Ally Financial and Credit Acceptance Corp. recently announced a couple of updates pertaining to their financial statements. First from Ally, the company declared quarterly dividend payments for certain outstanding preferred stock. Each of these dividends were declared by the board of directors last Thursday and are payable on Aug. 15. A quarterly dividend payment was […] [Read More]

The June dealer survey by KeyBanc Capital Markets showed stores utilized growth in F&I gross profit per unit during the second quarter to overcome mixed results in gross profit per used vehicle sold. KeyBanc reported that 57 percent of respondents indicated an increase in F&I gross profit of more than $50 per unit year-over-year throughout […] [Read More]

The Greater Rockford Auto Auction is celebrating its 40-year business anniversary this month with prizes and promotions. The auction’s rewards include different giveaways such as gas grills, Yamaha scooters and Polaris all-terrain vehicles. Chad Anderson, the auction manager, is looking forward to the GRAA’s 40th anniversary party sale, which will be held on July 23. […] [Read More]

Ascertaining specific figures as to what is the prudent amount to spend on reconditioning can be a bit of a challenge, according to industry experts who crunch wholesale numbers for a living. While neither ADESA’s Tom Kontos nor Manheim’s Tom Webb shared a specific dollar amount with Auto Remarketing, each economist did explain how grade […] [Read More]

NextGear Capital recently added the EDGE ASI Auction Operating System to its floor planning integration with AuctionACCESS. As a result of this integration, NextGear Capital president Brian Geitner highlighted that all auctions on the Edge ASI system will have the ability to receive updated NextGear Capital credit availability and originate floor plan transactions through the […] [Read More]

A substantial American viewership for the 2014 World Cup was expected — but the resulting record-breaking number of people tuning in to the tournament shattered all expectations. And the car brands who may benefit the most? Kia, Hyundai and Volkswagen. Over 26 million people in the U.S. viewed the World Cup Final between Germany and […] [Read More]

Westlake Financial Services announced this week that it closed its fifth term asset backed securitization (ABS) on May 28 in a bond offering increased from $275 million to $321 million due to significant investor demand.  The company highlighted five classes of bonds were offered, ranging from A1+ to BBB. Westlake also noted all were at […] [Read More]

During a free webinar set for Thursday, Dealertrack Technologies associate general counsel Randy Henrick plans to revisit a topic he’s often discussed with SubPrime Auto Finance News. Henrick will explain why he believes the Federal Trade Commission is intensifying its pursuit of dealers engaging in deceptive advertising activity. During the session, Henrick will provide examples […] [Read More]

Back in March, Consumer Financial Protection Bureau director Richard Cordray referred to complaints as the agency’s “compass,” because these consumer statements “make a difference by informing our work and helping us identify and prioritize problems for potential action.” If policy changes the CFPB suggested this week come to be, Cordray and the rest of the […] [Read More]

As analysts predict that expanding off-lease volume will start pushing downward on used-car prices at a more rapid pace in the second half of the year, auction prices are expected to continue falling this week. According to NADA AuctionNet data, wholesale prices are expected to drop by an average of 0.5 percent or $75. David […] [Read More]