Flagship Credit Acceptance, a national indirect automobile finance company, announced the issuance of its first asset-backed securitization. The total amount was $109 million in a transaction that was completed Thursday. Officials highlighted the securitization will increase Flagship’s liquidity position and will allow the company to further grow its auto finance business. As part of the […] [Read More]

As the industry gears up for the 2012 Center for Automotive Research Management Briefing Seminars this August, officials revealed some key speakers for the event, as well as hot-button topics. Leaders from automotive manufacturers and suppliers, along with the governors from the states of Michigan and Tennessee, “will discuss strategies to keep the momentum of […] [Read More]

Ford and Feeding America, one of the nation’s largest hunger-relief organizations, are organizing the 2013 Ford Escape Hunger Drive, a campaign covering all regions of the United States. During drive events, guests will be able to drive, walk around or ride in the all-new Escape, and in turn Ford will provide 40 meals per guest […] [Read More]

Normal 0 false false false EN-US X-NONE X-NONE NEW YORK and SAN FRANCISCO — Both JPMorgan Chase and Wells Fargo & Co. enjoyed healthy gains in auto originations during the second quarter as both companies watched growth come "across the credit spectrum." Both companies recently reported their second-quarter financial statements, and each one generated doubled-digit […] [Read More]

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Normal 0 false false false EN-US X-NONE X-NONE PHILADELPHIA — VINtek, a provider of automotive collateral management and electronic lien and title services for auto finance lenders, announced today it has been named as the endorsed ELT service provider of the South Dakota Bankers Association (SDBA). Officials recapped that back in 2008, South Dakota passed […] [Read More]

Normal 0 false false false EN-US X-NONE X-NONE DETROIT — With a credit report being such a significant element in the vehicle financing process, Consumer Financial Protection Bureau director Richard Cordray told the gathering assembled for a credit reporting field hearing how regulators might oversee how credit report providers do business. Cordray insisted earlier today […] [Read More]

With the first half of 2012 in the books, sales are up and prices are down. Used-vehicle pricing continues to drop as the new-vehicle sales SAAR improved to 14.1 in June, according to the July edition of the Guidelines report from NADA Used Car Guide. But there is one section of the market that is […] [Read More]

As evidence of the continued downturn in used values, June marked the first time in four months that average sale prices at auction came in below $10,000, according to the latest analysis from ADESA’s Tom Kontos. ADESA Analytical Services’ monthly data indicates that the average wholesale price in June came in at $9,893, the lowest […] [Read More]

Say a shopper interested in buying a certified pre-owned vehicle walks onto a dealer’s lot and his or her credit isn’t mature yet, or perhaps it has taken some lumps. That’s one area where Scott Penza has found the F&I element of CPO has come in handy for his dealers. [Read More]