INSANE Car Market FRAUD | Lenders COLLAPSE | Episode 985
Annotations will appear as you listen
0:00
31:17
Term
power booking
Dealers sometimes exaggerate a car’s value on loan documents to get better loans. They claim the car has extra parts that might not be there.
Part
moonroof
A moonroof is a glass window in the car’s roof that you can open to let light or fresh air inside.
Part
leather interior
Leather interior means the car’s seats, steering wheel, and other inside parts are covered in leather, giving a more upscale look.
Concept
trim levels
Trim levels are like different editions of the same car, each with its own set of features and price. One might have more gadgets or nicer seats than another.
Company
Tri-Color
Tri-Color is a company that sells used cars. They have many stores across the U.S., and people often buy or sell vehicles through them.
Brand
Jeep
Jeep makes cars that are good for off‑road driving, like the Wrangler and Grand Cherokee.
Term
auto finance
Auto finance is how people get money to buy a car, usually through loans or leases.
Company
Carfax
Carfax is a service that gives you a report about a used car’s past, like how many times it was owned or if it had any accidents.
Term
odometer rollback
Odometer rollback means someone has changed the number on a car’s mileage gauge to make it look like the car has driven less than it really has.
Concept
pre-purchase inspection
Before you buy a used car, have someone look it over to make sure everything works right and there are no hidden problems. This can save you money and headaches later.
Term
electric vehicle
An electric vehicle runs on electricity instead of gasoline. It charges from a power outlet and doesn’t produce exhaust fumes.
Brand
Porsche
Porsche makes fancy cars that are fast and fun to drive. They’re famous for models like the 911 and Cayenne.
Part
power seats
Power seats let you change where the seat sits with a button, so it’s easier to get into the car and sit just right.
LIVE
Chevron with Tecron provides unbeatable mileage and possibilities, and no other gas cleans your engine parts better. So you can fuel up on more adventure, fuel up on more memories, or even quality time. Chevron with Tecron, fueled by possibility.
Happy Holidays! Want to give your host a gift? Consider subscribing, rating, and reviewing the show this holiday season. It really helps the show grow. From all of us at Believe, have a Merry Christmas, everyone, and a Happy Holidays!
Before Christmas, ladies and gentlemen, with your hosts me right here in Venture NZ, well working in that Ford dealership again in the Washington Metro area, How are you today Hansen?
Happy Thursday, all went to the dentist this morning, so my teeth are feeling nice and clean. My grandfather, my
feel, always feel a connection to Mr. Leonard when I'm getting my teeth cleaned.
Today's show, Dad brought to you by caredge.com.
For those of you that are unfamiliar for the past six years, my dad and I have been building,
the best way to buy a car with our incredible team, check it out caredge.com.
We continue to offer a promotion, $150 off our car buying service and 15% off car edge
pro.
We'll be talking about that later on in the show.
The big story this morning, Dad.
No, no, no, no.
The big story this morning is I believe if I remember correctly, it is exactly six years
ago to the day when we recorded our first ever video that you then edited while on an airplane
to New Zealand, if I'm not mistaken.
That is crazy.
I forgot that, yeah, it's right around this time for those of you that are curious.
I have a personal website, just my last name, Shepska.com and I write kind of didn't frequently.
I put two things up this year and a lot of my dad and I started this business and let's
go all the way back there, Dad.
Yeah.
Quitting my job, dropping out of college, somewhere in here we talk about, you know, our
first ever video and I think you're right.
We did film it around this time.
That's incredible.
Again, if you're interested in learning more of the backstory, just my last name.com and
you can read more about that.
But Dad, the other big story this morning, the reason folks tune in.
Our market fraud at levels, we have never really seen before, try color, Dad.
Their executive team is being charged with fraud.
Can you give us a little bit of a breakdown here?
What is try color?
What happened here?
And why are we now seeing a lender, this lender collapse in kind of a really catastrophic
way?
