAD 96.95 +0.74 - +1.01%
  • MZDAF 0.00 +0.50 - +2.00%
  • NSANY 0.00 -0.015 - -0.08%
  • PAG 49.64 +0.63 - +1.32%
  • SAH 28.26 +0.22 - +0.86%
  • TM 121.50 +1.57 - +1.31%
  • TRAK 50.48 +0.64 - +1.41%
  • TSLA 284.44 -5.93 - -2.38%
  • TTM 48.20 +0.74 - +1.58%
  • VLKAY 0.00 +0.038 - +0.09%
  • VROM N/A - N/A

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Tool Warns of Bad Weather

Risk Point LLC announced the release of its weather alert application for auto dealers.

Risk Point Alert sends push notifications to a mobile device when severe weather is within 30 miles, 20 miles and 5 miles of a target auto dealership. 

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Airbag Algorithm Error Spurs Recall

Volkswagen Group of America Inc. is recalling certain model year 2013-15 Audi A4 and S4 vehicles manufactured Feb. 16, 2012 to Oct. 21, and 2013-15 Audi Allroad vehicles manufactured March 12, 2012 to Oct. 21. Due to an improper algorithm in the air bag control module, if a crash necessitates deployment of the side air bags, a second impact to the front of the vehicle may not command the front air bags to also deploy.

If the front air bags do not deploy in the event of a secondary impact to the front of the vehicle, there is an increased risk of occupant injury.

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FTC Wants Input on Used Car Rule

The Federal Trade Commission is seeking supplemental public comments on proposed changes to the agency’s Used Car Rule and the Used Car Buyers Guide that the rule requires dealers to display. The commission is not adopting any final amendments to the rule at this time.

In December 2012, the FTC sought public comments on proposed changes to the Buyers Guide as part of its systematic review of all of the agency’s rules and guides.

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NYC Investigates Santander’s Used Financing

New York City’s Department of Consumer Affairs announced an investigation into used-car lending, issuing subpoenas to Santander Consumer USA Inc. and Santander Consumer Funding 3 LLC, auto finance companies owned by Banco Santander S.A.

As the licenser and regulator of the city’s used-car dealerships, DCA is for the first time ever investigating used car dealer financing practices, in particular subprime loans underwritten by lenders such as Santander and arranged for consumers by the used car dealerships. This inquiry builds on DCA’s earlier investigations, which raised concerns that dealerships may be engaged in illegal predatory practices such as selling expensive and unwanted add-ons and arranging high-interest subprime loans without informing consumers of information they are required to provide so that the consumer can make a smart choice about financing.

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