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U.S. sales of new cars and light trucks fell 12% year-over-year in September, suppressed in part by a Labor Day weekend allotted to August. Few were spared the sting, with all six of America’s and Japan’s biggest factories reporting double-digit declines.
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The U.S. Department of Justice has charged a Maryland dealership with offering different credit terms to different customers based on race, an allegation backed by reports from African American and white testers.
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Inovatec Systems has integrated Carfax Canada’s VIN Scan with its cloud-based auto finance platform, promising a more efficient and accurate decisioning process.
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Wantalease.com reports average monthly lease payments for the Cadillac Escalade shot up nearly 40% in September, leading a pack of models that increased in price in the lull between incentive seasons.
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PassTime announced the launch of Encore, a new dealer-facing vehicle asset management tool packaged in a completely self-powered, slim design.
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eLEND Solutions dealers now have access to CoreLogic Credco’s Three-Bureau PreQual soft-pull credit inquiry tool as part of a new partnership.
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J.D. Power’s latest index finds average prices for used vehicles were up 2% year-over-year in August. Analysts say the segment will continue to drive profits for dealers for the foreseeable future.
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Swapalease.com reports a high number of applicants and a slightly tighter credit market in August. A 68.9% approval rate fell short of July’s 69.1% and represented a 5.1% year-over-year decline.
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Stock are on the rise following the second quarter-point reduction to the federal funds rate in less than two months. No further cuts are planned for this year or next, guaranteeing further pressure from the White House.
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Cox Automotive’s latest Dealer Sentiment Index shows a marked disparity in optimism and fear factors between America’s new- and used-car dealers.
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