News
Tariff Burden Making New Vehicles Less Affordable
New-vehicle affordability declined in April to the worst level yet this year as the bite of higher prices and lower incentives reversed an improving trend.
Read More →New-vehicle affordability declined in April to the worst level yet this year as the bite of higher prices and lower incentives reversed an improving trend.
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The annual percentage rate on new financed vehicles is expected to average 6.36% in March, compared to 5.66% last year and 4.44% five years ago, according to the latest report from Edmunds.
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John Fuller, founder of NextGear Capital, died Wednesday at age 75, the company announced. Fuller is known throughout the auto retail industry as an innovator in the floorplanning segment, having founded and sold Automotive Finance Corp. and Dealer Services Corp., the latter to Manheim.
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Tim Sloan, president and CEO of Wells Fargo & Co., will retire June 30, the bank announced. General Counsel Allen Parker will serve as interim chief executive while the search for a new leader is conducted.
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The Federal Reserve has voted unanimously that it would not hike interest rates any further for the remainder of 2019.
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Average monthly payments for new-vehicle purchases ($530), new-vehicle leases ($430), and used vehicles ($381) all reached new highs, growing by 4% to 6% year-over-year. Auto loans now account for a full 8% of all outstanding consumer debt — up from 6% just a decade ago.
Read More →Non-prime lending firm United Auto Credit named Missouri Auto Auction its 2018 Auction of the Year.
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The Bank of America digital car shopping and financing platform will now add more than 15,000 Carvana vehicles to its existing inventory of both new and used vehicles.
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KAR Auction Services has hired John Sibbitt as vice president of business development for its Recovery Database Network, which provides banks and credit unions with software and data solutions to manage repossession and the disposition value chain, KAR has announced.
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Swapalease.com reports car lease credit applicants registered a 68.9% approval rate in November, a slight drop from the October rate of 70.9%.
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KAR Auction Services has acquired Reno, Nev.-based Clearplan, a digital platform for recover agents, drivers, forwarders, and lenders that provides a centralized hub for repo workflow and logistics management.
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