Industry News
DealerTrack Trims Employee Count, Including Senior Execs
-- January 06, 2009
LAKE SUCCESS, N.Y. — On Monday, DealerTrack announced a realignment of its work force, which includes reducing the work force by approximately 90 people, or 8 percent, in addition to trimming several executive and ... [ Full Story ]
Wells Fargo Cuts 53 Employees at Arizona Auto Loan Center
-- January 06, 2009
SAN FRANCISCO — As part of its anticipated merger with Wachovia, Wells Fargo confirmed that 53 employees at its auto loan center in Tempe, Ariz., were cut. As earlier ... [ Full Story ]
GMAC Expands Credit Spectrum of Auto Financing
-- January 06, 2009
DETROIT — GMAC Financial Services announced it has resumed auto financing for a broader spectrum of U.S. customers as a result of expanded access to funding as a bank holding company. The company said it has modified its credit criteria to include ... [ Full Story ]
Annual Consumer Bankruptcies Climb by Double-Digits
-- January 06, 2009
ALEXANDRIA, Va. — According to the American Bankruptcy Institute, which relies on data from the National Bankruptcy Research Center, U.S. consumer bankruptcy filings jumped by nearly ... [ Full Story ]
SubPrimeNews.com Continues Double-Digit Growth, Names Top 15 2008 Articles
-- December 16, 2008
CARY, N.C. — Along with sharing the top 15 most-read online stories of 2008 and site growth statistics, the SubPrime Auto Finance News staff wishes all its readers a wonderful holiday season. After today ... [ Full Story ]
TransUnion.com: Annual 60-Plus Day Auto Delinquency Climb to Continue
-- December 16, 2008
CHICAGO — On Monday, TransUnion.com released its third-quarter analysis of auto lending trends. TransUnion.com found that the national 60-day auto delinquency rate ... [ Full Story ]
AmeriCredit Names New Board Director
-- December 16, 2008
FORT WORTH — AmeriCredit recently announced a new member to its board of directors, in addition to retiring $108 million of senior notes due 2015. Becoming a board director is ... [ Full Story ]
Wachovia Dealer Services, Wells Fargo Auto Finance Announce Details of Integration
-- December 11, 2008
Wells Fargo alerted team members and dealers yesterday that Wachovia Dealer Services will take over the indirect auto lending business for Wells Fargo after the merger between the two companies, which is expected by year's end. The combined business will be led by ... [ Full Story ]
CitiFinancial Auto Announces Some Operational Shifts
-- December 11, 2008
IRVING, Texas — CitiFinancial Auto has undergone some restructuring of late in response to the ongoing difficult sales environment. Kim Pulliam, senior vice president at CitiFinancial Auto, told SubPrime Auto Finance News this morning that ... [ Full Story ]
Fitch Predicts Bleak Outlook for U.S. Auto Companies
-- December 11, 2008
CHICAGO — Offering its take on what the auto industry can expect in 2009, Fitch Ratings reported this week that sales are expected to decline by about 10.7 percent from 2008. Playing a part in this decline is the "rationing of credit" by ... [ Full Story ]
Kbb.com Now Offers Credit Reports for Consumers
-- December 11, 2008
IRVINE, Calif. — Kelley Blue Book announced today that site visitors can now access their personal credit reports on kbb.com via an agreement with ... [ Full Story ]
GMAC May Withdraw Bank Application; Credit Unions Partner to Help GM Move Vehicles
-- December 11, 2008
NEW YORK — GMAC Financial Services' management team announced that it may withdraw its application to become a bank holding company due to an inability to ... [ Full Story ]
PassTime Launches New Company Via Joint Venture
-- December 09, 2008
LITTLETON, Colo. — PassTime announced that it has formed a joint venture with the ... [ Full Story ]
NABD Releases Preliminary Agenda for Annual Conference
-- December 09, 2008
HOUSTON — The National Alliance of Buy-Here, Pay-Here Dealers announced the preliminary agenda for its 11th Annual National Buy-Here, Pay-Here Conference to be held ... [ Full Story ]
VINtek Can Help Lenders Gain Current LTV Measurements
-- December 09, 2008
PHILADELPHIA — VINtek, a provider of automotive collateral management services and direct auto finance solutions for banks, credit unions and other automotive finance lenders, announced an increase in ... [ Full Story ]
Finance Express Offers Dealers More Options
-- December 09, 2008
RANCHO SANTA MARGARITA, Calif. — Finance Express recently announced that dealers can now post inventory to ... [ Full Story ]
J.D. Power Ranks Lenders by Consumer Satisfaction
-- December 04, 2008
WESTLAKE VILLAGE, Calif. — Releasing its 2008 Consumer Financing Satisfaction study today, J.D. Power and Associates reported that two import financial arms and one domestic captive took top honors in the various segments analyzed. More specifically ... [ Full Story ]
GMAC Canada Discusses Impact of Tighter U.S. Credit Markets, More
-- December 04, 2008
TORONTO — As parent company GMAC Financial Services applies to become a U.S. bank holding company, GMAC of Canada discussed how this move could impact the Canadian industry in a positive way and also shared ...
[ Full Story ]
AWARE: Military Members More Prepared, Satisfied with Auto Financing Process
-- December 04, 2008
WASHINGTON, D.C. — Military members know the value of preparation, and they use that knowledge when financing a vehicle, which generally leads to higher satisfaction, according to a recent survey by Americans Well-informed on Automobile Retailing Economics. Apparently, military members ... [ Full Story ]
Reaction Mixed to Treasury's TALF Program
-- December 02, 2008
NEW YORK — According to U.S. Structured Finance, initial market reaction to the U.S. Treasury's recently introduced TALF program is mixed. Basically, one of the goals of this new program is to make ... [ Full Story ]