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Attorney Eric Johnson and Allen Denson of Hudson Cook discuss regulatory issues at the recent National Alliance of Buy-Here, Pay-Here Dealers conference.

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CarMax Adds East Coast Store Featured

Saturday, 10 June 2017 17:25

CarMax Inc. celebrated the grand opening of its third store in Connecticut, located at 450 Captain Neville Drive in Waterbury.
The Waterbury CarMax has the capacity to stock approximately 200 used vehicles.
In celebration of the Waterbury store opening, CarMax and The CarMax Foundation awarded $8,000 in donations and grants to the Boys & Girls Club of Greater Waterbury. CarMax associates from the Waterbury store recently volunteered with the nonprofit and nominated it to receive the contributions.
The CarMax Foundation will also be donating an Imagination Playground valued at more than $15,000 through its partnership with Kaboom focused on making play more accessible to children and families. CarMax is currently identifying a recipient for the Imagination Playground and plans to present the donation this summer.

Carvana Keeps Growing Featured

Saturday, 10 June 2017 17:25

Four years after selling its first car in Georgia, Carvana is adding another store.
The chain’s latest location serves residents in the Augusta and Macon areas.
Carvana launched in Atlanta in 2013.
To date, Carvana has delivered cars to customers in 48 states. With this launch, Carvana now offers free, as-soon-as-next-day delivery to residents in 29 markets.

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Carvana Reports Results Featured

Wednesday, 07 June 2017 23:32

Newly public Carvana Co. announced financial results for its first quarter.
Retail units sold totaled 8,334. Revenue totaled $159.1 million.
Total gross profit was $9.7 million. Total gross profit per unit was $1,169.
Net loss was $38.4 million.

To Report or Not to Report Remains Question for Dealers Featured

Wednesday, 07 June 2017 15:14

There was a time when buy-here, pay-here dealers wanted to report to the consumer credit agencies and they couldn’t because their volumes were too low.

Now they can, but many are growing unsure if they should.

Regulations created in the past few years aim to allow smaller creditors, such as dealers, to provide information on their customers.

This seemed like a great new opportunity at first, but many buy-here, pay-here dealers are finding it comes with risks for both them and their customers.

Brent Carmichael, a Twenty Group Moderator for NCM Associates, said most his dealers are looking to get away from credit reporting and a few actually have.

There are many reasons to offer credit reporting. John Giamalvo, Equifax’s vice president of dealer service, said millenials are especially aware of credit scores and see them as a reason to do business with a creditor.

The key is making sure the process is done right.

Giamalvo said the Consumer Finance Protection Bureau has published several guidelines on how to properly report consumer credit.

One easy way to get in trouble is by offering more than you can deliver.

“If you promise to repair your customers’ credit, you are inviting in the CFPB,” said Ken Shilson, founder of the National Alliance of Buy-Here, Pay-Here Dealers.

One risk for dealers is that some dealer management systems automatically forward information to the bureaus, increasing the chance of wrong information winding up in a report.

Dave Brotherton, a Twenty Group moderator with the National Independent Automobile Dealers Association, warned there is also a chance subprime finance companies will use the data supplied to the credit bureaus to poach buy-here, pay-here customers.

Nick Markosian, owner of Markosian Auto Sales in Taylorsville, Utah, said he reports to the bureaus. But he does this because he also offers outside credit and moves customers off his own books when their scores improve.

 

CarMax Reports Double-Digit Growth

CarMax Reports Double-Digit Growth

CarMax, Inc. reported results for the latest quarter ended May 31.Net sales and operating revenues increased 10.1 percent to $4.54 billion.Used unit sales in comparable stores increased 8.2 percent. Total...

NABD Honors CFO

NABD Honors CFO

The National Alliance of Buy-Here, Pay-Here Dealers has inducted several high-profile operators into its Hall of Fame. But this year the NABD took the opportunity to honor somebody who played...

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