Auto Stocks Outperform Market Featured
03 August 2016
The Kerrigan Auto Retail Index (The KAR Index), a composite of the seven publicly traded auto retail companies, rose 18.28 percent in July, significantly outperforming the S&P, which rose 3.56 percent for the month. Industry news was very mixed for the month; so much of this rise was likely a recovery from being over-sold in the prior month. The KAR Index fell 11% in June. Year to date, The KAR Index is now down 10.34 percent. The KAR Index was supported by strong increases in each of its component stocks, led by Penske and Group 1, up 25.94 percent and 26.26 percent, respectively. These two stocks had the steepest declines in June, in reaction to Brexit, as they both have significant operations in the U.K. and exposure to a weakening pound.
Men Face Charges of Defrauding Auto Creditors
Two Pennsylvania men have been indicted by a federal grand jury on charges of conspiracy to commit wire fraud and wire fraud involving straw buys from a used-car dealership.According to...
Auto Stocks Outperform Market
The Kerrigan Auto Retail Index (The KAR Index), a composite of the seven publicl...
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Men Face Charges of Defrauding Auto Creditors
Written on Thursday, 15 September 2016 16:49
Two Pennsylvania men have been indicted by a federal grand jury on charges of conspiracy to commit wire fraud and wire fraud involving straw buys from a used-car dealership.According to… -
FTC Issues Revised Used Car Rule
Written on Monday, 14 November 2016 01:09
The Federal Trade Commission has announced final amendments to its Used Car Rule.The FTC has sought public comments on a series of proposed changes to the Rule (formally known as… -
Dealer Fails to Pay Sales Tax
Written on Monday, 19 September 2016 18:32
Biel Semexant Jr., owner of Auction Access USA, doing business as Access 2 Auctions, has been arrested on charges that he stole more than $50,000 in sales tax he collected… -
CFPB Takes Action Against Title Pawn Firm
Written on Tuesday, 27 September 2016 14:19
The Consumer Financial Protection Bureau took action against TitleMax parent company TMX Finance LLC. The bureau ordered TMX Finance to stop its unlawful practices and pay a $9 million penalty.… -
State Claims Dealer Forged Documents
Written on Thursday, 29 September 2016 17:32
A southeast Michigan auto dealer faces seven felony charges for allegedly forging federal import documents after Secretary of State staff became suspicious of the documents he presented.Auto dealer David S.… -
State Shuts Down Repair Shops
Written on Wednesday, 07 September 2016 14:39
The Michigan Secretary of State has issued cease and desist orders to five unregistered auto repair shops in Shiawassee, Kent, Bay and Calhoun counties.Justice Recovery & Repair in Durand is… -
AG Sues Dealer for Failing to Deliver Titles
Written on Wednesday, 05 October 2016 21:27
The Ohio attorney general announced a lawsuit against a Cleveland used-car dealership accused of failing to deliver motor vehicle titles.Ohio Auto Credit LLC and its owners are accused of violating… -
State Arrests Dealer for Not Paying Taxes
Written on Thursday, 03 November 2016 20:51
Roberto A. Martinez, operator of RDM Automotive Group, Inc., has been arrested on charges for the theft of more than $922,000 in sales tax he collected from customers, but failed… -
FTC Updates Penalties
Written on Sunday, 15 January 2017 04:09
The Federal Trade Commission has adjusted the maximum civil penalty dollar amounts for violations of 16 provisions of law the FTC enforces, as required by the Federal Civil Penalties Inflation… -
Former Salesman Gets Prison for Pocketing Payments
Written on Tuesday, 13 September 2016 14:19
A former salesman was sentenced to at least 16 months in prison for stealing car payments from customers and dealerships in Nassau County. Michael McGriff pleaded guilty to charges, from…
