Fitch Ratings pointed to three reasons why delinquencies on U.S. subprime auto ABS have eclipsed 2009 recessionary levels and are now at a level not seen in nearly two decades. On Monday, analysts indicated subprime delinquencies of 60 days or more hit 5.16 percent for February reporting, marking the highest level observed since October 1996 […] [Read More]

Along with the renewal of an $11 billion credit facility, Ally Financial recently announced that it has commenced a consent solicitation from holders of record of its 8.000 percent notes due 2031. The move is being made to terminate the replacement capital covenant entered into by Ally (as successor to GMAC) dated as of Nov. […] [Read More]

The National Independent Automobile Dealers Association announced a new National Member Benefit partner on Friday, bringing Car Brite into the fold. Car Brite provides professional detailing and restoration products. With this move, NIADA members will receive a bonus package for installing the Car Brite SELECT detailing system. “We are delighted to have Car Brite become […] [Read More]

Do you ever wish you could reach out to your former customers, perhaps with something to remind them you’re still available or have deals available for them, when they step onto one of your competitors’ lots? Automotive Mobile Solutions might have just the thing for you. AMS announced the launch of its LeadsBeacon Apple and […] [Read More]

The U.S. Department of Transportation’s National Highway Traffic Safety Administration hosted a media conference call on Friday, outlining its current actions and future plans to prepare for the impending legislative needs of the United States in regards to future automated automobile technologies. NHTSA’s communications director Gordon Trowbridge fielded many questions from journalists and industry analysts, […] [Read More]

The future of making cars? Don't blink. It's here.  Two of the Big 3 made significant vehicle technology splashes on Friday, with Ford launching a Ford Smart Mobility subsidiary and General Motors purchasing Cruise Automation, a developer of autonomous vehicle technology. GM recently rolled out an Autonomous Vehicle Development Team, of which San Francisco-based Cruise […] [Read More]

After spending part of this week in Phoenix at the annual conference hosted by the Consumer Bankers Association, Consumer Financial Protection Bureau director Richard Cordray will be back on Capitol Hill on Wednesday for his next appearance in front of the U.S. House Financial Services Committee. Since Cordray’s last appearance before the committee back in […] [Read More]

Less than a month after announcing an investment by CUNA Mutual Group, direct-to-consumer auto loan platform SpringboardAuto.com formed a partnership this week to enhance its position in the credit union space. SpringboardAuto.com created a relationship with MeridianLink — the developer of a multi-channel account opening and loan origination platform — to provide its credit union […] [Read More]

In almost nine years of covering the auto auction business, one of the coolest parts of the job has been to see how the people behind these auctions and the remarketing industry, in general, selflessly pitch in when the going gets tough for a neighbor. We see that each year when National Auto Auction Association […] [Read More]

Missouri Auto Auction will play host to the top auctioneers from North America and the U.K. during this year’s World Automobile Auctioneers Championship. Scheduled for April 15 at the auction’s Columbia, Mo. location, the event will also be webcast live on NIADA.tv starting at 8 a.m. (CST). "We are pleased to sponsor this year's World […] [Read More]