Trade-In Marketplace Marks Milestone

AutoTrader.com's Trade-In Marketplace (TIM) reached a notable milestone in February, generating the three millionth Instant Trade-In Offer since January 2010. In the last year alone, the volume of offers has increased 62 percent.

Trade-In Marketplace aims to take the mystery out of the trade-in process by giving consumers an instant offer for their vehicle, sight unseen, that is redeemable at participating auto dealerships across the country. In addition to the three millionth offer being generated, TIM also experienced a single-day record of 9,000 offers generated on Feb. 20.

Initially launched in a few select markets in June 2009, the TIM tool became available nationwide in October 2010. In October 2011, AutoTrader.com partnered with one of its subsidiaries, Kelley Blue Book, to bring the TIM tool to its website, kbb.com. To date, more than 300,000 offers have been generated from kbb.com consumers.

View the original article here

Turn your Auto Notes into cash

BBB Vets Cars.com

Cars.com has become a formally accredited Better Business Bureau (BBB) company, and has received the BBBs A+ rating the BBBs highest consumer protection rating.

The non-profit BBB cited Cars.coms length of time in business, low volume of complaints (as compared to company size), effectiveness in responding to consumer complaints, and resolution of complaints as contributing factors to the A+ rating.

More than 11 million car shoppers use Cars.com every month for its wide selection of new and used vehicles, expert vehicle reviews, consumer dealer and vehicle reviews, vehicle side-by-side comparisons, photo galleries, videos and pricing tools.

View the original article here

Turn your Auto Notes into cash

Procon Is Now Spireon

ProconGPS Inc. announced its new corporate name, Spireon, Inc.

The new corporate name and identity was officially launched at a special ribbon-cutting event held at the companys new Technology Center in Irvine, Calif., on March 24.

The Spireon name binds the strategic merger of ProconGPS, Inc. with Enfotrace and PFS, LLC.

The unusual name is derived from the words spire and inspire.

As part of its new corporate identity and branding efforts, Spireon, Inc., announced a new corporate sponsorship with Joe Gibbs and Joe Gibbs Racing.

Other Top NewsNow Stories

View the original article here

Turn your Auto Notes into cash

Dealer Pleads to Bank Fraud

The owner of several used-car dealerships in the Kansas City, Mo., metropolitan area pleaded guilty in federal court for his role in a bank fraud conspiracy that resulted in losses of millions of dollars by several financial institutions.

John A. Hart III, 51, of Kansas City, pleaded guilty before U.S. District Judge Ortrie D. Smith to the charge contained in information that was filed in lieu of the Sept. 21, 2011, federal indictment.

Between May 2000 and February 2009, Hart operated several used car dealerships at various locations, including Better Than New Automobiles, LLC, On Time Auto and Hart Family Motors.

Hart and others obtained loans and lines of credit from various financial institutions in connection with vehicles involved in his auto sales business. Hart admitted that he provided false and fraudulent financial information to obtain loans and lines of credit. Hart also admitted that he obtained multiple loans in which the same vehicle was pledged as collateral, and failed to disclose to the financial institutions that vehicles pledged as collateral for loans were already encumbered at another financial institution or in another loan.

Hart also admitted that he and his wife borrowed more than $1 million from First Missouri National Bank between Nov. 15, 2006 and March 26, 2008. They provided copies of their 2004 and 2005 income tax returns to the bank. However, according to the plea agreement, they did not actually file their 2004 and 2005 returns until 2009.

The filed returns were materially different than the tax returns submitted to the bank in support of their loan application. According to the plea agreement, the filed returns claimed a much lower adjusted gross income.

The government believes the loss attributed to Hart is between $2.5 million and $7 million. Under the terms of the plea agreement, Hart reserves his right to argue what the appropriate loss calculation should be at the sentencing hearing.

Under federal statutes, Hart is subject to a sentence of up to five years in federal prison without parole, plus a fine up to $250,000 and an order of restitution.

A sentencing hearing will be scheduled after the completion of a pre-sentence investigation by the U. S. Probation Office.

View the original article here

Turn your Auto Notes into cash

KBB Marks Milestone

Kelley Blue Book reports a one million-download milestone for its kbb.com Android mobile application. Launched in November 2010, the free, interactive app provides users with crucial car-buying information to help make confident purchase decisions.

The kbb.com Android app provides shoppers with access to new and used Kelley Blue Book Values, including MSRP, invoice, fair purchase price, certified pre-wned, suggested retail, private party and trade-in values. Car buyers and sellers can use this information in vehicle transaction negotiations to ensure they get the best deal possible, wherever they may be.

