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Rapid Recon Salutes 100 Years of NADA and Vehicle Reconditioning

PALO ALTO — In 2017, the National Automobile Dealers Association (NADA) celebrates 100 years serving franchised automobile dealers. Next year also marks the centennial of the first evidence of vehicle reconditioning, according to a provider of reconditioning workflow time-to-market software solutions. Rapid Recon issued a press release today saluting the NADA for 100 years of ... Read More »

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New-Vehicle SAAR Falls Below 17 Million in August, Manheim Reports

ATLANTA — The seasonally adjusted annual rate (SAAR) for new vehicles fell below 17 million for the second time this year in August, according to Manheim. The firm, however, said the drop should not be cause for concern, noting that it “may be a good think.” A lower SAAR, the company stated, points to manufacturers ... Read More »

July’s 2.3% Drop in Wholesale Prices Ties June Record, NADAUCG Reports

MCLEAN, Va. — Wholesale prices for vehicles up to eight years in age fell 2.3% in July, tying June for the biggest drop recorded so far in 2016, according to the NADA Used Car Guide. As a result, the firm lowered its seasonally adjusted used vehicle price index 1.1% to 118.9 . The largest decline in ... Read More »

GWC Warranty Announces Product Expansion

WILKES-BARRE, Pa. – GWC Warranty, the best-in-class provider of used vehicle service contracts and related finance and insurance products sold through automotive dealers, has announced an expansion to its industry-leading product set. Highlighting the changes to GWC’s expansive product set are upgraded terms for exclusionary coverage levels. GWC is now offering exclusionary coverage on vehicles ... Read More »

Vehicle Depreciation Accelerates in Q1, Black Book Reports

LAWRENCEVILLE, Ga. — Year-over-year depreciation accelerated during the first quarter of 2016, demonstrating that the market has reached the peak of the spring season, according to Black Book. During the quarter, vehicles depreciated at a rate of 3.6%, compared to 0.6% during the year-before period. Additionally, Black Book data found that the average price of ... Read More »

GWC Warranty Unveils New Website

WILKES-BARRE, Penn. – GWC Warranty, the best-in-class provider of used vehicle service contracts and related finance and insurance products sold through automotive dealers, has introduced a new, modern, refreshed version of Highlighted by a renewed design that is easy to navigate with helpful interactive content and intuitive contact tools, the new was designed ... Read More »

Depreciation On Pace to Reach 14% by Year-End, Black Book Reports

LAWRENCEVILLE, Ga. — The average price of a used vehicle for model years 2010-2014, according to Black Book, declined 1.5% in September, relatively unchanged from the 1.6% decline in August. Cars declined 2.3%, while trucks declined just 1% during the month. According to the firm, average depreciation should approach pre-recession levels (between 15% and 18%) ... Read More »

Q3 Used-Car Market Remains Strong, Manheim Reports

ATLANTA — With wholesale used-vehicle prices increasing in September for the fourth consecutive month, wholesale pricing remains one of strength and stability. This brought the Manheim Used Vehicle Value Index — a measure of wholesale prices adjusted for mix, mileage and season — to a reading of 124.8 in September, representing an increase of 2.8% ... Read More »

Dealer Charged With Forging Police Officer’s Signature

Dealer Fined $690,000 for Consumer-Protection Law Violations

NEWARK, N.J. — A used car dealership has been ordered to pay $693,645.91 after a Superior Court Judge found that it violated state consumer protection laws and regulations a total of 640 times. The state’s ten-count complaint against RLMB Inc., filed this March, alleged that RLMB and its manager, Michael L. Bloom, violated the Consumer ... Read More »