Well, try color was a purveyor of fine pre-owned cars to in particular the Hispanic community
and many Mexican immigrants, and they approved loans for customers that didn't have so
security numbers or very much in the way of documentation, and then they turned around
and they sold those loans as asset-backed securities.
All sounds reasonable until you start digging a little deeper into what it was that they
were doing.
In many cases, it is alleged, I love that word, it is alleged that oftentimes they pledged
the same collateral to two different banks for money, that right there, that's fraud.
The whole thing kind of collapsed back in September, and while the founder and owner
and many of his underlings have been charged, and in some cases, a couple cases, a couple
of the people have already pled guilty to the fraud charges that have brought this company
down.
And we're talking, it wasn't like a wee little bit of money, it was a couple billion, just
a couple billion.
And Dad, you're right, this company positioned itself, you can see here, Publicly Choo, who
is the founder, positioned the company as a socially responsible lender providing credit
to borrowers ignored by mainstream financial lenders, and often touted its certification from
the Treasury Department as a community development financial institution lending to the Hispanic
market.
Choo said in a 2019 podcast, quote, truly was a purpose to provide a better product and
better service.
The company was founded in 2007, and as you mentioned before, they were known for making
loans to undocumented immigrants regardless of who you're making the loans to.
It is kind of just like a little cherry on top here that they positioned themselves in
this way.
And then to your point, Dad, they defrauded investors, the actual banks out of billions
of dollars, my favorite line in this article, it actually talks about Dad right here, you
can see prosecutors outlined a pattern in which loans were delinquent charged off for previously
sold.
We're allegedly still reported as eligible collateral by September 2025, TriColor had pledged
about $2.2 billion in assets to lenders, although internal records showed they only had
$1.4 billion in real collateral, what's $800 million here, $800 million there?
It's only $800 million.
It's only $800 million, and then you know things are really in the pooper when you make
sure to have your CFO pay you your $15 million bonus three weeks, three weeks ladies and
gentlemen, before the company declares bankruptcy.
The one thing that Mr. Chu didn't realize is that when you do that, they can claw all that
money back because they can prove that you knew that you were going to declare bankruptcy
and that you prioritized yourself over your other lenders and so you really weren't the
priority.
It's interesting here, Dad, there are a couple ramifications for the car market, we're
going to talk about that in just a minute, but again, to just further reinforce what happened
here.
This is a dealership group that had 60 locations, all right, this was not a small operation
and again, they did their own in-house financing and that double pledging, I want to spend
a minute on here, Dad.
So prosecutors are alleging that they double pledged the auto loan collateral.
So really what does that mean?
At the end of the day, Dad, what does it mean when I'm double pledging?
It means that I've got multiple people who think that they are having their loan collateralized
by an asset, which is crazy because it can only be collateralized, well, actually cannot
can an auto loan be collateralized, collateralized by two people if you kind of disclose that,
I guess you could if you disclosed it.
Well, yeah, it can, you know, you could have the primary lender and you could add a secondary
lender, okay, but it has to be disclosed that way.
You can't say to two lenders, oh, you're both the primary lender, that is abject fraud.
Because to dumb it down, what that means is, if someone stops paying on that loan, who
gets to take the collateral?
Who gets to take the collateral if you've told two people that if the customer stops paying
on their auto loan, you get the collateral, you get the car, but then there's two people
going for the same car.
It's not a good situation.
It's a good situation until it's not, okay, everything worked until it didn't, you know,
and just between you and me and the 400 and so people watching or listening at the moment,
that's pretty much the way all Ponzi schemes work.
Everything's great until it isn't, okay?
And so, yeah, they probably got away with it for years.
And then they couldn't figure out how to keep it going because it was so fraudulent.
And so, and this is the perfect example in my opinion of how everything starts at
the top.
Every business is a reflection of the owner of that business.
And this guy allegedly was a crook, okay?
And he surrounded himself with others who were willing to be, well, crooks in order to
enrich themselves.
And it's like the old saying, a fish roch from the head.
And that's how these businesses rot like this.
It all starts with the owner.
