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Monday, 11 December 2017 22:02

Cox Automotive Names Autotrader GM

Cox Automotive named Jessica Stafford senior vice president and general manager of Autotrader. Stafford will lead the business and work cross-functionally across product, sales, marketing and operations.Stafford joined Autotrader in 2007 as an associate manager of digital marketing before moving to various other marketing positions within the company, including her most recent role as vice president of marketing for Cox Automotive's portfolio of brands in the Media Solutions Group, which includes Autotrader, and Kelley Blue Book. Greta Crowley will take over as vice president of marketing for Cox Automotive's Media Solutions Group. Crowley previously led all media efforts for Autotrader and Kelley Blue Book, managing the consumer marketing team. She developed and directed all digital and traditional media programs, including search engine marketing and optimization, social media, mobile marketing, TV, radio, out-of-home, broadcast integrations, analytics, agency management, sports partnerships and sponsorships with other large corporations.
Monday, 11 December 2017 22:02

AG Sues Dealer for Failing to Deliver Titles

The Ohio attorney general announced a consumer protection lawsuit against a Cleveland used car seller accused of failing to deliver vehicle titles to customers.
The lawsuit accuses New School Auto LLC and owner Abigail Ferry of violating Ohio’s consumer protection laws.
 The Ohio attorney general’s office has received dozens of complaints against New School Auto of 3855 Ridge Road in Cleveland. Some consumers complained that they never received titles to vehicles they bought from the dealership, resulting in 15 claims totaling $33,876 being paid from the state’s Title Defect Recision Fund to help resolve consumers’ title complaints.
Monday, 11 December 2017 22:02

CarMax Adds Store in South

CarMax Inc. celebrated the grand opening of its fourth store in South Carolina located at 4649 Factory Store Boulevard in Myrtle Beach. The Myrtle Beach CarMax has the capacity to stock approximately 200 used vehicles. In celebration of the Myrtle Beach store opening, CarMax and The CarMax Foundation will award more than $18,000 in donations to the Boys & Girls Club of the Grand Strand over the next three years. This donation is being made at the recommendation of the Myrtle Beach CarMax associates. The location general manager of the store, Larry Williams, also joined the board of directors for the Boys & Girls Club of the Grand Strand.CarMax also donated an Imagination Playground valued at more than $15,000 to the Boys & Girls Club of the Grand Strand through its partnership with Kaboom.
Monday, 11 December 2017 22:01

Mercedes Recalls Vehicles for ESP Issues

Mercedes-Benz USA LLC is recalling 8,043 2016-17 G550 4Matic, G63 AMG, and G65 AMG vehicles. A malfunction of the Electronic Stability Program, while Distronic Plus is engaged, may cause the engine to not reduce power, regardless of the vehicle's speed, driving situation or brake application. MBUSA will notify owners, and dealers will reprogram the ESP control unit software, free of charge. The recall is expected to begin this month.
Sunday, 10 December 2017 21:56

Consumers Willing to Car Shop Online

This holiday season consumers shopping for a new car or truck may be looking online more than ever. Nearly half of respondents to a recent survey by Chase Auto Finance said they would be comfortable completing their purchase online - from research to financing.The other half aren’t comfortable because they want to test-drive the vehicle before buying (76 percent) and they don’t believe they can negotiate online (47 percent).Research from Chase also found that Americans still have a strong emotional connection to their vehicles and driving in general. They love or like driving (78 percent), see their vehicle as an extension of their personal style (67 percent) and say their vehicle is like a family member (56 percent).That emotional connection likely explains why car buyers spend more time shopping for a vehicle than planning their last big vacation, picking their newest pet, orchoosing their wedding band/significant other’s ring.
Sunday, 10 December 2017 21:56

