Archive | Auto Industry News

Harkins to Emcee PALS, Compliance Summit at Industry Summit 2018

ORLANDO, Fla. — Robert “Bob” Harkins will serve as master of ceremonies for this year’s Compliance Summit and P&A Leadership Summit, both of which will be held as part of the upcoming Industry Summit, organizers announced. Harkins is a fixture of the Summit series of events due to his exhaustive preparation and boundless energy, said David … Read More »

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KAR Names New Leader for Preferred Warranties

CARMEL, Ind. — Vehicle remarketing and technology solutions provider KAR Auction Services Inc. has named Edmund Field president of the company’s Preferred Warranties Inc. (PWI) business unit, which offers extended service contract plans for pre-owned vehicles and serves independent used-vehicle dealers, small franchise retail automotive, and powersports dealers. Field will be responsible for leading PWI’s … Read More »

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Zero Percent Finance Deals Drop to 13-Year Low

SANTA MONICA, Calif. — Zero percent finance deals were slower to materialize for car shoppers in July, according to the latest report from Edmunds. Zero percent finance deals accounted for 6.92% of sales in July 2018, compared to 11.34% in July 2017 and 11.18% in July 2013. Analysts note that this is the lowest share … Read More »

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TradeRev, CarsArrive Offer Free Vehicle Transportation

CARMEL, Ind. — Digital auction platform provider TradeRev partnered with CarsArrive Network to save dealers money while fostering an expanded, coast-to-coast auction marketplace, the companies announced. TradeRev is offering free vehicle transportation for dealers purchasing vehicles in qualifying states. TradeRev and CarsArrive Network are business units of KAR Auction Services Inc. “TradeRev is committed to making the … Read More »

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FTC Charges Arizona Group With Falsifying Incomes on Consumer Credit Apps

WASHINGTON, D.C. — Three weeks after announcing the completion of a seven-state sweep regarding compliance with its Used Car Rule, the Federal Trade Commission announced on Wednesday it has charged a group of four dealerships with a range of illegal activities, including falsifying consumers’ income and down payment information on credit applications and misrepresenting financial … Read More »

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KBB: Avg. Transaction Price in June Rises 3%

IRVINE, Calif. — Thanks to market demand quickly backing away from cars, average transaction prices in July rose 2.9% from a year ago, or $985, to $35,359, Kelley Blue Book reported this week. Cars are expected to make up only 31% of July sales, down from 36% in the year-ago period. This decline is pushing … Read More »

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