What reportedly was in the works about a week ago came to fruition today as Citigroup announced that it has reached a definitive agreement to sell OneMain Financial Holdings to Springleaf Holdings for a purchase price of $4.25 billion in an all-cash transaction. The boards of directors of both Springleaf and Citigroup approved the deal […] [Read More]

In response to developments surrounding the industry’s multiplatform system initiative, Whann Technology Group provided a letter to Auto Remarketing and others in the industry to outline its position on the matter. This is just the latest in a series of announcements on MPS that started on Feb. 23, when ADESA announced that it decided not to participate […] [Read More]

Auto Remarketing has learned through published reports that CNW Research president Art Spinella has passed away at age 68. The Bandon Western World indicated that Spinella died Feb. 20 of congestive heart failure. Spinella was a longtime source of auto industry data, analytics and commentary, including his company’s Retail Automotive Summary, which was often quoted […] [Read More]

The National Highway Traffic Safety Administration said Hyundai Motor America is recalling more than 200,000 compact sedans to correct a steering issue. NHTSA indicated the recall includes Elantra vehicles from the 2008 through 2010 and manufactured from June 1, 2008 to April 30, 2010. The campaign also covers Elantra Touring vehicles from the 2009 and […] [Read More]

The American International Automobile Dealers Association announced today it has named a former Dealertrack Technologies and KAR Auction Services executive, who has also had prior experience with AIADA, as its vice president of member services. In the new position, Dan Barson will be responsible for the development of AIADA’s member services department, which currently includes 10 […] [Read More]

AutoAlert announced Monday that it has integrated Experian Automotive’s AutoCheck vehicle history reports with its Deal Sheet function. This integration allows single-click access to the vehicle history reports, providing vehicle conditions within moments to help appraisers and other users save time and potentially money by being able to identify whether or not there are any […] [Read More]

Think about what you might complete on an annual basis. A family reunion? Your personal income tax filing? A visit with your primary care physician? While perhaps a routine check-up or reconnecting with distant cousins can be successfully accomplished once a year, Black Book senior vice president of sales Jared Kalfus is seeing successful finance […] [Read More]

A report surfacing this past weekend indicated that Wells Fargo is capping how much subprime auto paper is going to fill its portfolio going forward. The New York Times reported Wells Fargo has decided to cap its subprime originations at 10 percent of its overall vehicle installment contract originations. The newspaper indicated bank executives determined […] [Read More]

Officials from 700Credit recently formed an integration partnership with High Performance Credit Systems (HPCS) to create a solution for interactive, subprime credit decisions. The companies explained the agreement will allow 700Credit dealers access to a fast, accurate, and compliant deal flow between the desk and finance. The HPCS analytical approach can detect and identify respective […] [Read More]

The last week of February — although snowy — was a positive one in the auction lanes, as both cars and trucks saw the lowest price drops experienced over the past three weeks. “This is an expected trend based on seasonality patterns that we have tracked and studied for the past decade,” said Black Book […] [Read More]