Industry News
Fed: Average Interest on Auto Loans Crept Higher
-- March 09, 2010
WASHINGTON, D.C. — After remaining low for much of 2009, the average interest rate on new-car loans at auto finance companies crept up to ... [ Full Story ]
Fitch: Seasonality Drives Up Prime Auto ABS Losses
-- March 09, 2010
NEW YORK — Fitch Ratings recently reported that seasonal weakness pushed up U.S. prime auto loan asset-backed securities' losses slightly higher in January, compared to prior months. However, the company did share ... [ Full Story ]
ABI: 2009 Bankruptcy Totals Rise Significantly
-- March 09, 2010
ALEXANDRIA, Va. — The American Bankruptcy Institute recently shared data from the Administrative Office of the U.S. Courts that confirmed a sharp rise in total bankruptcy filings last year. The 2009 bankruptcy total jumped ... [ Full Story ]
DRN Offers Financing for Recovery Agencies
-- March 09, 2010
FORT WORTH, Texas — Digital Recognition Network recently entered into a partnership with newly created DRN Financial in order to offer affordable financing terms to repossession-related companies that wish to acquire its license plate recognition technology. Officials believe that the new financing offered by DRN Financial can ... [ Full Story ]
Experian Reviews Auto Loan Trends, Including Top Lenders by Different Categories
-- March 04, 2010
ORLANDO, Fla. — Due in large part to the troubled capital markets, Experian Automotive reported that captives lost a relatively large share of outstanding loan balances in the third quarter of last year, compared with the third quarter of 2008. In fact, captives were down ... [ Full Story ]
Westlake Financial Gains New Credit Facility to Add Sales Reps, Further Assist Dealers
-- March 04, 2010
LOS ANGELES — Westlake Financial Services announced this week that it now has a new revolving securitization from Wells Fargo Preferred Capital. The facility, which will be ... [ Full Story ]
Finance Express Teams with Wachovia Dealer Services to Broaden Platform
-- March 04, 2010
RANCHO SANTA MARGARITA, Calif. — Finance Express, a provider of Web-based financial services and technology for independent dealerships, announced recently it has added Wachovia Dealer Services to its platform. Company officials stressed that the addition is ... [ Full Story ]
Mercedes-Benz Financial Expands Mobile Platform
-- March 04, 2010
FARMINGTON HILLS, Mich. — Thanks to a new offering from Mercedes-Benz Financial, its customers can now access personalized account management features using ... [ Full Story ]
AmeriCredit Increases and Extends Warehouse Credit Facility
-- March 02, 2010
FORT WORTH, Texas — AmeriCredit Corp. announced Monday that it has expanded and extended its warehouse credit facility. The borrowing capacity available under the facility has now increased to ... [ Full Story ]
TransUnion: 4Q National Auto Loan Delinquency Rate Flat
-- March 02, 2010
CHICAGO — In a positive turn for auto lenders, TransUnion's quarterly analysis determined that the latest reading on the national 60-day auto delinquency rate — which is the ratio of loan borrowers 60 or more days past due — showed ... [ Full Story ]
GMAC Completes Sale of Insurance Business
-- March 02, 2010
DETROIT — GMAC Financial Services announced Monday that it has completed the sale of its U.S. consumer property and casualty insurance business. The company noted that its dealer-related insurance business ... [ Full Story ]
ABI Notes Continuing Rise in Consumer Bankruptcies
-- March 02, 2010
ALEXANDRIA, Va. — The American Bankruptcy Institute determined Tuesday that 111,693 consumer bankruptcies were filed in February, according to data the firm reviewed from the National Bankruptcy Research Center. Institute officials calculated that last month's total represented a ... [ Full Story ]
GMAC: IPO Could Be Possible in Next Two Years
-- February 25, 2010
WASHINGTON, D.C. — As GMAC's chief executive officer and chief financial officer get ready to testify before a Congressional Oversight Panel today, the executives said in prepared remarks that if GMAC had not received access to government funds that many GM and Chrysler dealers would not have ... [ Full Story ]
Wachovia Dealer Services to Become Wells Fargo Dealer Services
-- February 25, 2010
SAN FRANCISCO — Wachovia Dealer Services is changing its name to Wells Fargo Dealer Services on ... [ Full Story ]
CNW: Lease Penetration to Reach 25 Percent This Year
-- February 23, 2010
BANDON, Ore. — Reviewing both open and closed-end leases from dealers and third-party lessors, such as banks, CNW Research discovered that the automaker with the largest market share is ... [ Full Story ]
DealerTrack to Host Free Webinar Thursday
-- February 23, 2010
LAKE SUCCESS, N.Y. — DealerTrack will be hosting a Webinar on Thursday to highlight and discuss all its new offerings which were unveiled at ... [ Full Story ]
AVAbahn Integrates Wolter Kluwer Financial Tools into DMS
-- February 23, 2010
MINNEAPOLIS — AVAbahn, a provider of Microsoft-based solutions and services for dealers, recently announced it is incorporating Wolters Kluwer Financial Services' vehicle retail installment contracts and ... [ Full Story ]
How Did BHPH Dealers Fare in 2009?
-- February 18, 2010
HOUSTON — As I reviewed the year-end results of buy-here, pay-here operators throughout the nation, I noticed that 2009 produced some diverse results. Although my analysis ... [ Full Story ]
Zoombak to Improve Tracking via Cell Tower Data
-- February 18, 2010
NEW YORK — This morning, Zoombak announced the coming launch of Locate Assist, which by utilizing cell tower data gives dealers another way of ... [ Full Story ]
NAF Association to Host Webinar with Experian
-- February 18, 2010
HANOVER, Md. — The National Automotive Finance Association revealed plans for a Webinar featuring Melinda Zabritski, director of automotive credit for Experian Automotive. The Webinar titled, "A Special Review of the Below-Prime Automotive Finance Market," is scheduled for ... [ Full Story ]