Two auto industry leaders who have close relationships with Rick Hackett, the assistant director of the Consumer Financial Protection Bureau whose jurisdiction included vehicle financing, shared nothing but glowing assessments of the regulator who announced he was leaving the agency by the end of the month. FinCo Management president Toby Reiley used words like "humble" […] [Read More]

Group 1 Automotive completed a $1.7 billion five-year revolving syndicated credit facility with 25 financial institutions last week. The dealer group indicated the facility will expire in June 2018 and can be expanded to $1.95 billion in total availability. Executives highlighted the revolving facility will provide $1.38 billion for inventory floorplan financing.  They noted the […] [Read More]

Video email services company Covideo revealed this week an update to its mobile app that will allow dealerships and other businesses connect to with customers through text messages in a new way. The update will allow Covideos to be sent as text messages, in addition to emails. Larry Dorfman, chairman and chief executive officer of […] [Read More]

Thousands of cars in the lanes, burgers on the grill and classic rock ‘n’ roll music — it’s a big week for a few ServNet Auctions. The company has announced promotional sales at Brasher’s Northwest on Wednesday and at Brasher’s Portland on Thursday. Combined, the sales will feature more than 3,000 vehicles.    Post-sales, customers […] [Read More]

Ally Financial executives recently joined in a celebration of one New York auto dealer. They were honoring a finalist for the 2013 TIME Dealer of the Year awards, Don Carbone of Carbone Auto Group in Utica, and presented charitable grants to support his efforts in this central New York community.   A $5,000 grant on […] [Read More]

The hike in comparable store used-vehicle sales for CarMax was the best it has been “in several years,” the retailer said Friday in reporting its second-quarter fiscal results. Management attributed the strong gain to stronger conversion, reflecting a solid consumer credit environment and the progress its stores have made in execution. All told, CarMax reported […] [Read More]

SAN DIEGO — The SubPrime Forum, the new addition to Used Car Week 2013, is boasting a growing speaker lineup that is incorporating top executives from some of the leading finance companies, including Consumer Portfolio Services, Westlake Financial Services and AFS Acceptance. Today, organizers confirmed that individuals now on tap to be a part of […] [Read More]

CARY, N.C. — SubPrime Auto Finance News is hosting one of NCM Associates' top buy-here, pay-here trainers for a free webinar to help dealers make better decisions regarding reconditioning. BHPH specialist Gene Daughtry will explain the different business models and the levels of reconditioning associated with each during the free webinar, which is scheduled for […] [Read More]

SOUTHFIELD, Mich. — Credit Acceptance Corp. announced last week that it has extended the maturity of its credit facility with a commercial bank syndicate. The maturity date moved from June 22, 2015 to June 23, 2016.  "There were no material changes to the terms of the facility," company officials said. "The credit facility continues to […] [Read More]

LAS VEGAS — Dealer Tac, a comprehensive nationwide network database aimed at improving repossession and recovery efforts for buy-here, pay-here dealerships, is looking to expand to meet growing demand. With more than 6,000 BHPH stores already in its system, Dealer Tac now is preparing to branch out beyond the United States and incorporate Canadian operations […] [Read More]