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]

Three members of Lithia Motors' management team all voiced strong opinions about the Consumer Financial Protection Bureau's recent guidance on indirect auto lending and dealers' role in retail vehicle sales. All three reiterated not only their own processes but how the dealer body as a whole works with lenders to originate loans to help buyers […] [Read More]

Online activity data is great for telling you how you are performing on third-party websites. But what about how those sites are performing for you? Are you actually getting a good return on that investment? What is your cost per VDP? Cost per lead? We are always concerned on whether the return is there on […] [Read More]

As the retailer continues to move forward with Phase II of its 121 Program, Asbury Automotive Group said it’s quite clear the program has helped lift the company’s used-car operations. Just look at the dealer group’s used-to-new sales ratio today in comparison to where it stood five or six years ago. The program’s imprint certainly […] [Read More]

The Securities and Exchange Commission on Thursday charged Capital One and two senior executives for understating millions of dollars in auto loan losses incurred during the months leading into the financial crisis. Officials said an SEC investigation found that in financial reporting for the second and third quarters of 2007, Capital One failed to properly […] [Read More]