ONLINE SCAM TARGETING CANADA

Online Scam Targets Canada from Oklahoma OMVIC, the regulator of motor vehicle sales in Ontario, has been alerted by the Oklahoma Used Motor Vehicle and Parts Commission (UMVPC), of a potential online scam specifically targeting Canadian car buyers. UMVPC alleges Ambient Auto Center of Oklahoma City advertises on the Canadian sites of Autotrader, Wheels, E-bay, Craigslist, Kijiji and Autocatch: their ads offer high-end late model vehicles at prices that may be too good to be true'. UMVPC said Ambient's website became active in October and yet they are not a licensed dealer. A review of Ambient Auto Center's website finds claims of "hundreds of used exotic vehicles" for sale and "award-winning service", and they offer to "ship world wide." The dealership has no physical presence and the advertised address is, in fact, an empty cornfield next to a warehouse owned by the State of Oklahoma.

AUTO LOAN MODIFICATIONS RIPOFF'S

The Federal Trade Commission put a stop to a California-based auto loan modification operation that settled the regulator's charges after allegedly deceiving consumers with false promises that it could get auto loans modified and stop cars from being repossessed. Patrick Freeman, the sole owner of the Hope for Car Owners operation, has agreed to a settlement with the FTC that bans him from marketing auto loan modifications and any other debt relief services. Freeman's company is in default. In April 2012, the FTC alleged that Hope for Car Owners, LLC and Freeman charged hundreds of dollars in up-front fees, based on bogus promises that they could reduce consumers' monthly car loan payments and help avoid repossession of their vehicles. The agency alleged that the defendants' websites and telemarketers promised consumers substantially lower monthly payments. According to the FTC, the defendants collected hundreds of dollars in up-front fees and told the consumers to stop paying their auto lenders, which often left them in worse shape than when they began, and increased the risk that their vehicles would be repossessed. The FTC also alleged that once the up-front fees were collected, the defendants did nothing to obtain the promised loan modifications, and consumers who tried to get refunds were denied. In one case, for instance, Hope for Car Owners took $400 from a consumer and told her not to make any more payments on her vehicle, according to the FTC. The consumer followed the defendants' instructions, and her lender soon informed her that her vehicle was going to be repossessed. Under the settlement order, Freeman is prohibited from making misrepresentations about financial products and any other product or service. He also is required to back up any claims about the benefits, performance, or efficacy of any product or service, and to destroy customer information obtained by the loan modification scheme within 30 days after the settlement order takes effect. The settlement also imposes a $362,388 judgment, which will be suspended due to Freeman's inability to pay. If it is later determined that the financial information Freeman provided to the FTC was false, the full amount of the judgment will become due. The FTC has a new video warning car ownersto avoid businesses that charge a fee in exchange for a promise to lower car monthly car payments, and in some cases, help stop repossession. As the video points out, consumers who have trouble making their monthly car payments should contact their lenders directly. Consumers also can read "Ads for Auto Loan Modifications: You May Be Able to Drive a Better Deal with Your Lender."

SANDY: DRIVES USED CAR PRICES HIGHER

Edmunds.com the car-buying guide predicts hkes of as much as $700. to $1,000 on some makes and models of used cars, trucks, and suv's. Considering that most new and used car dealers make the bulk of their profits from January-May when tax refund checks arrive in the mail now is the time of year they are searching for inventory. Flooding, and other damages from the massive weather system destroyed approximately 100,000 vehicles according to the National Automobile Dealers Association. Fewer, cars on the road means fewer cars to be traded in for a newer model. Sandy's supply squeeze comes at a time when most used car prices have been rising by at least 20% over the past (3) years according to the NADA. Consumers have been holding on to their vehicles partly because of tough economic conditions and partly because of stiff credit requirements that often times will not allow their loans to be approved due to length of time on the job past credit problems. It used to be the average family traded cars every 3. to 5 years. Currently, families often wait 4 to 7 years and the trade'in has very little or no value. The forces the dealership to allow very little trade'in allowance forceing the consumer to borrow more money and have a higher monthly payment. It seems like the perfect storm for used car dealers based on supply and demand but even dealers are having a tough time finding excellent low mileage vehicles for resale. Stephen C. Webb owner of Stevescars.com owns a small used car lot in Paducah, Kentucky. He has resorted to combing police impound auctions seeking vehicles that have been impounded by law enforement agencies and reselling them on his lot of 15 years. He recommends when purchaseing a used vehicle spend the 45.00 and order a vehicle history report to check for flood damaged vehicles. Finally, some used car analysts recommend this could be the time to buy new. The difference in the monthly payment not to mention a new car warranty often times make the savvy consumer to purchase a more up-to-date vehicle with all of the new gadgets and toys installed.

