Don’t miss the latest news and updates from the automotive industry.
Used-vehicle inventory volume held steady from July to August, as did prices – a sign of market stability, according to the Cox Automotive analysis of vAuto Available Inventory data.
The total supply of unsold used vehicles on dealer lots, both franchised dealers and independents, across the U.S. stood at 2.46 million units at the close of August, about the same as the revised number at the end of July.
Read MoreThe Federal Trade Commission is sending payments totaling more than $415,000 to 3,508 consumers who financed a car or truck at a Tate’s Auto dealership after Jan. 1, 2013, and later had the vehicle repossessed. Tate’s Auto, which operated dealerships in Arizona and New Mexico, allegedly deceived consumers about payment information and falsified information on consumers’ financing applications.
Read MoreWholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 4.0% in August from July. The Manheim Used Vehicle Value Index declined to 210.8 but is up 8.4% from a year ago. The non-adjusted price change in August was a decline of 2.6% compared to July, leaving the unadjusted average price up 5.9% year over year.
Read MoreRecent updates to Rules in the motor vehicle code require a change in your Dealer Doc Fee Signage. Doc Fees are not regulated however they should be reasonable. Legislators continue to ask why some dealers doc fees are so high, some as high as $1000 or more. Please keep you doc fee amount reasonable and be able to justify the price.
If you haven’t updated your signage for your doc fee, a link is provided below to download the new language. The Dealer Doc Fee sign should be located in all locations where deals are finalized, paperwork is signed, and financing is completed.
Read MoreAn auto dealer in Connellsville, Pa., has been indicted by a federal grand jury in Pittsburgh on charges of mail fraud and conspiracy to commit mail and bank fraud, U.S. Attorney Cindy K. Chung said today.
The five-count Indictment named Joshua Dewitt, 36, and Terrence Newmeyer Jr., 45, as defendants.
Read MoreSANDY — To say there's been an uptick in catalytic converter thefts really undersells the crime.
In 2019, victims reported a hundred "cat" thefts in Utah. By 2020, that number grew by over 600%. And then 2021's figures more than doubled that haul with 1,361 thefts, according to figures shared with the KSL Investigators by the Utah Attorney General's Office.
Criminals looking at your car to make a buck can leave you with some pricy repairs. So, other than comprehensive insurance and keeping the car locked up in the garage, is there anything drivers can do to avoid a hefty replacement cost?
Read MoreIDS has recently launched a new website for it’s customers. The new website will make it easier for customers to find information, register for classes, purchase supplies and forms, and so much more. The redesigned website will make it easier to access information and make purchases from tablets and smartphones. Additional new features include saved information when you make a purchase, making your next purchase, much easier.
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