Black Book vice president of lender solutions Barrett Teague recollected leasing activities back in the early 1990s; a span when subprime leasing as well as contracts stretching as long as 60 months made their way into finance company portfolios. Teague pointed out that recessionary conditions prompted consolidation and some elimination of that leasing activity. But […] [Read More]

Clarity Services’ research division, nonPrime101, published a new report this week based on a unique five-year data set of more than 100 million payday loans representing 20 percent of the storefront payday market. Because of the unique size and duration of the data set, nonPrime101 set out to replicate statistical analyses used by the Consumer […] [Read More]

TradeRev recently announced that it has raised a total of $5,306 for the Toronto-based Red Door Family Shelter. The funds were raised during a TradeRev employee dinner, where the company collected donations via silent auction. All proceeds went to the Red Door Family Shelter, a charity which provides services for families and persons needing a […] [Read More]

LotVantage recently announced that it has finalized an agreement with eBay Motors to become one of the latter’s Preferred Solutions Providers. According to the company, doing so extends the reaches of LotVantage’s fully integrated software solution for the automotive, powersports, marine, RV, commercial truck, trailer and outdoor power equipment industries. “LotVantage has been a leader […] [Read More]

While the activity might remain stable once the vehicle enters the wholesale market, Manheim expects repossession volume to climb “modestly” this year based on one simple reason. There are more outstanding vehicle installment contracts in finance company portfolios nowadays. Cox Automotive chief economist Tom Webb insisted “it will take some time” for the industry to […] [Read More]

Prices in the lanes are holding stable as dealers buy up inventory in preparation for tax refunds to start pouring into potential customers’ bank accounts. Price depreciation at auction last week was very slight, according to the latest Black Book Market Insights report. Car prices dropped by just 0.19 percent or $19, according to Black […] [Read More]

Dominion Dealer Solutions announced the integration of its Dominion ACCESS dealer management system with General Motors’ MyPriceLink. According to Dominion, ACCESS is the first automotive DMS to integrate with MyPriceLink, the latter which provides GM’s real-time retail and trade pricing for collision parts to its dealers in lieu of fixed list prices. All GM dealers […] [Read More]

General Motors confirmed today that it will recall approximately 200,000 Saab and Saturn vehicles that contain Takata PSDI-5 driver front airbag inflators. Covering roughly 180,000 units in the United States and 20,000 in Canada, the recall includes Saab 9-3 vehicles from model years 2003 to 2011, Saab 9-5 vehicles from model years 2010 and 2011, […] [Read More]

Within hours of Santander Consumer USA stating Jason Grubb and Brad Martin left high-level posts at the company, Exeter Finance Corp. announced the pair as two of its top executives. Exeter indicated on Tuesday afternoon that the company appointed Grubb as chief executive officer and Martin as chief operating officer, effective immediately. Meanwhile, Exeter said […] [Read More]

Santander Consumer USA modified its top executive structure on Tuesday as Jason Grubb, who was president and chief operating officer of originations, and Brad Martin, who was chief operating officer of servicing, both departed the finance company. With chief executive officer Jason Kulas also assuming the additional title of president, SCUSA named Richard Morrin chief […] [Read More]