KAR Auction Services revealed an amendment for a Canadian subsidiary’s securitization facility. Company officials explained this week that the Canadian floor plan finance company Automotive Finance Canada (AFCI), a subsidiary of Automotive Finance Corp., has entered into an amended and restated receivables purchase agreement dated May 24 by and among AFCI, KAR and a Canadian […] [Read More]

The American International Automobile Dealers Association on Thursday named Pennsylvania dealer and U.S Rep. Mike Kelly winner of its Legislative Action Network Advocacy Award. The award, given at the AIADA’s Fifth Annual International Auto Industry Summit held in Washington, D.C., recognizes Kelly’s dedication to advocating on behalf of AIADA’s dealer members, the association stressed. “Rep. Kelly […] [Read More]

In response to the nation’s deadliest single tornado since the National Weather Service started keeping records in 1950, both General Motors and Ford have pledged money and resources toward relief efforts in Joplin, Mo. The General Motors Foundation gave a $100,000 grant to the American Red Cross to aid recovery efforts for victims of the […] [Read More]

In what TrueCar has called a “sizeable speed bump” to the auto market’s rebound, analysts are expecting May to finish at what would be the softest seasonally adjusted annualized rate for new-vehicle sales so far in 2011 and close to a nine-year-low incentive level. New-vehicle sales are expected to drop on a year-over-year and sequential […] [Read More]

In the midst of a still-uncertain economy and gas prices fluctuating toward the higher end, though down slightly of late, a hefty majority of consumers are apparently planning to go more fuel-efficient with their next ride and aren’t letting much stand in their way, according to Consumer Reports. The magazine found in its recent survey that consumers […] [Read More]

Cars.com announced Wednesday that the Honda Odyssey was named the winner of its Ultimate Minivan Shootout. During the site’s first-ever minivan competition, it took six redesigned 2011 minivans under $45,000 and let them battle it out in a series of challenges, determining which one was “the best of the pack.” The 2011 Odyssey came out […] [Read More]

On the heels of last month’s deadly tornadoes that struck the Southeast and the more recent storm in Joplin, Mo., Chrysler did its part to help by teaming up with the Rock Quarry Elementary School in Tuscaloosa, Ala., to aid in area schools’ recoveries. In an effort to raise money to replenish tools and school supplies […] [Read More]

GM announced today that it is adding two shifts and about 2,500 jobs at the Detroit-Hamtramck assembly plant as part of the company’s plan to create or retain about 4,000 jobs and invest $2 billion in 17 manufacturing facilities in eight states. The new jobs will be focused around building the new Chevrolet Malibu midsize […] [Read More]

In another development to this ongoing saga of two rental giants pursuing Dollar Thrifty Automotive Group, Hertz Global Holdings said late Tuesday afternoon that its exchange offer for the Tulsa, Okla.-based rental company’s outstanding shares has officially begun. In the proposed deal, Hertz is offering $57.60 cash, along with 0.8546 Hertz shares, for each DTAG […] [Read More]

The country has witnessed a dot-com bubble and then a mortgage bubble. Could there be a used-vehicle bubble on the horizon? Dale Pollak thinks there could be. The vAuto founder began his blog post Tuesday by giving dealers what he called, "a head’s up." Pollak stressed that he was “not willing to make firm predictions about the […] [Read More]