Archive for July, 2011

26
Jul
11

Westlake Financial’s Top Auction Winners

On Monday Westlake Financial Services listed its choices for top auctions for the second quarter. The auction that received the title of Top Overall Auction was Norwalk Auto Auction. Norwalk beat out Manheim Nevada which although was still on the top auction list, no longer held the top spot as it had before for 4 consecutive quarters. Norwalk Auto Auction, as well as having strong sales was noted by Westlake for its excellent service. Next on the top auctions list are: ABC Birmingham, Dealers Auto Auction of Idaho, which also won the title of Top Loyalty Program Auction, and ADESA Colorado Springs which also took the title of Most Improved Auction, a new category that Westlake added this quarter.

To read full article in SubPrime Auto Finance News, please click here.

22
Jul
11

Used Car Prices Still Going Strong

With the rise in gas prices and the effects of the tsunami and earthquake that hit Japan, used car prices for small vehicles, particularly Japanese made cars, have been on the rise. As the summer is coming closer to an end looks like these used car prices may have finally peaked although prices are still 10-30% higher than at the start of the year according to NADA Used Car Guide. For example, a Chevy Aveo that was worth $5,275 in January could still be worth 20% more in August, and for Japanese made vehicles such as the Toyota Prius the increase could be more. Senior analyst at NADA Used Car Guides says that although prices are still up, they should begin to decline slightly in the fall.

To read full article in the Wall Street Journal, please click here.

19
Jul
11

Dealer Flexibility in Tough Economic Times

With the economy putting many used car shoppers in a unique economic situation, dealers have had to get creative at making deals happen for customers that need to buy or finance a vehicle. While in years past collections policies were stricter now many used cars dealers have to have a lot more leniency when it comes to struggling customers. Some dealers are going as far as trying to find jobs for their buy here, pay here customers versus repossess their vehicles.

To read full article in Used Car News, please click here.

15
Jul
11

Which Cars Are Actually Made in the U.S.

Ever wonder what your car’s history really is and which car models are actually made in the United States? Consumer Reports wondered the same thing and compiled a list of how many cars each brand actually builds in the U.S.. After looking at 2011 models sold in the United States there were a few surprises and many that were as expected. Chevy and Ford led the way with the most models, followed by Toyota, GMC and Honda. The one surprise was from Chrysler; they have just one car built within the U.S..

To read the full article in Consumer Reports, please click here.

14
Jul
11

What Did NIADA’s Used Car Industry Report Find. . .

Th Used Car Industry Report that the National Independent Automobile Dealers Association (NIADA) puts out, showed changes for 2011 compared to past years. Major changes from past years include: independent dealers have taken over market share from franchise dealers in total used vehicles sold and more people are now shopping online for used vehicles versus before where internet shopping didn’t have a noticeable impact.

The number of independent dealers went up from over 36,000 to over 37,000 and that made market share of total used vehicles sold jump about 2% to 35.3%. This increased helped independent dealers take the lead over franchise dealers, that dropped down to 34.7% of total market share.

To read full article in Used Car News, please click here.

12
Jul
11

AutoTrader.com Free iPhone App

One of the latest companies to come out with an iPhone app is AutoTrader.com with AutoTrader On the Go. This new free app which is aimed at making car shopping easier, lets car shoppers find and shop for cars as well as lets them know where to find car dealers that are nearby. Within the app, shoppers are also able to access photos of cars and find out other information about the vehicles they are shopping for. AutoTrader.com wanted to create a complete PC-to-pocket experience that goes as far as allowing users to post vehicle listings to their Facebook profiles and scan cars VIN barcodes to start search. Before having this iPhone app available, AutoTrader.com already had almost 40% of users visiting their site monthly via iPhone so now, car shoppers can have a more customized experience with the AutoTrader On the Go app.

To read full article in F&I Magazine, please click here. To find out more on AutoTrader.com On the Go, please click here.

06
Jul
11

Auto Finance Trends Looking Good

Looks like the auto finance marketplace is stabilizing or at least that’s what Experian Automotive’s director of automotive credit sees for the first quarter of this year. The overall higher tolerance for risk seems to be paying off with drops in 30 and 60-day delinquencies having the largest drops; 30-day delinquencies at their lowest point since 2008 and 60-day delinquencies dropped by 13%. With the stabilizing of the auto finance market, it allowed more lenders to have a higher tolerance for risk therefore giving consumers more opportunities to get a car loan. This quarter was also the best time in the past 30 months for consumers to get a car loan and it looks like this will continue.

To read full article in F&I Magazine, please click here.