The owner sets the culture, sets what's acceptable, decides whether or not they're going
to operate legitimately or illegitimately.
And this is just a perfect example where they looked at what was going on.
And they said, we could make ourselves a few more dollars than we're entitled to if
we do X.
And they started doing X.
Yeah, and it makes you wonder a little bit, what are the downstream consequences from
this going to be?
If you watch this channel, you know we often talk about auto loan availability, approval
rates, and auto loan delinquency rates.
So those who have taken on auto loans, how much are they, or how many of those people are
no longer making good on those payments?
The implications of this are pretty, pretty obvious that.
I mean, you've got billions of dollars in fraud here, and you've got financial institutions
that might be a little bit more reticent to actually, you know, approve auto loans or approve
these types of deals with downstream finance partners.
So I could lead to a tightening of credit availability on the other side of this, more
scrutiny at least for credit availability for auto loans.
Well, and take a look in the article.
It lists some of the major banks that worry about this.
These are not small banks, JPMorgan Chase, Barclays of fifth third bank court.
I mean, if they were on the hook for even a billion and a half of the 2.2 billion, that's
a lot of money.
Now, okay, will they be able to write those loan losses off?
I would imagine there must be some accounting practices that allow for that.
We'll increase scrutiny on how it is they approve loans and the processes and procedures
that they have in place, and we'll have federal authorities look into that to get them
to tighten up some of that so that this type of stuff can happen in the future.
That's a possibility.
Will it or could it possibly make it harder for others to get loans in the future?
Absolutely.
The effects of this could be long term for a lot of people that, excuse me, shouldn't
have been caught up in the first place.
Yeah.
Fraud, generally, will have a tightening impact on the industry as folks have to reconcile
these losses and ultimately, how did it happen?
Answer that question out.
It happened.
I think we're going to see some tightening across the board as a result of this speaking
of tightening.
The other story I wanted to say something before you know, yesterday I was having a conversation
with the attorney general's office.
I won't necessarily mention the state because I've been hired as an expert witness in a case
that they're involved in.
And we were talking about some things that go on in dealerships, one of the things that
go on in dealerships and this is exactly similar to what we're talking about here.
And that is when it comes to use cars, how the bank determines how much they're willing
to lend.
And it is based on the book value, the wholesale book value and retail book values of vehicles
and all the equipment that they have.
And in many, many cases, dealerships do what is known as power booking.
They will produce a document for the bank that shows that the vehicle is worth X because
it has a moonroof, it has leather interior, it has all types of accessories and trim levels
that, well, the idea is that the dealership is certain the bank will never know unless
of course that vehicle gets repossessed and then when it does, there's no moonroof, there's
no leather interior, it's not the trim level that the dealership said it was.
And it was really funny, one of the attorneys said, that sounds like fraud.
And I said, well, you know, I'm not the attorney here, but that doesn't sound like fraud.
It is fraud and that is unfortunately fairly common practice in the automobile industry
and the retail side of things.
And so when you see a company like Tri-Color, I can assure you that without even being
involved in this, I can assure you that if they were pledging the same vehicle to two
different lenders, they were power booking the vehicles to begin with to get the banks
to lend more money than they should have in my opinion.
And I would say that it's a pretty logical connection to make that this is probably happening
elsewhere in the auto industry too.
It's not like this is one playbook being run by one corporation, this is likely happening
elsewhere.
And so fraud goes deep and fraud ultimately is a negative thing for the market, we do
not want to see fraud anywhere.
It's good to have honest people out there that we're talking about how this could have
an impact of contracting the amount of loans that get approved.
The other thing that's contracting and I wanted to spend time on today is Cox Automotive,
which is the big, again, the huge conglomerate in the auto industry.
When you think about Cox Automotive, you need to understand that they own auto trader.
They own Central Dispatch, which is vehicle shipping and movement.
They own dealer.com.
They own dealer.
Track.
They own auto industry.
Y'all okay.
They own manhine.
They own KBB.
They own fleet services.
Next gear capital.
They own the whole freaking V auto and bin solutions.
