In an effort to speed up manufacturing after the Japanese tsunami and quake, Toyota Motor Corp. and subsidiaries Toyota Auto Body Co. Ltd. and Kanto Auto Works Ltd. announced a deal Wednesday that will convert the latter two facilities into wholly-owned subsidiaries of Toyota via share exchanges. Moreover, Kanto Auto Works, Central Motor Co. Ltd. […] [Read More]

Thanks to strong demand within international markets during the second quarter, BMW Group now expects annual business performance and earnings will be significantly better than previously forecasted. The automaker raised its sales volume and earnings forecast for the current financial year earlier this week. OEM officials believe 2011 unit sales will increase above 10 percent […] [Read More]

Wholesale values remained on the rise during June, climbing modestly from May, while also besting year-ago levels by almost 17 percent, according to RVI Group. But with gas prices slowing down, so did the values of smaller vehicles, the company said in the latest RVI Market Update. Overall, wholesale prices climbed 0.4 percent from May […] [Read More]

IronPlanet Motors is hosting an unreserved online auction next week that will feature more than 100 units across a wide range of vehicle types — including cars, trucks, SUVs, motorcycles, golf carts and RVs, among others — and will provide inspection reports at no cost. During the sale, which is scheduled for Wednesday, some of […] [Read More]

National Highway Traffic Safety Administration officials recently announced Chrysler is recalling nearly a quarter-million trucks from model years going back to 2003. The recall includes the Dodge and Ram 1500 from the 2008 model-year as well as Dodge and Ram 2500 and 3500 from model years 2003 through 2011. A total of 242,780 U.S. units […] [Read More]

JMN Logistics announced earlier this week it has hired a new sales manager. Tapped for the position is Alycia LaMartina. LaMartina will represent the auto transportation and logistics company at numerous auto auctions and dealerships across the greater St. Louis area. “Alycia’s strong work ethics and ability to work independently will make her transition into […] [Read More]

SALT LAKE CITY — Prestige Financial Services recently announced it has established a $150 million funding facility with Wells Fargo Securities.  The company noted that the new arrangement is similar to a secured revolving line of credit and also “provides a substantial source of liquidity to fund the Salt Lake City-based auto finance company’s consumer […] [Read More]

WESTERVILLE, Ohio — NAC, which orchestrates sales and administration of vehicle service contract products and services, recently launched ExpressLane 2.0 — the company's next generation online dealer contracting system. Officials explained ExpressLane was designed to address the efficiency gaps and sales challenges within the service contract market today, create a foundation for more technology-driven business […] [Read More]

WILKES-BARRE, Pa. — GWC Warranty Corp. and Southern Auto Finance Co. formed a vehicle service contract strategic alliance this week. The companies indicated the alliance means SAFCo now offers through its dealers the GWC vehicle service contract and GAP program. Officials believe the relationship can provide store managers more tools for profitability and loan customers […] [Read More]

McLEAN, Va. — In revealing company-wide financials Wednesday, Capital One reported on a few key trends in its auto finance division. For the second quarter, period-end automobile loans held for investment accounted for $19.22 billion, compared to $18.34 billion in the previous quarter. In the second quarter of last year, the company held $17.22 billion in […] [Read More]