E-NEWSLETTER

F&I sits down with the three executives who have taken the reigns of the combined dealer services groups of Wachovia and Wells Fargo. Hear what they have to say about the current market conditions and Wachovia officially taking on the stagecoach name.

Tags: FLOORPLAN FINANCING, Small Business Administration, subprime, Wachovia Dealer Services, WELLS FARGO

Carbiz Inc. has officially ceased operations, according to documents filed with the Securities and Exchange Commission. The news follows months of uncertainty for the buy-here, pay-here (BHPH) dealer group, which operated 25 stores in nine states.

Tags: Carbiz Inc., SEC, WELLS FARGO

General Motors announced last Friday that it intends to reinstate more than half of the dealers appealing the loss of their franchise agreements, a day after two U.S. Congressmen sent a strongly worded letter asking GM and Chrysler to stop awarding new franchises in areas where dealers are awaiting arbitration hearings.

Tags: Chrysler, General Motors

New technologies, such as blogs and chat rooms, are enticing consumers to consider a new-car purchase, according to a recent study by CNW Market Research.

Tags: social media

Open Dealer Exchange LLC has acquired the Provider Exchange Network (PEN) from MenuVantage LLC.

Tags: F&I products, MenuVantage

Responding to a question about whether the pickup in activity among captive lenders during the second half of the year was the driving force behind DealerTrack’s deal with GMAC, Mark O’Neil, the company’s chief executive, said the timing of the Jan. 10 announcement was only coincidental.

Tags: DEALERTRACK

Next Generation Dealer Services (NGDS), a technology company focused on the auto industry, has launched a social media report for dealers.

Tags: social media

Warrantech Corporation, an independent provider of service contracts and aftermarket warranties for the automotive industry, named the top three Asian, domestic and European vehicles in its 2009 performance reliability study.

Tags: automotive warranty, service contracts

Mercedes-Benz Financial is enhancing its lease vehicle turn-in process, called First Class Finish, by providing new software for its dealers hand-held Dynamic PDA (personal data assistant).

Tags: leasing, Mercedes-Benz Financial

Finance Express, a provider of Web-based financial services and technology for independent dealerships, announced today that it has added Wachovia Dealer Services to its platform.

Tags: Finance Express, independent dealers, loan platform, Wachovia Dealer Services

AVAbahn, the North American provider of Microsoft-based solutions and services for automotive retailers, is incorporating Wolters Kluwer Financial Services’ motor vehicle retail installment contracts and DocOne printing engine into the Dealer Management System for Microsoft Dynamics AX (MSDMS).

Tags: retail installment contracts, Wolters Kluwer Financial Services

Chrome Systems Inc., a subsidiary of DealerTrack Holdings Inc., is now providing a vehicle comparison Website shopping tool for the BMW USA Website.

Tags: DEALERTRACK, Website tools

The Asset Protection Division of Protective Life Insurance Company, a wholly-owned subsidiary of Protective Life Corporation, has formed a partnership with MAPFRE Asistencia, a subsidiary of MAPFRE S.A.

Tags: Protective, REINSURANCE, VEHICLE SERVICE CONTRACT

Wolters Kluwer Financial Services announced today that MB Financial Bank has joined its AppOne platform to automate and help simplify loan processing for motorcycle dealers.

Tags: indirect lending , motorcycle loans, Wolters Kluwer Financial Services

Western Sierra Acceptance Corp. (WSAC), a consumer lender based in Northern California that specializes in automotive financing, appointed Candice Uhl as vice president of business development.

Tags: Western Sierra Acceptance Corp.

Toyota Motor Corp.’s monthly sales were down 9 percent in February, and the automaker has launched a nationwide zero percent financing campaign in an effort to reverse the trend.

Tags: manufacturer incentives, monthly sales, Toyota

AmeriCredit Corp. announced Monday the expansion and extension of its warehouse credit facility to $1.3 billion, which includes commitments from eight lenders.

Tags: AmeriCredit, credit facility

VinSolutions, an automotive software provider, has integrated access to Carfax across its MotoSnap customer relations management platform.

Tags: automotive software, CARFAX, customer relations management, vehicle history report, VinSolutions

NowAuto Group Inc. announced its fiscal 2010 second quarter results, noting improvements in charge-off and default rates and a net investment increase of 19 percent over the past two quarters.

Wednesday marked the beginning of a new chapter for one General Motors-controlled brand and the end of the line for another.

Tags: General Motors, Hummer, Saab

General Motors Vice Chairman Robert A. Lutz will retire effective May 1, 2010, capping a 47-year career in the global auto industry that included senior leadership positions at four of the world’s leading automakers.

Tags: General Motors

Lending to the nation’s 17,000 franchised dealers to purchase new- and used-vehicle inventory continues to lag, making it a top issue for the National Automobile Dealers Association (NADA). The dealer association said that a hearing on Feb. 25 by the Congressional Oversight Panel on the Troubled Asset Relief Program (TARP) highlights the ongoing need to provide more liquidity for auto business lending.

Tags: Federal Reserve, FLOORPLAN FINANCING, NADA, Small Business Administration, TALF, TARP

Westlake Financial Services, a full-spectrum indirect auto finance company, received a new $100 million revolving securitization facility from Wells Fargo Preferred Capital. The facility will be funded through a Westlake subsidiary, Westlake Funding III, and has a maturity of three years.

Tags: credit facility, WELLS FARGO, Westlake Financial Services

Toyota’s announcement of zero-percent financing and special lease deals generated nearly a 40 percent spike in purchase intent by visitors to Edmunds.com.

Tags: consumer purchase intent, manufacturer incentives, Toyota

Congressmen Pete Hoekstra of Michigan and Steven LaTourette of Ohio have sent a strongly worded letter to General Motors Corp. Chairman Ed Whitacre and Chrysler LLC CEO Sergio Marchionne, asking the OEM heads to halt new franchises in markets where formerly franchised dealers are awaiting reinstatement hearings.

Tags: Chrysler, General Motors