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Wednesday, 28 February 2018 22:49

Incentives on Trucks Decline

Average incentive spending through the first three weeks of February is $3,840, down $14 versus the same period last year, according to J.D. Power and LMC Automotive. The decline in spending is particularly notable given that incentives have risen consistently since 2013. In December 2017 for example, spending rose by over $400 from the prior year.The decline is due to reduced spending in select segments of the industry, specifically, trucks and SUVs offered by domestic manufacturers. Incentives on domestic trucks and SUVs have fallen $450 through month-to-date. In contrast, incentives on non-domestic trucks and SUVs have risen $482 and spending on all cars is up $80.
Published in News Now
Wednesday, 28 February 2018 22:49

Carvana Adds Several Markets on East Coast

Carvana Co. is quickly expanding its presence on the eastern seaboard.The online retailer now serves customers in Hartford, Bridgeport and New Haven, Conn., as well as Springfield, Mass.Carvana has delivered vehicles to customers in 48 states, and offers free, as-soon-as next-day delivery to residents in 54 markets.
Published in News Now
Wednesday, 28 February 2018 22:49

Toyota Recalls Luxury Cars for Fuel Pumps

Toyota is recalling 9,905 2016-18 Lexus GS F, 2018 LC500, and 2015-18 Lexus RC F vehicles, equipped with 5.0L V8 2UR-GSE engines with two high-pressure fuel pumps. Specific operating conditions may result in damage to the pulsation damper in one of the high-pressure fuel pumps, possibly causing a fatigue crack in the fuel pump cover.Toyota will notify owners, and dealers will replace the high-pressure fuel pumps, free of charge. The recall is expected to begin April 2. Toyota's numbers for this recall are J2B and JLB.
Published in News Now
Wednesday, 28 February 2018 22:49

NIADA Partners with Finance Firm

Nicholas Financial, Inc. has joined with the National Independent Automobile Dealers Association as a Bronze-level National Corporate Partner. With local branch offices in every market Nicholas services, the company has the ability to tailor lending and purchasing guidelines to the specific needs of each dealer partner. Nicholas strives to conduct up-front investigations and customer interviews so dealers know the approvals they get are solid. That allows Nicholas to provide some of the fastest funding in the industry.
Published in News Now
Wednesday, 28 February 2018 13:14

Sonic Invests in EchoPark

Sonic Automotive Inc. reports that its EchoPark stores grew their sales by over 2,800 units in the fourth quarter. The standalone used-car stores sold over 10,600 units for the year with nearly 4,500 units retailed in the fourth quarter.  EchoPark brand has become nearly 20 percent of Sonic's total pre-owned volume.Sonic expects to open a third EchoPark store in San Antonio, two stores in the Charlotte market, and its first EchoPark store in Houston during 2018.  The vast majority of the company’s capital spending in 2018 will support the expansion of its EchoPark brand.
Published in Breaking News
Wednesday, 28 February 2018 13:14

Wholesale Prices Resume Pre-Hurricane Pattern

Wholesale used vehicle prices started the year in the pattern that characterized much of 2017 in the months prior to hurricane season.  Namely, car prices tended to fall while truck prices provided a boost to average wholesale values.  In January, car prices continued to show year-over-year price declines, while truck prices did the opposite, but that situation is moving towards parity, as indicated by strong month-over-month increases in car prices.According to ADESA Analytical Services’ monthly analysis of Wholesale Used Vehicle Prices by Vehicle Model Class, wholesale used vehicle prices in January averaged $10,980 – up 1.6 percent compared to December and up 0.3 percent relative to January 2017.  Prices increased at a higher monthly rate for cars than trucks, but were down on an annual basis.Average wholesale prices for used vehicles remarketed by manufacturers were down 3.7 percent month-over-month but up 7.9 percent year-over-year.  Prices for fleet-lease consignors were up 4.1 percent sequentially but down 0.3 percent year-over-year. Average prices for dealer consignors were down 1.7 percent versus December and down 0.6 percent relative to January 2017.When holding constant for sale type, model-year age, mileage, and model class segment, prices were down on a year-over-year basis for both midsize cars and midsize SUV/CUVs.
Published in Breaking News
Wednesday, 28 February 2018 13:14

