Category: High Finance

By on April 22, 2014

Used cars

Currently, around 2.13 million cars will come off-lease by the end of 2014, up from 1.7 million last year. By 2016 and beyond, however, over 3 million vehicles annually will turn up on many a CPO and used car lot, replacing a long drought with an El Niño-esque flooding of the U.S. used car market.

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By on April 22, 2014

Ally_Financial

With Ally Financial’s IPO now making the rounds on the New York Stock Exchange, the former financing arm of General Motors has its eyes on taking more of the subprime market, a move benefiting dealers once the last ties to the U.S. federal government have been severed and sold to the stock market.

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By on April 21, 2014

autonation-inc-logo

In its pursuit of establishing an online store where shoppers can do (almost) everything related to the car-buying experience, AutoNation Inc. announced last week it would no longer use third-party lead providers, focusing instead on its own online plans.

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By on April 14, 2014

GM ignition diagram

Automotive News reports dealers are still waiting for the ignition switches meant to replace the out-of-spec switch at the center of the ongoing recall crisis at General Motors. The switch was to have arrived at dealerships beginning this week, yet most dealers are in a “holding pattern” on deliveries. Once the parts do arrive, service bays will begin work on affected customer vehicles immediately before turning toward the used lot, where vehicles under the recall are currently parked until the customer vehicles are fixed.

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By on April 11, 2014

gm-headquarters-logo-opt

Autoblog reports 2.19 million of the same vehicles under the current General Motors ignition recall are under a new ignition-related recall, as well. The new recall warns of a problem where the key can be removed without the switch moved to the “off” position. According to GM, the automaker is aware of “several hundred” complaints and at least one roll-away accident resulting in injury, and is instructing affected consumers to place their vehicles in park or, in manuals, engage the emergency brake before removing the key from the ignition until repairs are made.

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By on April 10, 2014

Rencen. Picture courtesy GM

Associated Press reports General Motors has placed two engineers on paid leave as “an interim step” in the investigation conducted by former U.S. attorney Anton Valukas. Spokesman Greg Martin declined to name the two engineers in question.

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By on April 10, 2014

01-cadillac-dealership4

As more consumers trade-in their old vehicles for a newer model, a growing number of consumers are owing more on their trade-in than their vehicle’s actual worth.

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By on April 9, 2014

Cadillac-Pre-owned

New-vehicle sales are on the rise due not only to demand originally held back by the Great Recession, but by consumers coming off of their leases for their next latest and greatest.

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By on April 9, 2014

2013 Chevrolet Volt Exterior-001

General Motors announced Tuesday that it would invest $449 million into the two plants responsible for assembling the Chevrolet Volt in preparation for the next generation of the plug-in hybrid’s arrival in 2016.

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By on April 9, 2014

ChevyDealership03.jpg

Automotive News reports the repairs of some 2.6 million vehicles affected by the 2014 General Motors ignition switch recall will be delayed by one week as the needed part slowly enters into the automaker’s dealership network. Though most dealers thought they would be receiving the part Monday, GM spokesman Kevin Kelly insisted the part was set to arrive sometime during “the week of April 7″:

We plan to send letters this week informing affected customers that parts are arriving at dealerships and to schedule a service appointment with their dealer. Repairs are likely to begin to follow soon after the customer letter mailing.

Until then, dealerships may face service backlogs, especially with affected vehicles already on the lot that cannot be sold until they are repaired, which can only happen once customer vehicles go through the 30-minute swap. On the other hand, while dealers have noticed some frustration from their customers, the majority of their base was found to be patient with the status of the repair plan.

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By on March 28, 2014

Ally_Financial

Three years in the making, Ally Financial — formerly GMAC — has filed for an IPO that could net as much as $2.7 billion for the United States Treasury.

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By on March 20, 2014

CFPB

Uncertainty on auto lending rules resulting from the Consumer Financial Protection Bureau’s methodology behind consent orders issued to lenders found overcharging or otherwise misleading minority borrowers has prompted calls from the National Automobile Dealers Association and the House Financial Services Committee for a detailed explanation from the bureau on said methodology.

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By on March 17, 2014

Dan Akerson - Picture courtesy Astroman.com.pl

Former General Motors CEO Dan Akerson has been named Vice Chairman to the private-equity firm Carlyle Group’s board of directors, where he will act as special adviser to the firm’s investment teams, managment and the board itself.

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By on March 14, 2014

1000px-Capital_Beltway_Map_Color.svg

Unlike the average Beltway insider, a report by Interest.com claims the majority of medium-income American households in 24 of 25 cities studied cannot afford the average new-car price of $32,086.

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By on March 13, 2014

Sanjiv Yajnik

As fears of increasing auto loan delinquencies are giving some lenders pause, Capital One Auto Finance president of financial services Sanjiv Yajnik calls said increase a return to “norm,” with pent-up demand and greater competition will maintain availability of credit.

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