With outstanding auto loan balances reaching a record $1.1 trillion as of June 30 and concern growing about the sector’s health, S&P Global Ratings recently analyzed the resiliency of auto loan asset-backed securities (ABS) ratings through the Great Recession of 2007-2009. Analysts found their ratings on the 2006-2008 vintage transactions “held up well” as the […] [Read More]

Reynolds and Reynolds has made a direct equity investment in The Appraisal Lane as part of a strategic partnership between Reynolds and the real-time used-car trade network/communications platform. The partnership announced Monday also includes a credit facility for car buying and selling, The Appraisal Lane said.   Additionally, there is also a board of managers for […] [Read More]

 As the company continues to “invest significantly in automotive retail digital technology,” AutoNation has hired a chief technology officer to head up the retailer’s technology, IT development and digital platforms. Named executive vice president and CTO, effective Oct. 31, is Tom Conophy, whose background includes time with Starwood Hotels & Resorts Worldwide, Intercontinental Hotels Group […] [Read More]

SubPrime Auto Finance News has announced the winner of the fourth annual Subprime Auto Finance Executive of the Year Award, which is again sponsored by Black Book Lender Solutions. The honoree — who will receive the award during the SubPrime Forum at Used Car Week in Las Vegas — is Ozzie Ramos, the founder, president and chief […] [Read More]

The used-vehicle department at Lithia Motors turned in another sterling performance during the third quarter as the dealer group reported double-digit improvements in both same-store and overall used-retail sales. On a same-store basis, Lithia indicated the rise came in at 11 percent. Altogether, group stores retailed 29,636 units during Q3, representing a 13-percent jump year-over-year. […] [Read More]

Gubagoo, a provider of behavioral engagement and scoring technologies for automotive websites, recently rolled out what the company thinks is an enhancement that can offer complete and seamless integration with Facebook Messenger. Gubagoo’s Facebook Messenger Integration is available immediately to dealerships using Gubagoo solutions. “Today, consumers spend an average of 50 minutes a day using […] [Read More]

Group 1 Automotive saw a 2.2-percent bump in its used vehicle revenues during the third quarter, thanks to higher unit sales. When eliminating for the effects of exchange rate fluctuations, i.e. adjusting for constant currency, that increase was 4.8 percent. Consolidated results (representing the company’s U.S. and international operations) for the three months ended Sept. 30 […] [Read More]

In an effort to broaden support of customers and the community, General Motors Financial launched what the finance company dubbed its Mobility Initiative, a multifaceted effort aimed at empowering and enriching local communities through financial education and resources, along with community collaborations, to create opportunities for social, travel and financial mobility. Initially, GM Financial explained […] [Read More]

This week, used-vehicle service contract and related finance and insurance product provider GWC Warranty announced the addition of Therese Pramick as its new strategic brand manager. As a member of the marketing department, the company explained Pramick will be responsible for developing strategies that increase GWC’s brand awareness and value among new and existing GWC […] [Read More]

Dent Wizard International, which specializes in automotive reconditioning and SMART (Small to Medium Area Repair Techniques) repairs, has promoted Eric Walker to regional finance director for the south region of the company’s F&I business. The south region includes Arkansas, Kentucky, Louisiana, Mississippi, Oklahoma, Tennessee and Texas. Walker will focus on growing Dent Wizard’s F&I products and […] [Read More]