Flint Auto Auction recently launched a newly designed website, a platform geared to bring information about the auction and its various departments, sale dates and vehicle inventory together in an easy-to-use, intuitive interface. Management from the ServNet operation highlighted the front page of Flint’s new website provides a snapshot of the auction’s Wednesday sale, with […] [Read More]

DriveTime Automotive Group is one example of how much the subprime auto finance market has bounced back since the deepest point of the last recession. The company often caters to deep subprime customers as buyers attached to contracts with a rating of A+ had an average credit score of 556, according to its 2012 annual […] [Read More]

Following CNW Research’s predictions last week that April would finish up with 3.85 million used vehicles sold for the month, two other firms have released their respective forecasts, both of which are targeting a lower sum than CNW. At TrueCar.com, analysts are calling for 2.94 million used sales for April, with a new-to-used ratio of […] [Read More]

ServNet executive staff and owners of its 31 independent auctions turned their attention to industry analytics, at the semi-annual business meeting and Meet the Owners luncheon, held April 16-17 in Dallas. The group also announced a new auction addition, coming later this spring. ServNet chief executive officer Pierre Pons reported that Day 1 meeting attendees […] [Read More]

A new partnership offers dealers a new way to complete and book sales, via a data management integration. Announced late last week, DealerSocket said it has partnered and integrated with Quorum Information Technologies to offer a complete, two-way integration with Quorum’s XSellerator Data Management System. Users of DealerSocket who utilize Quorum can now electronically push […] [Read More]

Vehicle transportation company MetroGistics recently named a new director of account management, hiring an executive with experience in getting a domestic automaker’s new models distributed regionally. Taking on the role is Martha Garcia-Perry, who will be responsible for ensuring that MetroGistics’ customers consistently experience a high level of service, and for delivering on the company’s […] [Read More]

BANDON, Ore. — Approvals for subprime auto loans might have hit a speed bump this month. CNW Research indicated that subprime loan approvals have softened by 3.94 percent so far in April as compared to March. President Art Spinella elaborated about the trend in the firm's Retail Automotive Summary last week. "One thing to watch […] [Read More]

SOUTHFIELD, Mich. — Credit Acceptance Corp. last week announced the completion of a $140.3 million asset-backed non-recourse secured financing. Pursuant to this transaction, the company said it contributed loans having a net book value of approximately $187.8 million to a wholly-owned special purpose entity which will transfer the loans to a trust. This trust will […] [Read More]

ALBANY, N.Y. — New York Gov. Andrew Cuomo is asking credit scoring and reporting bureaus to take immediate action to stop the lowering of credit scores for Superstorm Sandy victims who may be enduring storm-related financial difficulties "beyond their control." At Cuomo's direction, state superintendent of financial services Benjamin Lawsky sent letters to FICO, TransUnion, […] [Read More]

CHICAGO — Nationwide Acceptance expanded its subprime auto sales finance program to service dealers, broadening its footprint to 23 states. Last week, Nationwide Acceptance began operating in Alabama. "We are very excited to continue our expansion and to offer our subprime point-of-sale program to franchised and independent dealers throughout Alabama," said Martin Less, president and […] [Read More]