HOUSTON — First Investors Financial Services Group said Tuesday's special meeting of its shareholders resulted in approval of the company's previously announced merger with an affiliate of Aquiline Capital Partners, a New York-based private equity firm investing in the financial services sector. When reached by SubPrime Auto Finance News late Tuesday, executive vice president, secretary, […] [Read More]

DEARBORN, Mich., and FORT WORTH, Texas — Both General Motors Financial and Ford Motor Credit posted gains in third-quarter net income, according to reports the companies shared Tuesday and this morning. The company that posted a higher year-over-year increase was GM Financial, which said its third-quarter net income came in at $124 million, up from […] [Read More]

EDINA, Minn. — Buy-here, pay-here dealership chain CarHop not only bolstered its presence in well-established markets, the company recently opened a dealership in Pennsylvania to raise its footprint to 16 states. That newest store is in Pittsburgh, located at 3408 William Penn Highway. "It's not every day that CarHop opens in a new state, so […] [Read More]

RALEIGH, N.C. — Consolidated Asset Recovery Systems recently hired a new vice president of sales. Joining the provider of repossession and remarketing services is Jeff Swisher. CARS is looking for Swisher to help the company further scale the sales organization and continue to build brand recognition. "We are excited to bring Jeff and the wealth […] [Read More]

When Auto Remarketing reached Reynolds and Reynolds today to get reaction to a  Reuters report about a potential sale, spokesperson Thomas Schwartz said, “As as a matter of policy and practice, I’m not going to comment on rumors in the marketplace.” The report citing several sources familiar with negotiations indicated that Reynolds is looking into […] [Read More]

“Dale, what can I do to take my used-vehicle operations to the next level in 2013?” This question comes my way more frequently, and much earlier in the year, than it did in the past. To me, this is a good thing: more dealers are thinking hard and planning ahead to do a better job […] [Read More]

Consolidated Asset Recovery Systems recently hired a new vice president of sales. Joining the provider of repossession and remarketing services is Jeff Swisher. CARS is looking for Swisher to help the company further scale the sales organization and continue to build brand recognition. “We are excited to bring Jeff and the wealth of knowledge and […] [Read More]

A new Arizona-based vendor screening company on Monday launched what it's calling the first online compliance management system for the auto lending industry. Vendor Transparency Solutions explained that it developed an industry-specific, comprehensive, supplier screening solution designed to assist the lending community to reach the highest level of compliance. The tool is also geared to […] [Read More]

The National Highway Traffic Safety Administration said BMW of North America is recalling more than 52,000 large sedans in two separate campaigns. The larger of the two recalls is connected with the transmission control module on 45,500 units. The models included in this campaign are: —2005 BMW 745I —2005 BMW 745LI —2006-2008 BMW 750I —2006-2008 […] [Read More]

As Hurricane Sandy — or “Frankenstorm” as people have dubbed the pre-Halloween tempest that made landfall in the Northeast just yesterday — ravages the coast the industry waits for news of how it will affect car sales. News of power outages in Manhattan and serious flooding in New Jersey hits the papers, and the storm […] [Read More]