In the latest development in a legal clash that’s been going on for close to two years, dealers from five states filed a lawsuit against Indian truck manufacturer Mahindra & Mahindra and its U.S. counterpart accusing fraud, misrepresentation and conspiracy. The lawsuit alleges Mahindra duped hundreds of U.S. dealers and walked away with more than […] [Read More]

It was revealed late last week that luxury electric vehicle automaker Fisker Automotive has joined forces with Penske Automotive Group, which was one of the dealer groups to make it onto the list of “Top 125 Used-Car Dealership Groups” in the June 15 print issue of Auto Remarketing. Serving Arizona and the surrounding region, Penske […] [Read More]

LAKE FOREST, Calif. — Field services provider National Creditors Connection recently revamped its website, which now contains what company officials say is a streamlined and modernized look with new content and features. NCCI highlighted the site's new look and feel has vibrant colors and images and improved organization to streamline navigation for visitors. Officials explained […] [Read More]

KNOXVILLE, Tenn. — Spireon, the parent company of GPS tracking provider GoldStar GPS, rolled out what it's calling the industry's first GPS vehicle tracking buyer's guide for dealers who are new to the buy-here, pay-here market. Officials believe this guide can help dealers who are interested in expanding their loan portfolios, protecting their assets and […] [Read More]

TORONTO — Late last week, Auto Remarketing and SubPrime Auto Finance News confirmed retirement and succession plans for TD Auto Finance's chief executive officer. Company spokesperson Mohammed Nakhooda indicated that after a 39-year career in the industry, Tom Gilman has decided to retire effective July 30. "Until his retirement, he's agreed to remain available with […] [Read More]

WASHINGTON, D.C. — Five federal supervisory agencies recently released a Memorandum of Understanding aimed at clarifying how the agencies will coordinate their supervisory activities consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act. The five agencies joining forces for this MOU included the Board of Governors of the Federal Reserve System, the Consumer […] [Read More]

WASHINGTON, D.C. — With analysts maintaining that subprime auto lending is surging, the Economic Advisory Committee of the American Bankers Association recently issued a cautionary assessment about how the U.S. economy will continue to grow at a moderate pace. However, the committee thinks there are ongoing downside risks from Europe and the looming "fiscal cliff." […] [Read More]

Low loan default rates and high prices on repossessions are factors in one vehicle leasing company’s decision to suspend lease originations. LEAP Financial on Thursday announced it is suspending originations of leases due to capital constraints. Company officials said attempts to source capital over the last few months did not result in completing a transaction […] [Read More]

May marked a 0.8-percent decline in wholesale prices, and just one major market class showed a year-over-year gain in value during the month, according to Manheim’s Tom Webb, who offered his analysis in the latest Manheim Used Vehicle Value Index report. Overall, the index was at 125.1 for May, compared to 126.1 in April. “The […] [Read More]

The National Automobile Dealers Association announced Thursday the U.S. House Energy and Commerce Subcommittee on Commerce, Manufacturing and Trade passed H.R. 5859, a bill that eliminates a requirement that dealers provide information on auto insurance costs to customers. Officials explained that the bill, which is strongly endorsed by NADA, also eliminates a $1,000 fine per […] [Read More]