CHENNAI, India and BERLIN — Daimler AG recently learned it received approval from the Reserve Bank of India to setup a finance company in the country. Executives explained the newly founded company — Daimler Financial Services India Private Limited — will be a 100 percent subsidiary of Daimler AG. They expect the new subsidiary to […] [Read More]

CARMEL, Ind. — Given the current favorable market conditions, KAR Auction Services announced this morning that it intends to refinance a portion of its indebtedness to allow for a greater flexibility to prepay debt. "The purpose of the planned refinancing is to extend the maturities of the existing debt and provide greater flexibility to prepay debt […] [Read More]

LAKE SUCCESS, N.Y. — DealerTrack announced this morning that it has successfully completed a new four-year $125 million revolving secured credit facility, which will be used for future acquisitions and general corporate purposes. The credit facility, which includes a syndicate of seven banks led by J.P. Morgan, includes an accordion feature that provides for expansion of […] [Read More]

There have been many recent discussions regarding the practice of forwarding repossession assignments. In addition, the industry has targeted companies that do forwarding, questioning the value, or lack thereof, that these companies provide to the repossession process and to the industry. From the agent’s perspective, the standing argument is that lenders benefit from a direct […] [Read More]

Forwarding, in itself, is not a bad business practice. Afterall, we have been forwarding work amongst ourselves for many years. Forwarding became a nasty word when the auction companies entered into the business to push repossessed vehicles to their respective auctions. Sadly, that wasn’t enough for the auction companies, and forwarding started to become a […] [Read More]

BSC America’s Tallahassee Auto Auction recently wrapped up construction of a 10,000-square-foot mechanical and reconditioning facility that it says will allow the auction to process as many as 400 units each week. The auction has expanded its existing lot by five acres to build the new mechanical and reconditioning facility, which includes two mechanic bays with […] [Read More]

Coming on the heels of Fiat increasing its ownership in Chrysler thanks to another performance achievement, last week the Italian automaker reached another agreement by exercising its incremental equity call option to gain another 16 percent interest in the Big 3 OEM. Under this agreement, Fiat explained that it will exercise in full its incremental equity call […] [Read More]

Jaguar Land Rover revealed last week that a former Porsche executive will take on the top spot for the automaker’s operations here, replacing current Jaguar Land Rover North America’s Gary Temple, who is retiring later this year. Named to the role is Andy Goss, the former chief executive officer of Porsche Cars GB, who steps […] [Read More]

After the model picked up an honor at the New York International Auto Show, Nissan Americas decided to accelerate the U.S. market launch of the Nissan LEAF. Beginning May 1, the company explained it will reopen reservations to select consumers as both vehicle production and U.S. deliveries move into the many thousands. Nissan recapped that […] [Read More]

Autobytel recently promoted one of its staff members to managing editor of its primary website to head up the overall editorial direction and add exclusive articles, videos and reviews. Chosen for this position was Michelle Naranjo, who already was involved with the Autobytel.com redesign, serving as a production editor. Autobytel highlighted Naranjo has more than […] [Read More]