Used Car News 2/4/13

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BOOK IT. BANK IT. M

February 4, 2013

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ON THE WEB: Fewer Consumers File For Bankruptcy

Chain Grows Through Innovation

U.S. consumers are likely to continue being prudent paying down their debts, with personal bankruptcy filings likely to drop again in 2013.

CRM Fails to Match Behavior

An analysis of over 4,700 car buyers from 42 dealerships nationwide showed material inconsistencies between the sourcing information dealers entered into their customer relationship management.

NIADA Adds Partner

The National Independent Automobile Dealers Association announced the endorsement of Dealertrack Technologies as a National Corporate Partner of the association. SIX AND COUNTING: The owners and staff of Car Credit City cut the ribbon for the chain’s newest store in Wentzville, Mo. The buy-here, pay-here group has purchased former new-car stores, former used-car stores and other retail locations to house its operations.

Firm See More Lease Pull-Aheads

Many car lessees may be eligible to upgrade to a newer car and reduce their monthly payments through “lease pull-ahead” offers, reports Edmunds.com.

By Ted Craig

The owners of a fast growing Missouri-based buyhere, pay-here chain see innovation as the key to success. Richard Wolkowitz started Car Credit City with his father, Herbert, eight years ago. Both came into the car

business from a far different background – working as practicing attorneys. The Wolkowitzes saw an element missing from the auto market in St. Louis. That was a buy-here, payhere store that offered a better level of both product and experience. The pair was right in their

belief and Car Credit City has quickly expanded into six locations in Missouri and Illinois. The stores offer five- to six-year-old vehicles with about 90,000 miles on them. The average retail price of a vehicle at Car Credit City is around $11,000. “We don’t promote that

we sell the cheapest car, because we don’t,” Richard Wolkowitz said. “We sell the best car humanly possible, because we understand that if the car isn’t working right and there are repairs after the sale, the customer can’t afford to pay the car note, Continue on page 3

Manheim Merges MAFS, DSC into NextGear Rush - Dated Material

By Ted Craig

Manheim is taking its floor planning operations to a new level. The auction company recently announced it will merge its two floor plan components – Manheim Automotive Financial Services and Dealer Services Corp. – into one entity

called NextGear Capital. Brian Geitner, formerly DSC’s president, will lead the company as president. Geitner said the new name reflects the careful process used in bringing the two firms together and also the goal of using the latest technology to help dealers. “Our motivation and

“Our motivation and our passion is to help our customers reach their goals.” Brian Geitner our passion is to help our customers reach their goals,” he said. Manheim purchased DSC

last year. NextGear will be headquartered in Indianapolis. Continued on page 3

The confidence to close more deals To learn more, turn to the back cover or visit myautovisor.com/confidence

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