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]

Auction price declines are beginning to pick up — just as NADA Used Car Guide predicted. At the industry level, wholesale price movement was expected to weaken slightly over the course of the current week as NADA projected prices to decline by 0.3 percent, or $50, relative to the two-week average. “The expected rate of […] [Read More]

In the six years since Automobile Protection Corp.’s management team and Stone Point Capital came together to buy APCO back from Ford Motor Co., APCO has been searching for the right acquisition to complement its business. It found that ideal partner in GWC Warranty Corp., says Larry Dorfman, the chairman and chief executive officer of […] [Read More]

Successful efforts to provide real-time service and data to a growing volume of customers have brought recognition to Digital Air Strike. The social media and digital marketing company this week announced it has been recognized as a leading technology user of Microsoft Corp.’s Windows Azure, and chosen as a case study for the platform. The […] [Read More]