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August 18, 2009 - Industry News

DebtMarket Partners With Frazer Computing

GDNAuto, the automated marketplace that connects buyers and sellers of auto loan portfolios, will operate under the new name DebtMarket, reflecting an expansion into other consumer loans, including mortgages and student loans.

Tags: GDNAuto

August 13, 2009 - Industry News

Average Interest Rate Rises in June, Says Federal Reserve

The average interest rate for new-car loans rose in June, while the amount financed decreased, according to the latest Federal Reserve Statistical Report.

Tags: Federal Reserve

August 6, 2009 - Industry News

AmeriCredit Posts 4Q Profit; Looks to Sign Up Dealers

Not only did AmeriCredit post a fiscal fourth-quarter profit, but the auto finance company said it plans to sign up new dealers after successfully executing its first subprime auto securitization in 2009.

Tags: AmeriCredit

August 6, 2009 - Industry News

GM Offers Leasing on Select 2009 and 2010 Models

General Motors Company said Monday it is expanding leasing by offering programs on select 2009 and 2010 Cadillac, Buick, GMC and Chevrolet models through U.S. Bank.

Tags: General Motors, leasing, U.S. Bank

August 4, 2009 - Industry News

Chrysler Financial Won’t Renew $24 Billion Credit Facility

Chrysler Financial said last Friday it wouldn’t seek a $24 billion credit facility that was set to be renewed yesterday, as officials said the finance company had sufficient funds to continue underwriting auto retail loans.

Tags: Chrysler Financial Services

August 4, 2009 - Industry News

J.D. Power Study Finds Decline in Dealer Satisfaction With Lenders

Industry-wide declines in overall dealer satisfaction with lenders indicate a need for improved service from automotive finance sources, according to the J.D. Power and Associates 2009 Dealer Financing Satisfaction Study.

Tags: J.D. Power and Associates

July 31, 2009 - Industry News

Lithia Motors Reports Profitable Second Quarter

Lithia Motors Inc. announced that net income from continuing operations in the second quarter of 2009 was $4.1 million, compared to net loss from continuing operations of $201.2 million.

Tags: Lithia Motors

July 30, 2009 - Industry News

Sonic Automotive Reports Growth in 2Q Earnings

Sonic Automotive Inc. reported that second quarter net income was $26,000, compared to $9.2 million in the year-ago period. Total revenue was $1.3 million in the second quarter, down from $1.8 million in the same period last year.

Tags: Sonic Automotive

July 29, 2009 - Industry News

Group 1’s Cost-Cutting Measures Lead to Better 2Q Results

Group 1 Automotive Inc. reported second quarter adjusted net income from continuing operations of $10.3 million, down 42.4 percent, or $17.8 million, from the year-ago period.

Tags: Group 1 Automotive

July 29, 2009 - Industry News

Penske Automotive Reports Decline in 2Q Income

Penske Automotive Group Inc. reported second quarter income from continuing operations of $19.8 million, down from $39.0 million reported in the year-ago period. Total revenue in the second quarter was $2.3 billion compared to $3.3 billion in the same period last year.

Tags: Penske Automotive Group

July 28, 2009 - Industry News

Auto Gains, But Charge-Offs Mount for Capital One

Despite its auto finance unit’s profit nearly tripling, mounting charge-offs led Capital One Financial Corp. to report a second-quarter loss of $275.5 million.

Tags: Capital One Auto Finance, TARP, Troubled Asset Relief Program

July 28, 2009 - Industry News

Toyota Offers Special Lease Rates for CARS Participants

Toyota is offering regional lease rates to consumers participating in the government’s Car Allowance Rebate System (CARS).

Tags: Cash for Clunkers program, Toyota

July 28, 2009 - Industry News

Concerns Persist, But Dealer Floorplan ABS Perform Adequately, Says Fitch

Auto dealer floorplan ABS transactions entering early amortization due to manufacturer or finance company bankruptcy are largely performing within expectations, though material concerns remain over valuation declines in a still challenged macro environment, according to Fitch Ratings.