The application also offers several features for car shoppers, such as a dealer locator with detailed maps and directions, 360-degree vehicle photos, new-car video reviews from kbb.coms expert editors, and the kbb.com Twitter feed for the latest automotive news and information from Kelley Blue Books team of car aficionados.

The kbb.com Android app features a widget that can be positioned on the phones home screen to track a vehicles value. Whether users want to track their trade-in value prior to buying a car or stay up-to-date on their car values performance in the marketplace, the widget provides the latest information. The widget is automatically updated to show the latest vehicles values, just like Kelley Blue Book Values on kbb.com. The widget can be accessed after downloading the Android app.

In addition to the Android app, Kelley Blue Books kbb.com also offers free apps for iPhone and Windows Phone 7 users. Kbb.coms app for iPhone launched in May 2010, followed by Android and Windows Phone 7 in November 2010.

View the original article here

Turn your Auto Notes into cash

Toyota Pays for Failure to Repair

Los Angeles County Superior Court enters judgment on a jury's verdict awarding consumers their money back after prevailing at a Lemon Law trial against Toyota Motor Sales USA. Consumers John M. and John S. Sroka owned a 2007 Toyota Tundra that had an intermittent harsh-shifting transmission, which Toyota's authorized dealerships "could not duplicate."Attorneys Adam C. Maxwell and Benjeman Beck, of Krohn & Moss, Ltd., represented the Srokas in what their lawyers called a "failure to diagnose" by Toyota's authorized dealerships.

A Los Angeles County jury determined that Toyota had violated the California Lemon Law and that the Srokas were entitled to a full refund of the payments they had made.

View the original article here

Turn your Auto Notes into cash

Jaguar Recalls Parts for ‘90s SUVs

Jaguar Land Rover North America Inc. is recalling 180 REAR driveshaft couplings, Land Rover branded part No. TVF100010, manufactured between April and November 2011, sold for use as service parts for model year 1995-1999 Discovery, 1999-2004 Discovery II, and 1995 Range Rover Classic vehicles. Some of the rear driveshaft couplings may not have been manufactured to the required engineering design specifications and may exhibit the onset of joint separation, precluded by drive line vibration.

If this increased vibration warning sign is ignored, catastrophic failure of the drive coupling can occur. The driveshaft may detach from the vehicle while in motion resulting in loss of drive and loss of transmission park functionality, increasing the risk of a vehicle crash and/or injury.

Land Rover will notify owners, and dealers will replace the affected rear driveshaft couplers free of charge. The recall is expected to begin on or about April 23.

Land Rover's recall campaign number is P024.

View the original article here

Turn your Auto Notes into cash

Toyota CPO Adds Satellite Radio

Sirius XM Radio and Toyota Motor Sales U.S.A. announced that customers across the U.S. would receive a 3-month trial subscription to satellite radio and available SiriusXM services when they purchase a Toyota Certified Used Vehicle or a Scion Certified Pre-Owned Vehicle equipped with a SiriusXM radio.

Customers will have access to SiriusXM's commercial-free music, and premier sports, news, talk, entertainment plus traffic and weather information. In addition, customers will also get XM NavTraffic on select vehicles equipped with navigation.

View the original article here

Turn your Auto Notes into cash

Hyundai Recalls Hybrids

Hyundai is recalling about 1,633 Hyundai Sonata hybrid vehicles produced beginning on Dec. 2, 2010, and shipped to dealers through March 7, 2012, that are equipped with a center rear seat belt incorporating a release mechanism that detaches both the lap and shoulder portion at the lower anchorage point, fail to conform to Federal Motor Vehicle Safety Standard No. 208, "Occupant Crash Protection."

Hyundai dealers are replacing the center rear seat belts in Sonata hybrid vehicles currently in dealer inventory with center rear seat belts that are not detachable from the lower anchorage point prior to delivery to customers.

Hyundai dealers are replacing the center rear seat belts in approximately 1,633 Sonata Hybrid vehicles currently in dealer inventory with center rear seat belts that are not detachable from the lower anchorage point prior to delivery to customers.

For the approximately 13,095 vehicles that have been delivered to customers, Hyundai intends to file a petition for an exemption from the recall requirements of the National Traffic and Motor Vehicle Safety Act on the basis that the noncompliance described is inconsequential as it relates to motor vehicle safety. The manufacturer is not obligated to conduct an owner notification and remedy campaign until NHTSA has resolved the petition.

If the petition is denied, Hyundai will be notified and must then undertake its notification and remedy campaign obligations.

View the original article here

Turn your Auto Notes into cash

Ally Renews Facility

Ally Financial Inc. has completed the renewal of $15 billion in credit facilities at both the parent company and at its banking subsidiary, Ally Bank, with a syndicate of 19 lenders.

