| Colorado dealership investigated for floorplan fraud
Jan 07, 2020 01:25 pm | Joey Pizzolato Used-car dealer Tripoli Auto Sales has come under investigation by the Auto Industry Division of the Colorado Department of Revenue for failing to pay its two floorplan lenders and withholding vehicle titles from consumers, according to an affidavit. It is estimated that nearly 80 vehicles — valued at $180,000 — were sold out of trust. […]
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Vaughan Automotive has purchased Mike Calvert Toyota. Image courtesy of the company.This roundup of dealer group news begins with another dealership changing hands. According to a news release sent on Thursday, Vaughan Automotive has purchased Mike Calvert Toyota, one of the fastest-growing Toyota dealerships in Houston. While the pandemic made it challenging for many businesses, Vaughan Automotive said Mike Calvert Toyota retained its entire staff and added new employees to further serve its customer base. As a result, the group said Mike Calvert Toyota sold more than 6,000 new and pre-owned vehicles and highlighted several store achievements, including: —Total 2021… [...]
As the firm does each quarter, AutoIMS shared its AutoIMS Industry View for the first quarter of 2022 on Thursday. The company has described the report as a “compendium of metrics featured in the AutoIMS Sales Scorecard that reflects the AutoIMS database (with a few needed exclusions) — a vast majority of the commercial sales volume at wholesale auto auctions in North America.” Below is a rundown on some of the key metrics from the most recent report. Q1 conversion rates, which AutoIMS measures as the percent of vehicles sold on the day they were offered, fell on a year-over-year basis, dropping from… [...]
Auto Remarketing Canada is recognizing the 2022 Women & Automotive: Profiles honorees in the current issue of the magazine and at Canada's Used Car Week next month at the Westin Harbour Castle in Toronto. In the weeks leading up to the June 27-29 event, ARC will be posting Q&As with each of the Women & Automotive honorees on this website. Next up is Christine Wood, who is senior director of product engineering of Cox Automotive Canada Auto Remarketing Canada: What do you enjoy most about working in automotive, and what would you change? Christine Wood: The automotive industry is constantly evolving so there is always something new. I really enjoy taking… [...]
Chart courtesy of S&P Dow Jones Indices and Experian.It’s been a gradual climb, but the auto default rate for May ticked up to the highest point analysts have seen since the end of 2020. S&P Dow Jones Indices and Experian released data through April for the S&P/Experian Consumer Credit Default Indices this week, and the auto default rate rose 2 basis points to 0.58%. The rate now has climbed by at least 1 basis point during 10 of the past 11 months, rising up from the all-time low of 0.30% set last June. But no sequential rise has been by… [...]
ACV booth at NADA Show 2022 in Las Vegas. Photo by Nick Zulovich.ACV recently reported and examined its first-quarter performance, while also sharing how its strategy is playing out in the current auction environment. That strategy? Delivering solid revenue growth and market share gains, both of which occurred in the first quarter of 2022. During the call, chief executive officer George Chamoun said, “We continued to broaden and deepen with our dealer partners who underpin our long-term growth opportunities.” For example, the company reported first-quarter revenue of $103 million, up 49% year-over-year. The company expects full 2022 revenue to come… [...]