They own the whole freaking auto industry, okay.
Oh, they don't own it all, but they're working towards it.
They're working towards it.
They came out with their 2026 forecasts.
Look at all the red on this screen, the expectation here, dad, is that a car market that retail
automotive is going to shrink going into next year.
This is not too surprising whether it be because of fraud and the contraction that we
then see on lending or more likely the affordability crisis, having a major impact on retail auto
sales.
I thought this was pretty shocking to look at that.
The industry's major public publisher saying, hey, next year is going to be a lot of red.
Quick, choose a meal deal with McValue, the five dollar McChicken meal deal, the six dollar
McValue meal deal, or the new $7 daily, double meal deal.
Each with its own small fries, drink, and four piece McNuggets, there's actually no
rush.
I'm just excited for McDonnell's for limited time only prices and the participation
for me very now, but I think I'm going to make delivery.
Man, that does not look good.
So they're expecting new car vehicle sales to drop to by what, two to four percent.
Two point four percent, yeah.
Four percent down to 15.8 million.
New retail sales.
So I guess the new sales, that included fleet.
So there's 2.7 million of fleet sales.
So the retail side of things is dropping one.
They expected to drop 1.5 million, 1.5 percent.
It is a new lease volume.
These are not, this is not good.
This does not bode well for the industry.
What was the one that had the green arrow?
I didn't get to see that.
The one green arrow we've got is the December 2026 year-over-year manheim used vehicle value
index.
They anticipate seeing a 2 percent increase in used vehicle, wholesale used vehicle values
for the month of December year-over-year, that's their expectation.
So sales down across the board and everything, whether it be retail or whether it be commercial
suit fleet and the one positive here for the industry, they think wholesale use car prices
are going to go up 2 percent.
There you go.
That's your look.
The really bad news there was the amount of decline in lease penetration and the reason
I say that's the bad news is because most of these manufacturers are hoping by subsidizing
their leases, they can make the vehicles, at least the vehicle payment more affordable
and get more people back into the market and Cox's expectation is that even through
that attempt, lease penetration is going to go down.
That does not bode well for future used car inventory, say 2 to 3 years later when these
leases come due.
No, absolutely not.
I think that it also ties in with another article that I thought would be interesting
to talk about today and then we're going to go to the chat.
Jeep focuses, here it is, Jeep focuses on simpler and cheaper to break sales slump.
It's absolutely shocking to see here.
We know that Jeep for years have jacked up, excuse me, their prices, and seen their
sales go down significantly.
This is all intertwined.
We've got the first story, which is all about fraud and auto finance and that can have
a negative impact on approvals and getting people auto loans.
The second story is obviously a whole lot of red in terms of expectations for vehicle
sales in 2026.
Why is that expectation because there's an affordability crisis and so how do manufacturers
respond?
They're focusing on simpler and cheaper to try and hopefully sell more vehicles.
I do think that this could be potentially a little too late.
The only thing we're leaving out of this conversation is the film Dumb and Dumber.
I mean, if it's, you know, yeah, I mean, there was Dumb and Dumber going, yeah, let's
just keep racing them prices, let's just keep racing those prices, but sales are declining
every year.
Keep racing those prices.
And so now, you know, well, let's turn things around.
Let's make things simpler and cheaper.
What a concept and why does it take six years of sales losses, why does it take you that
long to figure it out?
Let's do the live experiment, dad.
You know, I love doing this, heading over to caredge.com, going to click on shop new and
then let's go Jeep load, baby, there we go, we don't need to be searching nationwide,
we'll go with 100 miles, whoops, quick, refresh, there we go, um, yeah, let's see here
just the first page of results, you ready?
Yes.
$64,910 MSRP dealer advertising it for 59,000.
This next one, I really like 296 days on the market, holy cow, that thing's been sitting
for a while.
Look at this MSRP of 56,000, the dealer's advertising it for 43, 47,000, that's a reasonable
price for a vehicle.