CFPB Finds Little Benefit to Removing Records

Removal of public records has little effect on consumers’ credit scores, according to a recent report by the Consumer Financial Protection Bureau.The three nationwide credit reporting companies - Equifax, Experian, and TransUnion - entered into a settlement with over 30 state attorneys general. This settlement, called the National Consumer Assistance Plan (NCAP), required the companies to increase the accuracy of credit reports and to make it easier for consumers to correct errors on their reports. Part of this settlement required the three nationwide credit reporting companies to create minimum standards for personally identifiable information and reporting frequency for civil public records, including bankruptcies, civil judgments and tax liens.  Starting July 1, 2017, this aspect of the settlement required all civil public records to have a name, address, and a Social Security number or date of birth before appearing on credit records from the three nationwide credit reporting companies. The settlement also required this information to be refreshed by the credit reporting companies at least every 90 days. When the NCAP was implemented, all civil judgments and about half of the tax liens on consumer credit records were removed. In contrast, the number of reported bankruptcies remained virtually unchanged.In June 2017, just before the NCAP’s restrictions were implemented, 6 percent of consumers had a civil judgment or tax lien. The NCAP appears to have removed the public records for about 80 percent of these consumers. After the NCAP was implemented, 1.4 percent of consumers had a tax lien on their credit report and none had civil judgments.About 4 percent of consumers with civil judgments or tax liens on their credit record in June (0.24 percent of consumers overall) experienced a large enough increase in their credit score as the result of the NCAP to move into a higher credit score band, meaning, for example, that their credit score moved from being subprime to near prime or from near prime to prime.
Published in Breaking News
The former controller of a New York BMW dealership faces 20 years in prison for embezzling from the store.Vanessa Vence-Small pleaded guilty to one count of wire fraud arising from an embezzlement scheme.According to court documents and statements made in court, Vence-Small was the controller of Felix F. Callari Inc., doing business as Continental BMW of Darien.  From October 2014 to June 2017, Vence-Small made 65 unauthorized electronic fund transfers, totaling $904,659.29, from the dealership’s bank account to her personal American Express account.  Vence-Small also issued and signed 28 checks drawn on the dealership’s bank account, in the total amount of $207,777.78, to pay various third parties, including credit card companies, contractors who performed work at her residence, and a different dealership from which she purchased a car.  She also incurred on company accounts an additional $31,452.08 in unauthorized credit card charges and reimbursements.Vence-Small’s sentencing is scheduled for May 24, at which time she faces a maximum term of imprisonment of 20 years, a fine of up to approximately $2.3 million, and an order of full restitution.Vence-Small is released on a $100,000 bond pending sentencing.
Published in Latest News
Monday, 26 February 2018 23:13

Mitsubishi Recalls Outlanders for Wipers

Mitsubishi Motors North America, Inc. (MMNA) is recalling 158,6512011-16 Outlander Sport vehicles. Water may enter between the hood and windshield and cause the front wiper link ball joint to corrode, possibly resulting in the wiper link separating and the wipers becoming inoperative.MMNA will notify owners, and dealers will replace the rod of the wiper link and the wiper motor crank arm, free of charge. The recall is expected to begin April 10. MMNA's number for this recall is SR-18-004.
Published in Latest News
Monday, 26 February 2018 23:13

CarMax Expands in Colorado

CarMax, Inc. celebrated the grand opening of its 4th store location in the Denver area, located at 16500 W. Colfax Avenue in Golden, Colo. The Golden location has the capacity to stock approximately 200 used vehicles.In celebration of the Golden store opening, CarMax and The CarMax Foundation awarded $7,500 in donations and grants to the Jefferson County Boys & Girls Club. The donation for this organization came at the recommendation of the Golden CarMax associates.
Published in Latest News
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