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April 9, 2018 - Industry News

NextGear Offers Expedited Funding Process

NextGear Capital has introduced ‘Rapid Pay,’ a new feature designed to help dealers initiate the vehicle funding process before the title is received.

Tags: auto finance, floorplan financing, NextGear Capital

March 13, 2018 - Industry News

TD Auto Finance Commercial Services Announces National Expansion

The business unit began offering commercial loan products in June 2011, primarily in the East Coast. It had since expanded into the Midwest prior to today’s announcement.

Tags: auto finance, commercial financing, dealers, floorplan financing, TD Auto Finance

February 27, 2018 - Industry News

NextGear Enhances Account Management Platform

The floorplan financing provider has updated its Account Portal management platform with a new feature that allows dealers to opt into a recurring and automated payment system.

Tags: auto finance, floorplan financing, NextGear Capital, technology

August 10, 2017 - Industry News

AFC Enhances Dealer Portal With Inventory Dashboard Tool

Available on the AFCDealer website and AFC On the Go mobile app, the new offering provides dealers with instant access to current and historical account information, as well as detailed insights into vehicles floored with the finance source.

Tags: Automotive Finance Corporation, floorplan financing, inventory financing

May 25, 2017 - Industry News

Former Dealer Awarded $256 Million in Case Against Nissan Captive

An Orange County Superior Court Jury sided with a former Nissan dealer who claimed the automaker’s captive financing arm forced him out of business during the Great Recession, awarding him $121.9 million in compensatory damages and $134.6 million in punitive damages.

Tags: floorplan financing, inventory financing, Nissan Motor Acceptance Corp., Superior Automotive Group

February 9, 2016 - Industry News

Ally Financial Increasing Carvana's Floorplan Credit Line

Ally Financial said this week it is increasing the online vehicle retailer's floorplan credit line from $60 million to $125 million. This will allow Carvana to finance approximately 7,100 vehicles, up from 3,400.

Tags: Ally Financial, Carvana, credit lines, floorplan financing

July 28, 2015 - Industry News

J.D. Power: Dealers Willing to Pay for Better Lender Services

The firm found that dealers are willing to pay a premium for high-quality service from finance providers, including dedicated underwriters and dealer-focused sales reps.

Tags: econtracting, floorplan financing, J.D. Power and Associates, Lender, underwriting and collections

March 8, 2012 - Industry News

NADA University Announces Legal, Regulatory Webinars

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

March 2, 2012 - Industry News

Manheim Completes Acquisition of Dealer Services Corp.

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

March 2, 2012 - Industry News

GM, Wells Fargo Launch Auto Finance Partnership

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

February 1, 2012 - Industry News

GM Financial Selects DataScan for Commercial Lending Business

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

October 18, 2011 - Industry News

Asbury Secures $900 Million Credit Facility

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

October 14, 2011 - Industry News

GM Financial to Offer Dealer Financing by April 2012

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

October 4, 2011 - Industry News

Lithia Motors Completes New $200 Million Credit Agreement

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

July 7, 2011 - Industry News

Group 1 Automotive Completes $1.35 Billion Five-Year Revolving Credit Arrangement

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

June 7, 2011 - Industry News

GM Finance to Offer Floorplan Financing This Year

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

February 8, 2011 - Industry News

SBA Re-launches Dealer Floor Plan Pilot Loan Program

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

January 10, 2011 - Industry News

DataScan Field Services Adds Clubb Finance Corp.

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

October 12, 2010 - Industry News

SBA Dealer Financing Program Gets Enhancements

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

August 3, 2010 - Industry News

Dealer Satisfaction With Lenders Improves, Survey Says

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

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 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

January 19, 2010 - Industry News

Sonic Automotive Completes $521 Million in Credit Facilities

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

January 7, 2010 - Industry News

Fitch Lifts Moratorium on Rating Dealer Floorplan Transactions

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

November 5, 2009 - Industry News

Lawmaker, McEleney to GMAC: Floorplanning at Crossroads

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

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