The secured facilities can be used to fund retail, lease and dealer floorplan automotive assets in the U.S. and Canada.

The $15 billion funding capacity is comprised of two $7.5 billion facilities, one of which is available to the parent company, Ally Financial, and one of its Canadian subsidiaries, and the other which is available to Ally Bank.

Each new facility will have half the capacity maturing in March 2013 and the other half maturing in March 2014. The two credit lines renew the credit facilities that were established by Ally in March 2011.

View the original article here

Turn your Auto Notes into cash

Chrysler Recalls SUVs

Chrysler is recalling more than 200,000 model year 2004 and 2005 Jeep Liberty vehicles manufactured from July 3, 2003, through July 14, 2005, originally sold, or currently registered in, Connecticut, Delaware, Illinois, Indiana, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, West Virginia, Wisconsin and the District of Columbia. Some vehicles may be equipped with rear lower control arms that can experience a rear suspension lower control arm fracture due to excessive corrosion.

A fracture of the rear lower control arm may result in a loss of vehicle control and may lead to a vehicle crash.

Chrysler will notify owners, and dealers will replace the rear lower control arms on all affected vehicles originally sold in, or currently registered in the NHTSA defined salt belt states, free of charge. The safety recall is expected to begin by the end of April.

Chrysler's safety recall number is L27.

View the original article here

Turn your Auto Notes into cash

Nissan Issues Air Bag Recall

Nissan is recalling certain model year 2003-05 Infiniti Q45 vehicles. A wiring connector for the seat mounted airbag may experience increased electrical resistance, resulting in the non-deployment of the side air bags.

Non-deployment of side air bags could increase the risk of personal injury.

Nissan will notify owners, and dealers will modify the wiring connector, free of charge. The safety recall is expected to begin on or about March 12.

View the original article here

Turn your Auto Notes into cash

CPO Sales Set Record

February 2012 certified pre-owned sales were 149,332, up 11.7 percent from February 2011 and 13.8 percent from January. This is the highest number of CPO sales reported in the month of February.

There were 25 selling days in February as compared to 24 in January 2012 and February 2011.

February year-to-date sales were 280,509, 8.9 percent above February 2011 year-to-date.

Year-over-year domestic brand share rose 0.2 percent to 32.8 percent. European share fell 0.8 percent to 16.6 percent. Asian share was up 0.5 percent to 50.5 percent.

Kia and Mazda achieved new highs.

View the original article here

Turn your Auto Notes into cash

Chrysler Expands Certification

Chrysler Group LLC announced the launch of Diversified Certified, a new program that enables Chrysler Group dealers to certify and sell competitive-make, pre-owned vehicles backed with a Chrysler Group warranty.

The 140 Fiat stores now open in the United States are the first to launch the Diversified Certified program. Chrysler, Jeep, Dodge and Ram Truck dealers will join the program in about 60 days.

Consumers looking for the security that a certified pre-owned vehicle offers now need only look to Chrysler Group dealerships and Fiat stores for the widest selection and one-stop shopping.
All competitive-make pre-owned vehicles will be subjected to a thorough certification process and come with a 5-year/60,000-mile maximum care (full mechanical) warranty from original in-service date, as well as Certified Pre-Owned program benefits such as towing, roadside assistance and more.

Vehicles eligible for the Diversified Certified program will have less than 48,000 miles on the odometer and will be a 2008 model or newer.

View the original article here

Turn your Auto Notes into cash

Gas Prices Drive Up Used Values

CarGurus is forecasting that as gas prices climb toward $4.50 a gallon, prices on fuel-efficient used vehicles will follow with an increase of 15 percent by August. CarGurus analysts say the correlation between gas prices and prices of fuel-efficient used cars has been notably high over the past 13 months: As gas prices climbed to nearly $4 a gallon last year, demand for used fuel-efficient cars followed, which sent prices on such vehicles up soon after. This year, CarGurus analysts expect to see a similar price correlation, the key difference being that prices on fuel-efficient used cars never fully recovered from last year's highs, so consumers will see prices peak in August at levels 10 percent higher than the same time last year.

CarGurus has tracked the list prices on used cars since August 2010 and regularly provides insights on related market trends. To arrive at this forecast, CarGurus analysts studied the correlation between 2011 gas prices and the historical average prices on a subset of fuel-efficient cars. CarGurus then considered the current market conditions to project prices through August 2012. (note:Models from Asian carmakers were excluded from this study to control for the effect of last year's tsunami and subsequent supply issues on price.) Gas price trends used in this study were obtained from the U.S. Energy Information Administration.

View the original article here

Turn your Auto Notes into cash