SubPrime Auto Finance News has learned that Fleet Financial president Patrick Fitzgerald passed away earlier this week following a tragic cycling accident, according to a post on the company’s Facebook page. The company indicated that Fitzgerald was involved in the accident on Aug. 21 and “peacefully passed away” five days later “surrounded by family and […] [Read More]

Along with approving new requirements for credit rating agencies such as Moody’s and Standard & Poor’s, the Securities and Exchange Commission this week also adopted revisions to rules governing the disclosure, reporting, and offering process for asset-backed securities (ABS), which often batches together auto loans from a wide array of finance companies. SEC officials explained that […] [Read More]

Industry regulators are turning their focus to unlicensed dealers — and it may mean jail time for some prosecuted for the crime. The Ontario Motor Vehicle Industry Council announced this morning the Ontario Court of Justice has upheld the decision of a lower court.  Consequently, Andre Nicholas Campbell of Missisauga, Ontario, is headed to jail […] [Read More]

The Consumer Financial Protection Bureau will host another field hearing focused on auto financing next month. Bureau officials said on Thursday that this next session dedicated to this slice of the credit market will begin at 11 a.m. EDT on Sept. 18 in Indianapolis. The CFPB indicated the hearing will feature remarks from director Richard […] [Read More]

AutoCanada continued to ramp up its expansion efforts with the announcement that is has obtained approval from General Motors Canada to invest in Edmonton dealership Lakewood Chevrolet. The dealer group reported it will be purchasing a 75 percent non-voting equity interest in the shared of the dealership. The acquisition is expected to close Tuesday. Pat […] [Read More]

Ackroo, purveyor of gift cards and other loyalty programs for companies in North America, announced a partnership with Dealer Rewards Inc. this week. Via their agreement, Ackroo and Dealer Rewards will share their products with their other automotive partners, including Ackroo’s DealerCard and “Ackroo Anywhere” programs. According to Steve Levely, Ackroo’s chief executive officer, the […] [Read More]

This summer has proved a popular season for the Ford F-150, as it notched the No. 1 spot for most appraised vehicle in Canada once again in July. The truck is also tops for year-to-date appraisal trends, as well. The Dodge Grand Caravan, a newcomer to the top three, came in as the second most appraised […] [Read More]

As the month draws to a close this coming Labor Day weekend, a few industry observers offered their predictions this week on what the final August tally will look like for used-vehicle sales. Starting with Cars.com, chief analyst Jesse Toprak says a strong certified pre-owned market along with credit availability has helped push used-car sales […] [Read More]

ServNet Auctions  have been making moves in the remarketing industry during the summer months. DAA Northwest presented its Rock & Roll Sale in the middle of July, bringing dealers from the U.S. and Western Canada to Spokane, Wash. for the event. The sale featured consignments from Ford, Harley-Davidson, Avis and Toyota, among others, and brought 1,000 dealers […] [Read More]

Negotiation. Easily one of the least desirable aspects of buying a car for most shoppers. But it seems a large portion of the population is growing more comfortable with the haggling process: Women. According to the survey results from a survey from Swapalease.com, women are “warming” up to the negotiation process — more so than […] [Read More]