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Finance sources responded to the recent uptick in delinquencies by moving upstream in the first quarter, pushing subprime lending to a 10-year low.
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With banks retreating from all risk tiers, an executive with CU Direct Lending said the auto finance market is primed for credit unions to pick up more share. In the first quarter, credit unions grew their share of the market by 4%.
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The firm today reported that average amounts financed for new and used reached record highs of $30,621 and $19,329, respectively. Total balances also reached a record high, although Experian observed a slowing in year-over-year growth.
Read More →AUL Corp. was named one of the North Bay Business Journal’s ‘Best Places to Work in the North Bay,’ the second time the provider of used-vehicle service contracts has earned the distinction.
Read More →Franchised dealers are expected to realize a 3.35 percent increase in used-vehicle sales, while independents should be up 3.82 percent, CNW said today.
Read More →Used-car buyers are leaving their markets in greater numbers to locate the vehicles they want and at the right price. In May, CNW spotted a 32.6 percent increase in the number of used vehicles acquired outside of the buyer’s DMS.
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The secondary retail and finance markets didn’t dominate the headlines in 2011, but used cars and subprime lending are key to continued growth in the year ahead.
Read More →Manheim announced it has completed its planned purchase of Dealer Services Corporation, a used-vehicle floorplan company for independent dealers that’s based in Carmel, Ind.
Read More →Bank of America and DataScan Field Services have launched a new Website that will provide used-car buyers with everything they’ll need to complete a vehicle purchase online.
Read More →Asbury Automotive Group Inc. announced that it has entered into a $900 million credit facility that will provide up to $625 million for new-vehicle inventory floorplan financing and up to $100 million for used vehicle inventory floorplan financing.
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