You know, after, after yesterday's experiment with the lightings, what do you think the odds
are that that 56,000 was a 56,000?
That's this one right here.
Yeah, that $56,000 Jeep can really be had for 43.
Do you want me to, do you want me to give it a test?
Oh, that's, that's for sure.
Yeah, I mean, because what, all right, so let's give me a second, yesterday, give me
a second earpops, give me a second, all right, so we got to set up the agent to reach
out to the dealership, the MSRP of 56,455 dollars, the dealer has it advertised for 43.
Yeah, I guess we've been sitting on it for a break down, they've been sitting on it
for 296 days, car edges suggesting we shoot for 41,710 dollars.
Okay.
That's a great suggestion, my, my, my guess is you can't get that either because you
probably can't buy it for 43.
Well, I mean, just a guess.
All right.
I'm going to click me go shade now.
Yes.
All right.
Let's see.
We'll let this thing get set up.
We'll check back.
We're only on the show for another 10 or 15 minutes here, but we will check at the end
of the show to see what happens.
Let's see here.
Okay.
And this is not far from, from where you live.
No, this is really close by.
Yes.
So, so the reason I bring that up is unlike yesterday.
Yeah.
With shipping and things like that.
Yeah.
You don't have to worry about that.
They're going to go, okay, this is a local customer.
But think about it for a second here, y'all.
The headline and automotive news is we're going to go simpler and cheaper.
And what are we seeing at least from an advertising perspective?
That was what a $13,000 discount off of MSRP.
So we'll see what the actual OTTD price is here and the dealership gets back to us.
But holy cow, man.
Yeah.
So when your dealers have to take $13,000 off of MSRP for their advertised price.
Yes.
At least suggest $13,000 off in order to get somebody to click on it and to then find out
that they can't buy it for that is.
Well, let's, let's see, dead.
I mean, I appreciate where you're coming from, but let's actually see, and let's also just
double check here.
Yeah.
The negotiation strength is high, which is very clearly one where you have a ton of leverage
as the customer.
Check out the dealer website, actually, dead.
So let me scroll down here.
Let's check out the dealer website because maybe, yeah, let's see, MSRP retail bonus cash.
I don't know.
Maybe dead.
Let's see.
Let's see what happens.
I'm cautiously optimistic.
Okay.
So, so there's the national retail bonus cash, $2,500, and then another $2,000, that's $4,500,
then another $1,500, that's $6,000.
That's $6,000 of the $13,000.
Okay.
Let's see if they're going to take $7,000 off.
Let's see.
You can see here, the message is already sent to the dealership.
We submitted via the CRM on their website, as well as sending them an email, asking them
for the OTT.
So, stay tuned.
Let's see if we can get our hands on this information.
I'll be very, very curious.
Now, let's come over here to the channel.
We've had some thoughtful contributions come in from Joe.
Thank you, Joe.
Happy Hanukkah.
Yes, happy Hanukkah to all those that celebrate Apple saw sugar or sour cream on your
lot.
Yeah.
Well, I am, this is a terrible thing to say, but it's why I'm on blood pressure medicine.
Salt.
Just salt.
I love this salt.
Love that for you, dad.
Glad you're on the blood pressure medicine.
Thank you, Joe.
Thank you.
From Rich, thank you for this rich.
Really appreciate it.
Carfax.
Yeah, this is actually going to be our lead story.
Tomorrow, Carfax came out with an article that says there are 2.5 million cars in the
United States with their odometers turned back with the use of this device purchased
off the internet, grift, maybe grift, yeah, dad, we're going to be talking about that
all day tomorrow.
But it's pretty scary to see odometer rollbacks are increasing, at least that's what the Carfax
data shows.
That's scary.
We're talking about fraud today.
This is fraud, too.
Oh, yeah, that's that's that that definitely qualifies as fraud when you when you roll back
the odometer to make it appear as if there are fewer miles on your vehicle than they're
actually are.
Yeah.
And that happens more often than you think.
I'm sure you saw.
2.5 million cars out there have had a dud.
