Ignition keys inadvertently moving from the “run” into the “accessory” position already created recalls of more than 5 million General Motors vehicles. Now, the National Highway Traffic Safety Administration is investigating whether the same condition is plaguing more than 1.2 million Chrysler units. NHTSA posted details of two investigations on Wednesday. One investigation covers approximately […] [Read More]

In the midst of U.S. House Representatives bombarding General Motors chief executive officer Mary Barra and former U.S. Attorney Anton Valukas with questions for more than two hours on Wednesday, one lawmaker wondered about the status of what he believed to be a key cog in rectifying older vehicles with faulty ignition switches — franchised […] [Read More]

Insurance Auto Auctions is ramping up its presence in Colorado’s capital with a brand new facility. The salvage auto auction company announced Wednesday the opening of a new branch, Denver East, in Commerce City, Colo. The new facility is located at 8510 Brighton Road, and grows IAA’s capacity in the Denver market to more than […] [Read More]

Electronic cash transaction network PayNearMe, and non-prime automotive lending company Southern Auto Finance have partnered to offer SAFCo’s borrowers a convenient new way to repay their loans using cash at more than 17,000 participating 7-Eleven, Family Dollar and ACE Cash Express stores nation-wide. Officials highlighted that payments completed by 5 p.m. ET will be posted […] [Read More]

AFS Acceptance recently appointed a former executive from Consumer Portfolio Services to be the company’s new vice president of loan servicing. Tapped for the position was Eric Van Eaton, who will lead all aspects of loan servicing for AFS Acceptance, including collections, customer service, remarketing and post charge-off recovery. “Eric is an outstanding leader, with […] [Read More]

MarkOne Holdings, a national automotive finance holding company operating through three regional subsidiaries, reached an agreement this week with the National Independent Automobile Dealers Association to be an endorsed National Corporate Partner. MarkOne Holdings is the parent company to three specialty finance subsidiaries: MarkOne Financial (Eastern U.S.), Centrus Auto Finance (Central U.S.) and WestMark Auto […] [Read More]

Though the economy continues to improve — perhaps pushing many who would otherwise delay their car purchases into showrooms for vehicle replacements — the percentage of older vehicles on the road continues to grow. In fact, according to Experian Automotive data released Wednesday, the percentage of vehicles on the road predating the 2001 model year […] [Read More]

While auto financing has recovered to the point where originations and portfolio sizes are at record levels, the 2014 Makovsky Wall Street Reputation Study showed many financial services companies continue to struggle with reputational and customer services issues stemming from the financial crisis six years ago. Study orchestrators found that 81 percent of communications, investor […] [Read More]

After setting new historic lows in March and April, the auto loan rate associated with the S&P/Experian Consumer Credit Default Indices increased marginally in May. S&P Dow Jones Indices and Experian determined the auto loan default rate ticked up just 1 basis point to 0.93 percent. Meanwhile, the national composite rate — a comprehensive measure […] [Read More]

General Motors chief executive officer Mary Barra is coming back to Capitol Hill on Wednesday to face more questions from a U.S. House Committee. This time, Barra won’t have to face lawmakers by herself. She will also have the investigator charged with finding out why the automaker fumbled the recall of vehicles with faulty ignition […] [Read More]