Announced this afternoon another player is entering the online dealer-to-dealer auction ring. Software company XLane Holdings Inc. revealed today its new product InstantAuction. Company management says the new tool “puts the dealers in control” and offers a new level of transparency in the online buying and selling environment. The auction platform is set to launch […] [Read More]

Leasing levels dropped significantly during the recession, and though rates have ramped back up as of late, so has the number of long-term auto loans. This trend has many dealers worried about lengthening sales cycles, and it turns out, the trend might prove to be detrimental to consumers — a recent study from Donlen shows after 36 […] [Read More]

Both Credit Acceptance Corp. and Consumer Portfolio Services made financial announcements this week; one a tender offer to purchase its own shares of common stock and the other the closing of its third term securitization of the year. Starting with Credit Acceptance, the company commenced a tender offer to purchase up to 995,698 shares of […] [Read More]

The ongoing debate over how the F&I process should unfold inflamed again in the heart of the Midwest. As consumer advocates and attorneys made scathing accusations about unscrupulous activities that amounted to practices such as payment packing, yo-yo financing and spot delivery, representatives from the American Financial Services Association and the National Automobile Dealers Association […] [Read More]

Reynolds and Reynolds this week launched of the Reynolds LAW Ohio F&I Library, a comprehensive catalog of standardized, legally reviewed finance and insurance documents available to dealers in the Buckeye State. Officials highlighted the Reynolds LAW brand library of forms was developed jointly through a partnership between Reynolds Document Services and the Ohio Automobile Dealers […] [Read More]

RouteOne Canada Corp. announced its integration today with CTL Corp. — a specialty finance company serving customers looking for non-traditional credit options. The companies say this move will help dealer clients in servicing more subprime customers and provides another options to sell to consumers with challenging credit. "Our integration to RouteOne will help us help […] [Read More]

TRADER Exchange — the company’s new dealer-to-dealer online auction tool — is scheduled to roll out to Ontario dealers by the end of 2014 with a national launch in 2015, and the company is already ramping up the offering to make sure both buyers and sellers are comfortable doing business. TRADER announced this week partnerships with both […] [Read More]

ServNet has added Winchester Auto Auction in Bunker Hill, W. Va. to its list of members. The auction has been owned by the Angelicchio family, also owners of Pittsburgh Auto Auction, since early 2014. Patty Stanley, ServNet’s president, believes the auctions ownership and ideal location will make it an ideal fit into ServNet’s auction family. “The Winchester […] [Read More]

In an exclusive interview with SubPrime Auto Finance News, Hudson Cook partner and former assistant director at the Consumer Financial Protection Bureau Rick Hackett offered quick-hitting analysis of the three main segments of the CFPB’s latest moves in connection with vehicle financing. First, Hackett acknowledged the threshold the CFPB established in its newest supervisory proposal […] [Read More]

Ontario dealers should, by now, be quite aware of the all-in pricing regulations enforced by the Ontario Motor Vehicle Industry Council. If not, you’ll want to be, because OMVIC is cracking down on violators of its consumer protection regulations. Just this week, OMVIC announced a fine for Platinum Cars Inc. for not abiding to the […] [Read More]