BETHLEHEM, Pa. — SubPrime Auto Finance News recently confirmed that Wells Fargo Auto Finance is shuttering its auto loan collections operation at Bethehem, Pa., Lehigh Shopping Center in May, which will result in 193 layoffs. The company's reasoning for the closure is quite simply that Wells Fargo has seen improvements in customers paying off their auto […] [Read More]

COLUMBUS, Ohio — Huntington announced this morning that thanks to the state's improving economic recovery, the company is significantly expanding its Michigan auto dealer financing business and will add key personnel to support this move. "With Michigan's continuing economic recovery, we expect the state to remain a robust market for us," explained Richard Porrello, director of […] [Read More]

WASHINGTON, D.C. — The Federal Reserve halted its reporting on averages for new-vehicle loans by finance companies. Officials indicated the statistical foundation for this series of updates has "deteriorated" in the past few months. "Therefore, publication of these series is temporarily being suspended," the Fed stated last week. "The statistical foundation is in the process […] [Read More]

CLEARWATER, Fla. — Nicholas Financial recently opened two new branch offices, one in St. Louis and the other in Villa Park, Ill., a Chicago suburb. Company executives highlighted the new offices are Nicholas Financial's first entries in both major metropolitan areas and continues planned expansion of their branch network. Nicholas Financial now has 56 offices […] [Read More]

Over the past decade, there has been a significant shift toward migrating the wholesale vehicle remarketing process online. There are many reasons for this growth. The online channel offers numerous benefits for the remarketing process, such as reduced expense and time to sale, less need to transport vehicles, travel cost savings to and from the […] [Read More]

Brasher’s Sacramento Auto Auction recently commemorated 33 years of operations as it hosted a two-day event that was slated to include entertainment, a sale and a prize drawing, among other activities. The celebration was scheduled to begin March 28 with “Brasher’s Live!” This included a catered dinner then comedian Maz Jobrani performing. The dining and […] [Read More]

Leaders of Allied Finance Adjusters are quick to point out that the last couple of years probably have created more change in the repossession industry than any of the previous 75 years. With a mindset of bonding as a group, president George Badeen explained how this week’s convention is creating more enthusiasm and excitement. “We’re […] [Read More]

The certified pre-owned segment had its second-strongest month on record during March, but perhaps the biggest story throughout the auto industry was the impact the disaster in Japan had on automakers as their operations, supply and production were among just a few of the areas affected by the devastation. In light of the disaster’s aftermath, […] [Read More]

There is a new operations manager for Toyota Certified Used Vehicles, Auto Remarketing learned recently. Appointed to the position is Sal Berardesco, whose prior role was as marketing planning manager. Berardesco replaces Jason Cropper, who was appointed Lexus dealer advertising manager. In the new role, Berardesco reports to Tom DeLuise, national TCUV/TRAC sales and operations manager. “While […] [Read More]

Incorporated into a solution that includes a special certified pre-owned vehicle element, Kelley Blue Book is launching a new tool on Tuesday for banks, insurance companies, governmental agencies and dealers. KBB highlighted Quick Values is designed to be a fast and easy solution that can deliver comprehensive new- and used-vehicle values in a unique self-service model. […] [Read More]