Asbury Automotive Group revealed Monday that it has secured a new $900 million five-year syndicated credit facility that it will use for new- and used-vehicle inventory floor plan financing and general corporate purposes. The facility includes nine financial institutions and five automaker-affiliated lenders. [Read More]

CHICAGO — CIVC Partners, a Chicago-based private investment firm, recently joined with management and existing shareholders to acquire Honor Finance. In conjunction with this announcement, Honor revealed it has secured a new line of credit from Wells Fargo Preferred Capital. Officials recapped Honor Finance, based in Evanston, Ill., is a specialty finance company that originates, finances and services […] [Read More]

SCOTTSDALE, Ariz. — General Motors Financial president and chief executive officer Dan Berce put a specific date on when GM dealers can use the company for their commercial needs, not just to finance subprime buyers. Berce told an investor gathering last week that GM Financial's goal is to launch a fully capable commercial services platform […] [Read More]

ARLINGTON, Texas — Southside Financial Group revealed Monday the launch of a program to purchase near-prime and subprime auto loan portfolios from franchised and independent dealers throughout the country. The program — launched in an effort to help dealers achieve greater liquidity — includes near-prime and subprime portfolios ranging from $500,000 to $40 million, with service released. […] [Read More]

WAYZATA, Minn. — TFC Financial Corp. recently announced its subsidiary — TFC National Bank — has signed a definitive agreement to acquire Gateway One Lending & Finance, LLC. Headquartered in Anaheim, Calif., Gateway One is a privately held lending company “that utilizes its more than 3,100 active dealer relationships to originate loans to consumers in […] [Read More]

The 57-year-old owner and founder of a Syracuse, N.Y.-area vehicle transport company lost his life following a tragic accident at Manheim’s flagship facility. Jeff Rotella passed away Oct. 8 at Lancaster General Hospital in Lancaster, Pa., according to various media reports. A day earlier, Rotella apparently became pinned by a Ford F-350 pickup truck when […] [Read More]

While it’s cliché, the old adage that the “only constant is change” has never been more true than in the past five years within the recovery industry. Several breakthrough technologies are transforming the industry from a fragmented, local market-centric business into a more consolidated model, with competition nationwide. This change has forced many recovery service […] [Read More]

Those interested in the recovery, repossession and remarketing industries should take note of a special complimentary registration offer from Cherokee Automotive Group and the Used Car Week Conferences. Attendees who register for either the CPO Forum or the National Remarketing Conference, or both, will be automatically registered at no additional cost to attend the group’s […] [Read More]

In an industry that has evolved right along with the Internet and new Web-based marketing opportunities, dealers now have a plethora of options to take into account when deciding how best to reach a potential or current customer. With tools such as Facebook, mobile apps, QR codes and more, dealers are starting to utilize digital […] [Read More]

Thanks to used-car trade-in values being above average, the new-car market is likely to see a nice lift during the fourth quarter, according to NADA Used Car Guide senior analyst Jonathan Banks. Interestingly enough, though, high trade-in values didn’t keep used sales from remaining strong in September, Banks pointed out in a video interview with […] [Read More]