Since the recent financial crisis, McGladrey manager Robert McMurray pointed out that many private equity groups and other strategic investors have pushed plenty of money into the specialty finance industry to bring solid returns to their funds. With increased scrutiny from outside parties during a potential transaction, McMurray emphasized it is vital to ensure that […] [Read More]

This week, Credit Acceptance Corp. announced plans to offer $300 million of senior notes due in 2021. Company officials said they intend to use the net proceeds from the offering, together with borrowings under their revolving credit facility, to redeem in full the $350.0 million outstanding principal amount of their 9.125 percent first priority senior […] [Read More]

Now with the financial support of Westlake Financial Services, Western Funding — a subprime auto lender since 1962 — has resumed operating in full capacity. After a recent pause in loan originations following a bankruptcy proceeding, Western Funding is now offering dealerships in 33 states the full scope of funding options previously available. Furthermore, Western […] [Read More]

The National Alliance of Buy Here Pay Here Dealers (NABD) and Cherokee Automotive Group (CAG), the publishers of Auto Remarketing and SubPrime Auto Finance News, will combine forces to launch the BHPH Report for the industry later this month. This effort will capitalize on the joint strength of NABD and CAG to provide a powerful […] [Read More]

Auction Academy, a continuing education program for auto industry professionals, held a joint class session in Detroit that featured visits to Flint Auto Auction and General Motors World Headquarters. The session included both current class groups — the Managers Group and the Next Generation/Sons and Daughters Group — for a combined total of 32 students, […] [Read More]

Baby, Betsy, Bessie, Black Beauty, Betty. What do all these words have in common? According to a new report from DMEautomotive, these are the top vehicle names out there. In fact, one in four vehicle nicknames begins with the letter “B”. And who is most likely to assign nicknames to their new rides? According to […] [Read More]

One segment of the pre-owned market that rose to unprecedented levels in 2013 was certified pre-owned. With CPO sales representing about 19 percent of all franchised dealers used-vehicle sales as reported in December, according to Edmunds.com, it seems the certified vehicle is becoming a more integral part of a dealership’s used-car department. What’s more, the […] [Read More]

To gauge which brands will stand out in respect to used sales this year, analysts are taking a look at expected lease maturities as a predictor. In this case, a brand to keep an eye on in 2014 might be Cadillac. Joe Spina, the director of used-car analysis at Edmunds.com, explained that during the first […] [Read More]

CarMark Certified, which changed to a new administrator earlier this month, announced recently that it is revamping its certified warranty program, adding new features and benefits that will make the program more appealing to dealers and consumers alike.  This new program is to be announced by the end of 2014’s first quarter, said Bill Zadeits […] [Read More]

The J.D. Power 2014 U.S. Avoider Study showed that new technology offerings in vehicles are more important to new-vehicle buyers who purchase domestic models versus import vehicle buyers. The study determined 38 percent of those buying domestic vehicles cite the latest technology features as a reason for their purchase, compared with 33 percent of import […] [Read More]