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Friday, 23 February 2018 02:39

Edmunds Expects Higher Used Car Sales

Both used- and new-car sales are expected to rise this month.Edmunds estimates that 3.5 million used vehicles will be sold in February. That is up from 3.1 million in January.Edmunds forecasts that 1,273,428 new cars and trucks will be sold in the U.S. in February for an estimated seasonally adjusted annual rate of 16.8 million. This reflects a 10.8 percent increase in sales from January but a 4.1 percent decrease from February 2017.
Published in News Now
Friday, 23 February 2018 02:39

Used Civics, Toyotas Prove Most Popular

The California New Car Dealers recently published its overview of car sales in the state last year, including used-car sales.Used light vehicle registrations in California increased 1.2 percent in 2017. Used light truck registrations were up 3.7 percent. Cars were down 0.4 percent. Registrations for 4- to 6-year-old vehicles were up sharply. Older vehicles declined. Honda Civic was the best seller in 2017 among vehicles six years old or newer. Toyota was the leader in the six -year-old or newer market. Ford was in second place.
Published in News Now
Thursday, 22 February 2018 03:56

America’s Car-Mart Reports Higher Revenues

America’s Car-Mart Inc. reported net income of $2.8 million for the quarter ended Jan. 31.The buy-here, pay-here chain saw revenues of $139 million compared to $137 million for the prior year quarter.Retail unit sales decreased to 10,866 from 11,013 for the prior year quarter with increased productivity at 25.3 retail units sold per store per month, up from 25 for the prior year quarter.Average retail sales price increased to $10,629.Gross profit margin percentage increased to 40.8 percent from 40.3 percent for the prior year quarter.Collections as a percentage of average finance receivables of 12.4 percent compared to 12.9 percent for the prior year quarter.  The weighted average contract term increased to 31.9 months from 30.9.Net charge-offs as a percent of average finance receivables were 7.8 percent, up from 6.6 percent for prior year quarter.Accounts over 30 days past due decreased to 4.7 percent from 5 percent at Jan. 31, 2016.Average percentage of finance receivables current were 79.5 percent compared to 81.4 percent at Jan. 31, 2016.Provision for credit losses rose to 31 percent of sales vs. 26.9 percent for prior year quarter.  Selling, general and administrative expenses fell to 18.7 percent of sales vs. 19.4 percent for prior year quarter.Active accounts base was approximately 67,300, an increase of approximately 2,300 from April 30, 2016.
Published in Breaking News
Thursday, 22 February 2018 03:56

Carvana Adds Curbside Operation

Carvana Co. has opened a Carvana Curbside operation in Birmingham, Ala. Carvana Curbside is a smaller format purchase fulfillment concept. Birmingham was one of Carvana’s earliest markets, opening in 2015. Atlanta, where Carvana sold its first car in 2013, is the home to an early iteration of Carvana Curbside. Success in Atlanta led to the Birmingham expansion.Located in Southside, near the University of Birmingham, the newest Carvana Curbside location offers customers the option of picking up their vehicle there or having it delivered.
Published in Breaking News
Wednesday, 21 February 2018 14:08

DriveTime Grows on West Coast

DriveTime announced the opening of its 145th dealership. The store is located in the San Fernando Valley region of metro Los Angeles. Located between Costco and Target at 5835 N. Sepulveda Blvd, in Van Nuys, Calif., the store has over 14,000 square feet of retail space and room for over 100 vehicles.The dealership is DriveTime’s sixth in the state of California.
Published in Latest News
Wednesday, 21 February 2018 14:08

Audi Recalls Cars for Incorrect Tire Labelling

Volkswagen Group of America Inc. is recalling 3,543 2014-2015 Audi S7 and 2016-2018 RS7 vehicles. The tire information label on these vehicles incorrectly lists the combined maximum weight as 1146 lbs./520 kg, when the correct combined maximum weight is actually 992 lbs./450 kg. As such, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard (FMVSS) number 110, "Tire Selection and Rims."Audi will notify owners, and dealers will replace the tire information label, free of charge. The recall is expected to begin April 8. Volkswagen's number for this recall is 44N9.
Published in Compliance News
Tuesday, 20 February 2018 02:22

Takata, Honda Reach Settlement

The U.S. Bankruptcy Court for the District of Delaware has approved a bankruptcy plan carving out a trust for personal injury claimants against Takata and Honda as well as a second channeling agreement allowing for future claims in cases involving defective airbags. The airbags, at the center of the largest automobile recall in history, have been linked to at least 22 deaths and 180 injuries worldwide.One resolution is with TK Holdings Inc. and the other with Honda North America, Inc. The resolutions will be available to all U.S. personal injury and wrongful death victims. Plaintiffs have the option to opt out and file litigation through the tort system if they feel their claim is not fair.The estimated value of the trust is $90 million to $137 million. This amount may increase, but will not decrease. 
Once the trust is open, it would begin to accept claims in approximately mid-2018. Honda will pay 100 percent of compensatory damages without any credit for fault placed on Takata, third parties or the victims. Honda also has agreed to pay regardless of the age of the car or the expiration of a statute of limitations. Defenses that may be used in the tort system by an OEM, such as not acting on a recall letter or driving violations, are waived under this settlement. Additionally, the settlement values have punitive damages built in based on known, prior settlement values in other cases.
Published in Legal
Tuesday, 20 February 2018 02:21

Kawaski Recalls Motorcycles for Gear Issues

Kawasaki Motors Corp. U.S.A. is recalling 3,964 2016-18 ZX-10R and ZX-10RR (ZX1000R, ZX1000S, and ZX1000Z) motorcycles. A high impact force may cause the transmission gears to break during shifting.Kawasaki will notify owners, and dealers will replace the second, third, fourth output gears and the second input gear, free of charge. The recall was expected to begin Feb. 15. Kawasaki’s number for this recall is MC18-01.
Published in Compliance News
Monday, 19 February 2018 02:43

CarMax Opens New England Store

CarMax Inc. celebrated the grand opening of its first store in New Hampshire, located at 300 Keller Street in Manchester. With the opening of this store, CarMax now has a total of 187 stores across 41 states nationwide. The Manchester location has the capacity to stock approximately 240 used vehicles of nearly every make and model and CarMax customers can also request transfers of almost any vehicle to this store from other CarMax locations throughout the country. In celebration of the Manchester store opening, CarMax and The CarMax Foundation awarded $7,500 in donations and grants to The Granite YMCA. Support for this organization came at the recommendation of the Manchester CarMax associates.
Published in buy here
Friday, 16 February 2018 14:06

Cox Automotive Promotes Logistics VP

Cox Automotive named Jim Williams to senior vice president of logistics for inventory solutions. Williams will transition into the leadership role held previously by Patrick Brennan who was promoted to senior vice president of inventory solutions’ marketplace. As of March 1, Williams will report to Grace Huang, president of Cox Automotive Inventory Solutions, and soon relocate to Gilbert, Ariz., to oversee Manheim’s Ready Logistics and Central Dispatch.
Williams joined Manheim in 2014 as vice president of operations support. Before that, he was responsible for strategic development with Premium Retail Services and held several senior sales and operations positions with Best Buy.
Published in Auctions
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