E-NEWSLETTER

NADA University announced it is now offering all of its legal and regulatory webinars — live and on-demand — at no cost to NADA and American Truck Dealer members and their staffs.

Tags: Credit Scores, FEDERAL REGULATION, financial regulation, FLOORPLAN FINANCING, LEGAL, NADA University, Red Flags Rule, risk-based pricing rule, training, Web tools

Manheim announced it has completed its planned purchase of Dealer Services Corporation, a used-vehicle floorplan company for independent dealers that’s based in Carmel, Ind.

Tags: acquisition, Dealer Services Corporation, FLOORPLAN FINANCING, Manheim, used vehicles, used-vehicle financing

General Motors Co. and Wells Fargo & Co. announced a long-term partnership to offer financing to Chevrolet, Buick, GMC and Cadillac dealers and retail customers in GM’s West marketing region.

Tags: Buick, Cadillac, Chevrolet, dealer financing, finance, FLOORPLAN FINANCING, General Motors, GMC, new-vehicle financing, retail financing, Wells Fargo, wholesale financing

GM Financial announced it has chosen DataScan Technologies LLC as its systems provider for the captive’s Commercial Lending Services business.

Tags: commercial financing, DataScan, FLOORPLAN FINANCING, GM Financial

Asbury Automotive Group Inc. announced that it has entered into a $900 million credit facility that will provide up to $625 million for new-vehicle inventory floorplan financing and up to $100 million for used vehicle inventory floorplan financing.

Tags: Asbury Automotive, credit, FLOORPLAN FINANCING, new-vehicle financing, used-vehicle financing

GM Financial will become a player in the commercial lending segment by the end of the first quarter 2012, according to statements made yesterday by the company’s president and CEO, Dan Berce.

Tags: captive finance, commercial financing, FLOORPLAN FINANCING, GM Financial, subprime

Lithia Motors Inc.’s new $200 million three-year revolving syndicated credit facility will provide $100 million for new-vehicle floorplan financing and $100 million for general corporate purposes.

Tags: Banks, credit, FLOORPLAN FINANCING, Lithia Motors

Group 1 Automotive’s syndicated credit facility will provide $1.1 billion for inventory floorplan financing and $250 million for working capital, acquisitions and general corporate purposes.

Tags: credit, finance, FLOORPLAN FINANCING, Group 1 Automotive

General Motors Co. said it plans to launch this year a pilot program through its captive lender, GM Financial, to make loans to dealers to buy new vehicles from the company.

Tags: Ally Financial, FLOORPLAN FINANCING, General Motors, GM Financial

A pilot loan program aimed at increasing access to inventory financing for auto, boat, RV and other dealerships was re-launched today, Feb. 8, the Small Business Administration announced. The program will run through Sept. 30, 2013.

Tags: FLOORPLAN FINANCING, SBA

DataScan Field Services was selected by Clubb Finance Corporation to provide floorplan verification services for its dealer networks across Canada.

Tags: FLOORPLAN FINANCING, franchised dealerships, independent dealerships

Enhancements made possible by the passage of the Small Business Jobs Act have been implemented into a variety of programs operated by the U.S. Small Business Administration (SBA). Among the programs benefiting from the bill is the agency’s dealer financing program.

Tags: FLOORPLAN FINANCING, NADA, Small Business Administration

Lenders who are successful in satisfying automotive dealers by meeting key performance expectations are more likely to capture a greater share of preferred loan applications from their dealer network, according to the J.D. Power and Associates 2010 U.S. Dealer Financing Satisfaction Study.

Tags: Alphera Financial Services, Audi Financial Services , BMW Financial Services, FLOORPLAN FINANCING, J.D. Power and Associates, Mercedes-Benz Financial Services, prime financing, retail leasing, subprime, Toyota Financial Services

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

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

Sonic Automotive Inc. announced today that it has entered into new syndicated credit facilities with various financial institutions which mature in August 2012.

Tags: FLOORPLAN FINANCING, inventory

Fitch Ratings has lifted the moratorium on rating auto dealer floorplan transactions and published a revised Global Dealer Floorplan (DFP) ABS criteria report. It supersedes, in its entirety, the reports titled “Rating Criteria for U.S. Dealer Floorplan ABS”, dated May 14, 2008 and “European Auto Dealer Floorplan ABS Criteria”, dated Feb. 6, 2008.

Tags: Auto ABS, Fitch Ratings, FLOORPLAN FINANCING

U.S. Congresswoman Candice Miller (R-Mich.) and National Automobile Dealers Association (NADA) chairman John McEleney have undertaken separate campaigns to extend a program designed to provide floorplanning credit to Chrysler dealerships.

Tags: Chrysler, FLOORPLAN FINANCING, GMAC Financial Services, NADA

The National Automobile Dealers Association has urged the U.S. Small Business Administration to expand loan amounts and guaranties under the Dealer Floor Plan Pilot Initiative, which launched in July and will continue through September 2010.

Tags: FLOORPLAN FINANCING, inventory, NADA, Small Business Administration

Alliance Inspection Management Inc. (AiM) struck an agreement with Ford Motor Credit Company to takeover floorplan audits at dealerships with wholesale financing from the captive lender. The vehicle inspection company will also conduct lease-end inspections of vehicles financed by the captive finance company.

Tags: FLOORPLAN FINANCING, Ford Credit, leasing

General Motors Corp. (GM)’s filing for Chapter 11 bankruptcy protection is expected to have limited immediate ratings implications on outstanding auto related ABS transactions issued by GMAC, according to Fitch Ratings.

Tags: ABS ratings, Fitch Ratings, FLOORPLAN FINANCING, General Motors, GMAC

The American Financial Services Association presented a letter today to the U.S. Treasury Department and the Obama administration’s Auto Task Force that provided recommendations for increasing participation in TALF.

Tags: AFSA, FLOORPLAN FINANCING, TALF

John McEleney, chairman of the National Automobile Dealers Association, announced his support last week for recent changes to SBA 7(a), a Small Business Administration loan-guarantee program.

Tags: FLOORPLAN FINANCING, John McEleney, NADA, Obama administration, Small Business Administration

The Chairman of the National Automobile Dealers Association (NADA) acknowledged President Obama’s commitment to helping the domestic auto industry, but urged his administration to focus on correcting the dysfunctional credit markets.

Tags: consumer credit, FLOORPLAN FINANCING, NADA, Obama administration