Automakers Report Strong January Sales
January’s total new-vehicle sales increased 13.7% from a year ago to 1.51 million units, according to Autodata Corp. January’s seasonally adjusted annual rate was 16.66 million, a slight dip from the 16.92 million SAAR recorded in December.
Ally Financial Names New CEO
Jeffrey Brown, who headed up Ally’s dealer-financial services business, will succeed Michael Carpenter, who is retiring from his post and from the company’s board after five years.
Black Book: Vehicle Depreciation to Rise in 2015
Vehicle depreciation is expected to increase in 2015 as a larger used-car supply and off-lease volumes place pressure on retention rates, according to a report from Black Book and Fitch Ratings.
CPS Subpoenaed By DOJ
This month, the Department of Justice issued a subpoena to Consumer Portfolio Services requiring the finance source to turn over documents related to subprime auto finance.