You know, I thought the digital odometers were supposed to make that a lot more difficult
to do.
But maybe apparently not here's the wonderful thing no matter what it is that the manufacturers
do when it comes to the odometers, there are people out there who will make it their
mission in life to figure out how to illegally adjust those to make it appear as if a vehicle
has fewer miles.
So there there are apparently a lot of creative people out there who take these things as a personal
challenge.
And and in many cases, they they win.
They have figured it out and it's unfortunate.
It is equally as unfortunate as when somebody ends up buying a vehicle that had been totaled
because it had been enough blood and then the title was washed to make it appear as if it
was never a total vehicle.
When there's money involved, typically you've got some creative people who want to be fraudulent
and we see that all the time in the auto industry, thus the reason to be super diligent whether
it's on the financing side, the vehicle that you're purchasing, the whole gamut, you have
to really check things out and you know, this is why for use vehicles, we always say get
a pre-purchase inspection.
There's no reason, no reason not to, not to jump back too far.
But I do want to send actually a couple of minutes on the Jeep story.
So what do you think is going to happen over at Jeep?
Obviously they're saying that they're going to push to be clear here, they're saying they're
going to push updated Cherokee, Grandwagonier and Grand Cherokee models to their dealers soon.
You know, they're going to try their best.
They're also dad now talking about the recon, which is their new electric vehicle, and maybe
they're going to make that a gas vehicle as well.
Well, if they'd like to sell it, yes.
If they wanted to sell, they will offer a gas variant of that vehicle.
One of the things that I read in the article was, they're going to cut back the number
of options that you have available as far as models within a particular product lineup.
I think what was it on the Wagon, on the, on the Wrangler, they're cutting it for 14 to nine.
On some of them, they're, I mean, one of them, they have 67 variants, 67.
Why do you need 67 variants?
And when you have as many variants as they do, you have price and cost overlap so that
it becomes virtually impossible for the customer to go, oh, jeez, do I need this or do I need
that? Or, well, why is it in the cheap one? But so, yeah, there, you know, one of the joys,
initially, when I got into the car business and I, and, and you know, I was at the ad-brony
sun, when ad-brony sun existed in the Pleasantville, New Jersey, is with, with those asian brands
and the vehicles were bring being shipped over from Japan, there were only so many ways they
could be built. You, you might have an LX, you might have a DX and LX in the EX, like Honda does.
And, and so, each one of those had its own accessory lineup. It's what, what was standard equipment
in a DX, as opposed to, well, if you move up to the LX, you get X, Y and Z plus everything
that was in the DX. So, it became simple, you know, people had like three variants to choose from
on a given model. Why suddenly we think that there has to be 50 variants for the same models
beyond me? It, it, it, it's cheaper for the manufacturer, if there's only three or four variants
within a model line. It's easier for the customer to understand when there's only three or four
options. And then, you know, some people would go, but I want, I want to be able to get more.
Well, you can't, and the reason you can't is they're building cars for 94% of the population,
and they don't care about the 6% that want to be able to, you know, build, build it exactly the way
they want it. Yeah, you know, and, and if you were part of that 6%, well, you could go by a mini,
you know, or a BMW, but, but the point is is that you don't, you don't need 50 or 60 or 70 variants.
You need three or four, and you just make it easier for everybody involved. Yeah, absolutely. It is
one of the ways that these manufacturers can make their lives easier while also reducing costs,
and ultimately providing more affordable options. And Jeep is definitely one of those brands that
is leaned into a lot of customization over the years. And now starting to roll that back a little
bit down here in the chat. Yeah, from BK. Thank you for this BK. Loving the carage AI
negotiator, learning which dealers hide massive markups in which don't, and will never buy from a
castle dealership in same markups in the least payments. It's awesome to see that people are able to
use the AI tool to be able to get pricing, be able to protect their identity, things like that.
Super cool to see how that works. Do you want to see that? If we got a quick response here
from the dealership, it's the how quickly Chris well gets back. Refresh the page.
Unfortunately, no response still from the dealership, but it's been eight minutes.