WHOLESALE PRICES RISING ON USED CARS

Average wholesale used vehicle prices reversed the general softening they have shown since spring and rose significantly In October. When looked at on a weekly basis during the month of October, prices were actually declining during the first half of the month, but more than made up for lost ground during the second half of the month, according to ADESA Analytical Services. According to ADESA Analytical Services' monthly analysis of wholesale used vehicle prices by vehicle model class, wholesale used vehicle prices in October averaged $9,742 - up 2 percent compared to September and down 1.4 percent compared to October 2011. Prices for trucks were up more than those for crossovers and cars, as they have already taken a hit from higher gas prices over the past few years. The Openlane U.S. market index, which is based on data from the ADESA Openlane online marketplace, also rose by 2 percent month-over-month. Prices for used vehicles remarketed by manufacturers fell by 0.2 percent month-over-month in October, but were up 2.2 percent year-over-year. Fleet-lease consignors experienced a 2.6 percent decrease in October, leaving prices down 0.7 percent year-over-year. Dealer consignors saw a 0.5 percent average price increase versus September, resulting in prices being down 0.9 percent versus October 2011.

FEW BUYING INCENTIVES FOR CAR PURCHASE

Automotive incentives shrank again in October, even as dealerships continue to ring up healthy sales numbers. According to Edmunds.com's True Cost of Incentives report, the auto industry spent $2,124 per vehicle in October, down 3.3 percent from September and down 1.4 percent from October 2011. Edmunds.com reported in September that incentives fell for the first time in five months, even as the auto industry produced its best monthly SAAR of the year. Just last week, Edmunds.com projected that October will deliver the second-highest monthly SAAR of the year at 14.8 million light vehicles, a figure that ultimately may be affected slightly by the damage caused by Hurricane Sandy along the Mid-Atlantic seaboard. Ford was the only manufacturer out of the top six auto companies to increase its month-to-month incentive spending in October. The Detroit automaker's incentive spending climbed 2.7 percent from September to $2,788 per vehicle. Honda's incentive spending fell the most of any major automaker, sliding 15.6 percent from September.

WHAT COLOR OF CAR SHOULD YOU BUY

PPG Industries reports that the top color of choice for cars is white. According to PPG's annual survey of global color popularity, white ranked first (22 percent) and silver was second (20 percent). They were followed by black (19 percent), gray (12 percent), red (9 percent), natural (8 percent), blue (7 percent), green (2 percent) and other colors (1 percent). PPG's annual automotive color popularity and trend data also forecasts that the overall use of color is on the rise. "Our consumer research has clearly shown that color is critically important to car buyers," said Jane E. Harrington, PPG manager, color styling, automotive OEM coatings. A 2011 survey of automotive consumers by PPG revealed that: 77 percent of respondents said exterior color was a factor in their automotive purchase decision; owners of large luxury cars, sporty cars and large premium SUVs place the most value on getting the color of their choice; and 45 percent of respondents said they would prefer a wider range of color choices. In addition to color trend forecasting, PPG continues to develop paint technologies that offer automotive design options for enhancing appearance and helping automobile manufacturers differentiate their brands, according to Harrington. "For example, metallic flake effects have become increasingly popular. A classic color such as blue can be updated with a high-sparkle glass flake or a fine bright aluminum to create more of a liquid or silk appearance." Regional details regarding PPG's 2012 automotive color popularity data show that in North America, white ranks first (21 percent), followed by black (19 percent), silver and gray (16 percent each), red (10 percent), blue (8 percent), natural (7 percent) and green (3 percent). Other Top NewsNow Stories Company Reveals Online Shopping Trends Sonic Reaffirms Full Year Guidance

MORE CAR SHOPPERS USE MOBILE DEVICES

The Old days of combing newspaper ads and spending the weekends traveling from dealership to dealership are completely over. The new consumer uses smartphones, tablets, and websites to compare prices, warranty information and rebates to vehicle buyers. The majority of buyers shop from home and buy within one week of online shopping. The digital experience and dealer interaction is very important and general speaking dealers with out of date websites and slow moving websites are going to miss the boat in sales and and customer satisfaction. Inventory selection, brand and model selection all play into the overall end of the month tally as to whether your lot makes the sale or the guy 25 miles down the road gets the business. Digital presence and price seem to be the big big concerns of the new car buyer. Manufacturer websites rank higher than the local new dealership.