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CarMax Expands in Las Vegas Featured

Tuesday, 15 August 2017 21:22
CarMax Inc. is hiring to fill 100 positions for a new store in Las Vegas. The store is slated to open in November. The new store will be located at 4900 North Rancho Drive. This latest location joins CarMax’s West Sahara and Henderson stores in the Las Vegas metropolitan area.

Copart Improves Email Service Featured

Tuesday, 15 August 2017 21:21
Copart Inc. has updated its Member Preference Center. Through the latest version of the Preference Center, Copart Members can manage their email subscriptions and choose the language in which they receive their emails - either English, Spanish or French Canadian. There is also an option to select up to 10 Copart locations for location-specific auction reminder emails and special event emails. Users can also define preferred vehicles, price ranges and intended purposes for customized vehicle promotion emails, and self-identify buying needs for more personalized emails.

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Capital is growing harder to come by for buy-here, pay-here…
CarMax Inc. is hiring to fill 100 positions for a…
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Carvana Co. is adding a second store in Tennessee. Chattanooga…

Carvana Increases Inventory Facility Featured

Monday, 14 August 2017 21:56

Carvana Co. announced it sold 10,682 retail units in the second quarter.
Revenue totaled $209.4 million.
Total gross profit was $16 million. Total gross profit per unit was $1,501.
Carvana’s net loss for the quarter was $38.9 million.
The company also announced it upsized its inventory facility with Ally Bank to $275 million through Dec. 31, and then $350 million through Dec. 31, 2018.

Cost of Capital Rises for Buy-Here, Pay-Here Dealers Featured

Thursday, 10 August 2017 13:18

Capital is growing harder to come by for buy-here, pay-here dealers.

A number of large capital sources, including Wells Fargo & Co. and Capital One, have exited the market, said Ken Shilson, founder of the National Alliance of Buy-Here, Pay-Here Dealers.

Shilson said dealers must now turn to non-bank finance companies and change their strategies toward slower growth.

These non-bank entities include hedge funds and private equity firms.

Both want higher returns, so the cost of funding increases.

“It’s more expensive than banks, but less expensive than going out of business,” Shilson said.

The worst move to make in this environment is trying to sell more to make up for these higher costs, he said.

The good news for dealers is this change is part of an overall trend of moving away from subprime auto finance by some of the large banks. That means more customers with higher credit scores will shop at the buy-here, pay-here stores.

“The guys that have capital are going to have better customers coming into the market,” Shilson said.