All right, so we'll have to check in. We'll have to check in probably tomorrow on tomorrow's show and
see what happens here. Again, the one that we're looking at is this particular Jeep Wrangler.
We're doing this on the heels of Jeep announcing they want cheaper price points and more affordable
vehicles. Well, this dealers had this $56,455 Wrangler four doors sport S on their lot. For almost
300 days, they have it advertised for sale $13,000 less at $43,000. Drum roll, please. What do we
think the actual outdoor price will be? Cannot wait to see that information come through. Again,
a friendly reminder folks, if me and my dad and our incredible team can help you out with anything
we'd love to go to caredge.com and click on Car Buying Service and the top navigation here to learn more
about our white glove concierge car buying service. We have a promotion running for another 20 hours
or so. And I encourage you to scroll down on this page, get a free consultation with our team and
meet our incredible concierges who work day in and day out to serve you. For those of you that are
curious, we also have Car Edge Pro, which gives you the data that we've been looking at today and
some of the negotiating tools with AI. You can check that out and dad, we've been talking about
it for weeks now. Click on insurance up in the top navigation. Can pair your car insurance quotes
and see if you can save some money. It's the best way this holiday season to put some money back
in your pocket. Do not do not just accept what you've got and not shop it. Shop your insurance
folks. It's a way to save. Let's do it. Let's let's let's all pledge to shop our insurance ladies and
gentlemen. I love it. That's my 2026 New Year's resolution for Matthew. Thank you for this Matthew.
That's right. Ray six figures, no power seats. Porsche. That seems reasonable. Come on.
There is a lot of you need power seats. You can manually adjust those seats almost equally
as well as if they were power seats. And besides, it seems, I don't know, more realistic to have
less luxury items in that portion because you're not buying the Porsche for the luxury. You're buying
it from the performance and the handling. Definitely. Definitely. All right folks, we're back with
more. We're going to be talking about that car factory report tomorrow. So please tune in. Dad,
enjoy the afternoon and the evening and look forward to seeing you again here tomorrow.
My plan is to be here, ladies and gentlemen. And thank you all for being here today. And remember
tune in again tomorrow. Tell a friend to tell a friend to tell a friend. And let's just keep as many
friends tune in as we possibly can. Quick, choose a meal deal with McValue, the five-dollar
McChicken meal deal, the six-dollar McValue deal, or the new $7 daily, double meal deal.
Each with its own small fries, drink, and four-piece McNuggets, there's actually no rush.
I'm just excited for McDonald's. For a limited time only, parts of the participation
may vary, not bad, but for McDelivery. Looking for the ultimate car talk,
welcome up for Carcast, the podcast that blends horsepower, insider knowledge, and big personalities.
Join me, moderator Matt DeAndrea, along with Edmunds.com, editor-in-chief,
Alistair Weaver, and WWE Hall of Famer, Bill Goldberg. As we dive into the latest rides,
car culture, and behind-the-scenes stories, you won't hear anywhere else.
From track-tested reviews to legendary car collections, this is where passion meets performance.
Subscribe to Carcast now on Apple podcasts, Spotify, or wherever you get your podcasts.
If you like the show, please take a moment to rate, review, and subscribe.
It really does help the show to grow. Thank you for listening.
About this episode
The episode dives into the shocking collapse of TriColor, a car dealership group accused of massive fraud involving double pledging of auto loan collateral. Hosts discuss how this scandal has led to lender collapses and potential long-term impacts on the auto market, including tighter credit availability. They also touch on the broader implications for car sales, as Cox Automotive forecasts a decline in new vehicle sales due to an affordability crisis. The conversation highlights the interconnectedness of fraud, lending practices, and market trends in the automotive industry.
Original notes
Today on CarEdge Live, Ray and Zach discuss the latest news from auto finance where a lender has been dealing with fraud. Tune in to learn more! Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com
for information about our collection and use of personal data for
advertising.
CarEdge Live
Ray and Zach Shefska, Bleav
0:00
31:17