Tags: Auto ABS, Fitch Ratings

July 28, 2009 - Industry News

Ford Credit Earns $413 Million in 2Q

Ford Motor Credit Company reported net income of $413 million in the second quarter of 2009, an improvement of $1.8 billion from a net loss of $1.4 billion a year earlier.

Tags: Ford Credit

July 27, 2009 - Industry News

Infiniti Launches Summer Incentives on Select 2009 Models

Infiniti launched its “Limited Engagement Summer Event” program offering special lease rates and zero percent financing on select 2009 models.

Tags: incentives, Infiniti

July 22, 2009 - Industry News

Chrysler Incentives Coincide With Cash for Clunkers

Chrysler Group LLC introduced “Double CA$H for Your Old Car,” a new incentive program that offers consumers up to $4,500 cash or 0 percent financing for 72 months through GMAC Financial Services.

Tags: Car Allowance Rebate System, Cash for Clunkers program, Chrysler, GMAC Financial Services

July 21, 2009 - Industry News

Retail Used Transaction Prices Climb, Independents Multiply

An influx of new, independent dealerships could help used-car sales reach four million units in 2009, according to CNW Research.

Tags: CNW, Franchised Dealerships, Independent Dealerships, transaction prices, Vehicle Sales

July 21, 2009 - Industry News

Approvals Improve for Prime and Near Prime; Fall for Subprime

Auto loan approvals improved in July for the prime and near prime markets, but shoppers in the subprime market continued their struggle to get approvals by conventional means, according to CNW Research.

Tags: CNW, delinquencies, loan approval, near prime financing, prime financing, subprime

July 21, 2009 - Industry News

Finance Company Easy Car Financial Inc. Seeks Investors

Easy Car Financial Inc., a subprime auto finance company concentrating in the North Florida market, is seeking to raise $30 million in investment capital to use as a line of credit to provide subprime auto financing.

Tags: subprime

July 16, 2009 - Industry News

Chase Beats 2Q Expectations, But Lowers Auto Originations

Propped up by its investment banking division, JP Morgan Chase & Co.’s second-quarter profit in 2009 surpassed its own expectations. However, auto loan originations dipped from both the prior year and prior quarter.

Tags: JP Morgan Chase

July 15, 2009 - Industry News

Bank of America Offers Financing for Tesla Roadster

Tesla Motors announced that Bank of America will offer financing for the all-electric Tesla Roadster to consumers in the United States.

Tags: Bank of America, Tesla Motors

July 15, 2009 - Industry News

Chrysler Financial Repays $1.5 Billion TARP Loans

Chrysler Financial announced July 15 it has repaid in full the $1.5 billion of Troubled Asset Relief Program (TARP) government loans.

Tags: Auto ABS, Chrysler Financial Services, TALF, TARP

July 14, 2009 - Industry News

Smart USA Launches CARS Credit Program for Dealers

Smart USA announced Monday the launch of the "smart USA Advance Program," which advances to dealers the applicable credit under the government-funded Car Allowance Rebate System (CARS) when an eligible vehicle is traded in with the purchase of a smart fortwo.

Tags: Car Allowance Rebate System, Cash for Clunkers program

July 14, 2009 - Industry News

XpressCredit Forges New Relationship With Consumer Auto Finance

XpressCredit announced Monday that Consumer Auto Finance Inc. of Waco, Texas, adopted its credit aggregation system (CAS) and has become a lending source for the auto dealers on the XpressCredit platform in Texas.

Tags: XpressCredit

July 9, 2009 - Industry News

Westlake Financial Enters Three New Markets

Westlake Financial Services expanded its services in July into three states — Maine, Connecticut and Alaska — and named a new assistant vice president of sales to lead marketing in these states.

Tags: Westlake Financial Services