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March 16, 2010 - Industry News

Watchdog Report Says GMAC Bailout Could Cost Taxpayers $6.3 Billion

The Congressional Oversight Panel criticized the Treasury Department last week for its decision to save the struggling GMAC Financial Services without requiring it to provide an exit strategy, proof of viability or plan to fully repay taxpayers.

Tags: GMAC Financial Services, TARP, Treasury Department

March 16, 2010 - Industry News

Dodd Goes Solo; Unveils New Financial Reform Bill

The legislation that aims to create a new consumer protection watchdog was resurrected yesterday in the Senate, but the new financial bill received a cold reception, both from those for and against the creation of a new federal entity.

Tags: financial reform

March 15, 2010 - Industry News

GMAC to Provide Financing for Saab Dealers and Customers

Following its successful launch as an independent company, Saab Automobile announced Monday that it has selected GMAC Financial Services as the preferred provider of wholesale and retail financial services for qualified Saab dealers and customers worldwide.

Tags: GMAC Financial Services, retail financing, Saab, wholesale financing

March 15, 2010 - Industry News

VINtek Launches Web-Based Tax, Tag and Title Calculator

VINtek, a provider of automotive collateral management and direct auto finance services for automotive finance lenders, launched, an interactive, real-time tax, tag and title fee calculator for dealers and lenders.

Tags: Finance, tax and title fees, VINtek

March 9, 2010 - Industry News

Interest Rates Increase Slightly in January, Says Federal Reserve

Credit extended to consumers in January rose for the first time since July 2008, according to the Federal Reserve’s monthly report, providing further evidence that both lenders and consumers are feeling better than they did a year ago.

Tags: Consumer Credit, Federal Reserve, Finance, interest rates, loan-to-value ratio

March 5, 2010 - Industry News

Seasonality Results in Higher Losses for Prime Auto ABS

Seasonal weakness drove U.S. prime auto loan ABS losses slightly higher in January versus prior months, according to Fitch Ratings.

Tags: ABS ratings, delinquencies, Fitch Ratings, used vehicles, Wholesale Pricing

March 5, 2010 - Industry News

Q&A: Dealer Services Execs Plot Course for New Wells Fargo

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

March 3, 2010 - Industry News

Toyota February Sales Down 9 Percent, Offers Zero Percent Financing

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

March 2, 2010 - Industry News

GMAC Completes Sale of Consumer Property and Casualty Insurance Business

GMAC Financial Services has completed the sale of its U.S. consumer property and casualty insurance business, GMAC Insurance Personal Lines, to American Capital Acquisition Corporation (ACAC). The sale includes GMAC's U.S automobile, commercial vehicle, motorcycle and recreational vehicle insurance offerings.

Tags: GMAC Financial Services, GMAC INSURANCE

March 2, 2010 - Industry News

AmeriCredit Expands and Extends Warehouse Credit Facility

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

March 2, 2010 - Industry News

Wells Fargo Extends Westlake Financial Services $100 Million Credit Facility

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, Wells Fargo, Westlake Financial Services

March 2, 2010 - Industry News

Finance Express Adds Wachovia Dealer Services to Loan Platform

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: Auto Loans, Finance Express, Independent Dealerships, Wachovia Dealer Services

March 1, 2010 - Industry News

NADA Pushes for More Lending in Wholesale Auto Credit Market

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

March 1, 2010 - Industry News

Asbury’s 4Q 2009 Revenue Improves on Strength of New and Used Vehicles

Asbury Automotive Group Inc. reported income from continuing operations of $5 million for the fourth quarter 2009, compared to a loss from continuing operations of $352.4 million in the year-ago period.

Tags: Asbury Automotive, F&I Revenue

March 1, 2010 - Industry News

National 60-Day Delinquency Rate Remains Flat In 4Q 2009

The national 60-day auto delinquency rate showed no change between the third and fourth quarters of 2009 at 0.81 percent, according to TransUnion's quarterly analysis of trends in the auto industry.

Tags: delinquencies, TransUnion

February 23, 2010 - Industry News

Carbiz Inc. Loses Funding, Ceases Operations

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

February 23, 2010 - Industry News

MB Financial Bank Joins Wolters Kluwer Loan Platform

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: Auto Loans, Indirect Lending, Wolters Kluwer Financial Services

February 22, 2010 - Industry News

Wolters Kluwer Provides Compliance Documents for Microsoft’s DMS Solution

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

February 22, 2010 - Industry News

Western Sierra Names Candice Uhl as VP of Business Development

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.

February 11, 2010 - Industry News

GMAC Joins DealerTrack Network

GMAC Financial Services will begin accepting applications for new- and used-vehicle financing via the DealerTrack network, the lender announced Wednesday.

February 10, 2010 - Industry News

F&I Admin Partners With Xzilon

Dealership software provider F&I Administration Solutions LLC has signed Xzilon Inc., a California-based provider of appearance protection products, as the latest customer to its SCS Auto administration solution.

February 9, 2010 - Industry News

RouteOne Helps Dealers Capitalize on Web Traffic

RouteOne announced today that it has introduced a new online lead and credit application tool for its dealer users.

Tags: lead management, RouteOne, Web Tools

February 2, 2010 - Industry News

Daimler Financial Services Changes Leadership in Americas Region

Daimler Financial Services made executive changes to the company in conjunction with the appointment of Klaus Entenmann, formerly president and CEO of the Americas region, to chairman of Daimler Financial Services AG in Berlin.

Tags: Daimler Financial Services

January 28, 2010 - Industry News

Originations Infrastructure Rebuilt, Says AmeriCredit

Touting year-over-year improvements in originations, credit performance and earnings, AmeriCredit officials said on Jan. 27 the company is in a good position to rebuild its business in 2010.

Tags: AmeriCredit, subprime

January 26, 2010 - Industry News

CUDL to Represent 750 Credit Union Partners at 2010 NADA Convention

CUDL, which administers the nation’s largest auto lending network for credit unions, will represent its more than 750 partnering credit unions at the 2010 National Automobile Dealers Association (NADA) Convention.

Tags: credit unions, CUDL, NADA