Auto loan defaults increased to 0.95 percent in August, from 0.86 percent in July.
This is the second consecutive monthly increase.
Overall, the S&P Dow Jones Indices and Experian increased to 0.86 percent in August.
The only index to decline was bankcard defaults, which dropped to its lowest level since December 2016.
Three of the five major cities saw their default rates increase.
KAR Auction Services Inc. announced the development of a new Carmel, Ind.-based corporate headquarters and campus.
The 13-acre site will host a new, 250,000-square-foot office building featuring an open floor plan and broad collaborative workspaces. Nearly 1,600 of KAR’s 17,400 employees are located in Indiana, and the new location provides space for an additional 400 jobs.
KAR’s new $80-million headquarters and campus will house the company’s innovation, technology, data and service divisions and serve as the U.S. headquarters for TradeRev, KAR’s mobile app-based auction subsidiary.
BSC America opened the doors to its new Bel Air Auto Auction facility in the Riverside Business Park in Belcamp, Md., on Sept. 14.
Harford County Executive Barry Glassman, along with several other county and elected officials, joined the Nichols family in front of the lanes where a formal ribbon cutting event preceded the first auction at BSC's new facility, where cutting edge technology will provide the support to its substantially expanded 10-bay auction building. On the preceding evening, the Nichols family hosted a special customer preview and event to commemorate this milestone in the Bel Air Auto Auction's 70-year history. Bel Air Auto Auction welcomed its customers to the first regular sale at the new facility, with a complimentary breakfast, followed by the ribbon-cutting ceremony.
Owner Ray Nichols sold the first car to cross the block. Bel Air Auto Auction Vice President Michelle Nichols-Neff capped that sale by announcing that the auction would make a donation to the Hurricane Relief Funds in an amount equal to the sales price of the first car across the new block.
Edmunds announced an augmented reality (AR) feature that will help consumers visualize and determine whether different vehicles will fit in their garages, parking spaces and driveways.
This new capability will be available on the Edmunds app for iPhone. Specifications of nearly all U.S. vehicles from 1990 to present will be supported.
This new feature was developed by Edmunds on the Apple ARKit. The feature will be available alongside editorial reviews, photos and videos in the Edmunds app for iOS 11.
The feature leverages depth-sensing, area learning and motion-tracking technology to scan a local environment and create a 3D mesh of an environment. This 3D mesh is used with ARKit to determine if the 3D model of a vehicle can fit within that environment.
Shoppers use the phone's camera to scan a garage or parking space and then overlays a 3D model representative of the selected vehicle into the image. For driveways and other areas without walls, users will be able to create "virtual walls" in order to provide the same functionality.
Once an area is learned, the user can cycle through different vehicles to see which ones may safely fit.
Automotive Finance Corp. announced a promotion aimed at encouraging dealers to "go digital."
The promotion allows dealers to pay no AFC floor plan financing fees and zero percent interest for 45 days on any vehicles bought and sold on TradeRev. TradeRev offers live, one-hour digital auctions.
The TradeRev – AFC promotion runs until Dec. 31.
GWC Warranty recently adopted the 6th grade classroom of Colleen Franchi at Wilkes-Barre's Dodson Elementary School. In adopting Mrs. Franchi's class, GWC employees banded together to make monetary donations and collect school supplies for the class of 56 students. GWC Warranty also provided a 100-percent match of employees' donations. All the donations combined to meet Mrs. Franchi's goal of supplying her class of many underprivileged children with the notebooks, folders, pencils, backpacks and more that they will need throughout the school year.
Manheim celebrated the grand opening of Manheim Wilmington on Sept. 15. Manheim's mobile auction presence in Wilmington, S.C., is one of the company's longest tenured. With two lanes equipped for in-lane and online auction capabilities, Manheim Wilmington also offers inspections, enhanced imaging, OVE, financing options through NextGear Capital and all other floor plan companies, as well as assurance packages through DealShield.
Santander US announced that the company and its businesses have taken immediate steps to assist customers affected by Hurricane Irma.
As it does when there is a FEMA-designated emergency, Santander US has activated assistance programs to help affected customers living in disaster zip codes identified by FEMA. The company has also pledged a total of $100,000 to local aid relief organizations divided between the Miami Foundation, Habitat for Humanity Puerto Rico and the American Red Cross chapter in Puerto Rico. Santander is also matching employee contributions to non-profit organizations aiding in the recovery efforts.
Santander US's Dallas-based auto finance company, Santander Consumer USA Holdings Inc., has suspended loan collection and automotive repossession activities in the affected areas, and is offering temporary loan assistance to customers in the form of loan modifications and suspended late fees. As of Sept. 12, the 16 FEMA-designated affected areas account for approximately five percent of SC's active retail and lease loan balance. That number is subject to increase as FEMA continues to assess damage in the wake of the storm. SC's portfolio of repossessed vehicles in the hurricane-affected area is still being assessed. At this time, SC has confirmed that vehicles at half of its auction vendors have not incurred material damage. Likewise, Santander Bank is offering immediate assistance to its retail; small business and commercial customers to include temporarily reduced interest rates, temporarily suspended late fees, loan modifications and the suspension of collection calls and auto repossessions.
Consumers spend more time using their smartphones to conduct research prior to visiting a dealership, according to the J.D. Power 2017 New Auto Shopper Study.
The study analyzes how new-vehicle buyers use digital devices – tablets, smartphones and computers – to gather information prior to purchase, as well as which websites and apps they use during the shopping process. The study also examines which types of content new-vehicle buyers access during their shopping process and which content they find most useful.
This year, the study also explores the behavior of users of disruptive websites and apps that consumers use in their everyday life.
Users of disruptive websites and apps comprise 13 percent of new-vehicle buyers who use automotive shopping sites. They tend to be younger, but are not limited to the youngest generations – although 33 percent of Gen Y are users, 18 percent of Gen X and 6 percent of Boomers and Pre-Boomers also fall into the disruptive user category.
A new survey of 515 car owners across the U.S. showed what many have long known: traditional car repair is a time-consuming, inconvenient task. The survey, which has a 95 percent confidence level and a 5 percent error margin, goes beyond prevailing thinking and suggests that some 62 percent of car owners dread the process to such a high degree that they postpone necessary repair and maintenance check-ups. The average distance travelled according to the survey, was approximately six miles and the time consumed for about half of respondents was more than an hour.
Finally the survey showed that over five out of six respondents who drive to work would prefer that their employers take the inconvenience out of car repair and provide basic diagnostic check-ups twice annually at their home or office. Coupled with another survey finding that showed one out of four cars failed to start over a 12-month period, the service could be mutually beneficial in ensuring that cars stay up and running and reducing lost work time.
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