The used-vehicle retailer has named Don Reese as its new CEO. He replaces Ray Fidel, who stepped down as the company's chief executive in January.
Ally Financial said it will make up to $750 million available to DriveTime for the purchase of retail contracts over the coming year.
The subprime finance source’s president says the company’s decision to exit the indirect channel was neither performance-based nor a reflection of current conditions in the subprime auto finance sector. Move connected to Cox's purchase of Dealertrack.
GO Financial, a Phoenix-based subprime auto finance company, completed the sale of an additional equity interest in the company to Manheim.
The partnership makes Manheim and Go Auto Exchange DriveTime’s primary source for remarketing wholesale inventory through its physical locations, mobile auctions and online.
DriveTime Automotive Group was ordered to pay an $8 million penalty for making harassing debt collection calls and providing inaccurate credit information to credit reporting agencies.
Manheim and DriveTime have partnered to form Go Auto Exchange LLC, a new wholesale auction company geared toward independent dealers.
DriveTime terminated its definitive agreement with Santander and other third-party investors “due to certain unsatisfied conditions.”
DriveTime’s vehicle financing portfolio is expected to be purchased by Santander Consumer USA, while third-party investors are looking to purchase the buy-here, pay-here group’s operations and facilities.
Drive Time announced it has selected Inilex to be the supplier of GPS-based vehicle tracking and recovery solutions for its 89 dealership locations.
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