The chief of staff at the Consumer Financial Protection Bureau recently spelled out nine priority goals the regulator intends to work toward during the next two years. While listed alphabetically, the first three mentioned by Chris D’Angelo certainly could be connected with auto financing. The rundown included: 1. Arbitration 2. Consumer reporting 3. Debt collection […] [Read More]

For the first time according to the data that goes back to the first quarter of 2011 provided by the Federal Deposit Insurance Corp. (FDIC), commercial banks that participate in auto financing saw their quarterly charge-off amount surpass $1 billion. While FDIC reported that insured institutions generated an 11.9 percent rise in net income during […] [Read More]

Credit Acceptance Corp. recently completed $385.0 million in asset-backed non-recourse secured financing. Pursuant to this transaction, Credit Acceptance contributed loans having a net book value of approximately $481.4 million to a wholly-owned special purpose entity that will pledge the loans to institutional lenders under a loan and security agreement. Executive highlighted this financing will: • […] [Read More]

CreditMiner, the solution provider that pre-qualifies and pre-screens consumers on Experian, TransUnion and Equifax credit bureau platforms, recently added a former Equifax executive to its leadership team. Garth Cappy, former director of dealer enterprise relationships for Equifax, joined the CreditMiner as vice president of credit services for North America, overseeing the North American credit services […] [Read More]

How digital is the auto retail environment becoming? Consider this: OEMs are likely to launch approximately 100 new digital stores globally in 2016, says Lisa Whalen of Frost & Sullivan. In the firm’s 2016 Global Automotive Outlook webinar this past Tuesday, Whalen — a vice president and business unit leader with the company — shared a few trends […] [Read More]

LeasePlan USA recently announced the hiring of a new region sales vice president of national accounts. Bringing over 15 years of fleet industry experience to the position is Melissa Cook, who most recently served as the district sales manager for Supreme Corporation. In the new position, Cook will be serving the Northwest and Midwest regions, […] [Read More]

AutoHook, powered by Urban Science, recently partnered with Carfax where individuals shopping for used vehicles on Carfax.com will now receive extra incentives from select dealers to visit their showrooms for a test drive. The partnership includes the integration of AutoHook’s incentive solutions into the vehicle details pages of Carfax Used Car Listings. The program is […] [Read More]

Central Auto Auction will have completed its 10th year of operation this month, having opened its doors on Feb. 28, 2006. The auction, which currently offers roughly 400 vehicles per week via its three lanes (with a fourth on the way), hosts about 200 bidders each week. Peter Saldamarco, the auction’s founder and president, reflected on the […] [Read More]

Asbury Automotive Group announced Friday it has broke ground on a new Nissan dealership in Georgia. The new store is located in Cumming, Ga. which the dealer group said is a “high-growth” Atlanta suburb. The store is scheduled to open late this year at 1301 Buford Highway. The facility will feature a 45,000-square-foot building, 20 service […] [Read More]

It’s a scenario perhaps not too uncommon to many finance company executives. They determined one of their key employees is incapable or unwilling to succeed with the company. To illustrate why it’s important to focus on six root factors that drive search success, Automotive Personnel founder Don Jasensky shared a case study about how a […] [Read More]