KAR Makes Major Donation

KAR Auction Services Inc. announced its $250,000 commitment to City Life Wheels of Central Indiana – creating the new KAR Auction Services City Life Wheels Training Center. City Life Wheels, an Indianapolis-based non-profit, uses donated vehicles to teach near east-side Indianapolis youth basic auto maintenance and repair skills. ASE certified professionals teach auto repair and serve as adult mentors modeling responsibility, safety and integrity while offering career guidance and coaching.KAR’s initial $225,000 grant helped fund the purchase and renovation of the City Life Wheels facility at 2409 East Washington Street. The facility houses six automotive repair bays and lifts, diagnostic and repair equipment, classroom space, and a kitchen. The facility is also home to additional City Life programs that provide support and assistance to those in the nearby community.   KAR will provide another $25,000 grant in 2018 to support KAR Auction Services City Life Wheels Training Center. The grant is to be used exclusively for expanding the scope and reach of the City Life Wheels program.
The New York City Department of Consumer Affairs (DCA) announced settlement agreements with three financing companies – Credit Acceptance Corp., Clover Commercial Corp, and Westlake Financial Services – that financed subprime auto loans through a group of Brooklyn used-car dealerships.DCA secured $311,260.57 in restitution for 50 consumers. In May, DCA charged the dealerships – USA1 Auto Sales, Inc., Lenden Used Car Sales, Inc., D&A Guaranteed Auto Sales, Inc., and Linden Used Cars, Inc. – and their owners, with deceptive and unlawful trade practices, including misleading consumers about the price of automobiles, concealing and misrepresenting the terms of sale and financing, and failing to inspect the automobiles. Consumers who owe money to the finance companies will receive a credit to their account and any amount beyond what is owed will be paid via check. Consumers who no longer owe any money will also receive a check.
Sunday, 10 December 2017 21:54

DealerRater Enhances Offerings

DealerRater has rolled out an enhanced offering as part of its Connections product suite. Dealerships use DealerRater Connections to create dealer and employee profiles, leverage a dashboard to monitor reviews and social presence, and have their reviews shared across DealerRater’s syndication partner sites.The new DealerRater Connections Plus goes one step further by leveraging the power of ReviewBuilder, which offers an automated, customized approach to earning more reviews at a faster pace.
Friday, 08 December 2017 04:35

Wholesale Prices Decline After Strong Autumn

Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) decreased 1.29 percent month-over-month in November. This brought the Manheim Used Vehicle Value Index to 134.5. This marks a 7.8 percent increase from a year ago, and the lowest level since August.On a year-over-year basis, all major market segments except midsize cars saw gains. SUVs/CUVs, pickups, and vans outperformed the overall market.The average price for rental risk units sold at auction in November was up 3 percent year-over-year. Rental risk prices were down 2 percent compared to October. Average mileage for rental risk units in November (at 43,800 miles) was 1 percent above a year ago.
Friday, 08 December 2017 04:35

Top Credit Customers Buy More Cars

The highest-credit-tier consumers bought the most cars in the third quarter, while more subprime buyers sat on the sidelines, Experian reports.Prime consumers grabbed the lion's share of the total finance market (40.9 percent) in the third quarter, while super-prime buyers showed the largest increase, reaching 20.16 percent market share. Conversely, the number of consumers outside prime (with a score of 600 or below) notably decreased, hitting the lowest total finance market share on record since 2012.Experian also found that loan terms for new vehicles extended, and credit quality for obtaining a loan on both new and used vehicles notably improved. The average term for new vehicle loans hit an all-time high of 69 months. Prime and super-prime buyers shifted to used vehicles, growing to make up 49.83 percent of the used car market. In comparison, the percent of buyers outside prime have decreased, making up only 31.34 percent of the market (only slightly above last quarter's record low). Deep-subprime consumers, with a credit score of 500 or below, obtaining used vehicle loans dropped 9.2 percent to reach an all-time low of 4.64 percent of the market.The average amount financed for used vehicles reached $19,291, an increase of $56 over the previous year. Used vehicle payments averaged $365 per month, up $3 from the previous year.
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