Industry News
SBA Kicks Off Floor Plan Program for Dealers
-- July 02, 2009
WASHINGTON, D.C. — Starting on Wednesday, auto, RV and other dealerships could start applying for Small Business Administration-guaranteed dealer floor plan financing, which can make ... [ Full Story ]
BHPH Dealers Discuss Best Practices, Alternatives to Repossession
-- July 02, 2009
ORLANDO, Fla. — As an eroding economy impacts businesses and car shoppers across the board, many buy-here, pay-here dealers are often faced with the challenge of customers not being able to make their payments. But many times, there are alternatives to ... [ Full Story ]
TransUnion Launches New Tools for Dealers, Lenders
-- July 02, 2009
CHICAGO — In response to auto-loan delinquencies growing by more than 27 percent over the last year, TransUnion has launched new tools to help dealers and lenders better ... [ Full Story ]
NVCP Partners with Driveway Financial to Bring More Lenders to Dealers
-- July 02, 2009
COLLEYVILLE, Texas — The National Vehicle Certification Program Group announced it has partnered with Driveway Financial Services to bring additional lenders to independent and franchised dealers currently ... [ Full Story ]
Hyundai Adds New Perk to Assurance Program
-- June 30, 2009
FOUNTAIN VALLEY, Calif. — In an effort to drive sales by enticing buyers, Hyundai announced it has added to its Assurance program by now guaranteeing ... [ Full Story ]
GMAC Says Some Chrysler Dealers Not Meeting Credit Requirements for Long-Term Wholesaling
-- June 30, 2009
DETROIT — As many are aware, GMAC recently struck a deal to help Chrysler dealers; however, some of these dealers are being left out in the cold because they do not meet credit requirements. GMAC confirmed late last week that not all Chrysler dealers who were ... [ Full Story ]
DealerTrack Hits New Milestone for In-Network Financing Sources
-- June 30, 2009
LAKE SUCCESS, N.Y. — DealerTrack announced on Monday that the number of active financing sources connected to its network has now reached ... [ Full Story ]
CAR Financial Names New Territory Manager
-- June 30, 2009
ATLANTA — CAR Financial Services recently announced the addition of a new executive in the role of territory manager. Taking on this position is ... [ Full Story ]
AR/SubPrime Call for Nominations for Special Feature
-- June 25, 2009
CARY, N.C. — SubPrime Auto Finance News' sister publication, Auto Remarketing, is seeking nominations to recognize top companies, including lenders, floor planners and other subprime companies, for a feature in an upcoming edition of the magazine. The deadline is Monday ... [ Full Story ]
Credit Union Network Joins AppOne
-- June 25, 2009
BATON ROUGE, La. — Wolters Kluwer Financial Services announced Wednesday that Credit Union Acceptance Co., a credit union service organization that represents 130 credit unions in the indirect auto finance market, has ... [ Full Story ]
Wells Fargo Provides Revolving Credit Facility to CarBiz
-- June 25, 2009
DES MOINES, Iowa — Wells Fargo Preferred Capital announced it recently provided a revolving credit facility to CarBiz. The amount of the facility is ... [ Full Story ]
MADA Endorses Reynolds' 556 LAW Contract
-- June 25, 2009
DAYTON, Ohio — Reynolds and Reynolds announced Wednesday that the Michigan Automobile Dealers Association is endorsing the its LAW 553 Universal Retail Sale Contract to the more than ... [ Full Story ]
Group 1 Trims Ford Credit Floor Planning Facility
-- June 23, 2009
HOUSTON — Group 1 Automotive announced Monday that it has reduced the borrowing capacity under its credit arrangement with Ford Motor Credit Co. for floor plan financing to ... [ Full Story ]
VW Credit Now Offers Personalized Sites for Lessees
-- June 23, 2009
SAUSALITO, Calif. — ChannelNet, a leading provider of multichannel solutions for the auto and financial services industries, announced Volkswagen Credit has expanded its use of personalized sites to include all customers in its lease portfolio. First launched in ... [ Full Story ]
Triad Financial Partners with Windsor Group
-- June 23, 2009
NORTH RICHLAND HILLS, Texas — Triad Financial and Windsor Group recently announced a partnership to grow Triad's third-party servicing business, which supports finance companies, banks, investors and dealers. Windsor, a leading skip trace and ... [ Full Story ]
Credit Acceptance Lengthens Maturity of Credit Facility
-- June 23, 2009
SOUTHFIELD, Mich. — Credit Acceptance Corp. recently announced that it has extended the maturity of its credit facility with a commercial bank syndicate from June 22, 2010 to June 23, 2011. The amount of the facility was reduced from ... [ Full Story ]
Capital One: First-Time Car Buyers More Likely to Pay Cash
-- June 18, 2009
McLEAN, Va. — In an interesting twist, the number of recent graduates who told Capital One Auto Finance that they would pay for their first car in cash almost ... [ Full Story ]
Pelican Resource Group Introduces Subprime Program for Dealers
-- June 18, 2009
CHERRY HILL, N.J. — Earlier this week, Pelican Resource Group announced that franchised and independent dealerships looking to move excess used and wholesale inventory now have the option of a comprehensive program to help them increase sales and generate cash. To serve these dealers, the company has introduced ... [ Full Story ]
Wolters Kluwer Launches Indirect Lending Unit
-- June 18, 2009
MINNEAPOLIS — Wolters Kluwer Financial Services announced on Wednesday that it has formed a new Indirect Lending business unit to strengthen its commitment and expand its reach across .... [ Full Story ]
CarBiz Acquires Star Financial
-- June 18, 2009
SARASOTA, Fla. — In a move to expand its role in the buy-here, pay-here industry, CarBiz announced it has acquired Star Financial Services, which ... [ Full Story ]