WASHINGTON, D.C. — May saw a considerable downfall in consumer bankruptcies both month-over-month and year-over-year, according to the American Bankruptcy Institute. Sliding by 16 percent year-over-year, data from the National Bankruptcy Research Center showed that May's overall consumer filings totaled 114,803, down from 136,142 filings recorded in May 2010. “The continued drop in bankruptcies during […] [Read More]

FORT WORTH, Texas — Soon after word spread about an upcoming dealer floor plan program, GM Financial this week revealed pricing of a $1 billion offering of automobile receivables-backed securities through lead managers Barclays Capital, RBS and Wells Fargo Securities. Officials noted co-managers are Deutsche Bank Securities, Morgan Stanley and UBS Investment Bank. GM Financial […] [Read More]

DALLAS — Citing strong demand, Vehicle Acceptance Corp. announced it is bringing its buy-here, pay-here services to a new office in the Northwest. VAC entered the Portland, Ore., market last year in anticipation of the branch opening, management explained. "We are always looking for strong new markets and Portland is a very good fit for […] [Read More]

DES MOINES, Iowa — As lenders look to grow profitability and market share, subprime could become an attractive avenue again, albeit with tighter underwriting criteria. In perhaps one indication of the subprime market's slow return, Chase Auto Finance announced today that it has expanded its custom finance office in Des Moines, Iowa, to better meet the […] [Read More]

With free advice on inventory management, sales tactics and more, the upcoming Auto Remarketing Training Series Webinar is geared to give what used-car managers and store personnel need to be successful as the summer selling season ramps up. The next session in the free series is scheduled for 2 p.m. ET on Tuesday. The 90-minute […] [Read More]

Addressing the automaker’s shareholders for the first time since General Motors’ initial public offering, GM top boss Dan Akerson described the Buick Verano and Chevrolet Sonic Z-spec sharing the stage with him Tuesday at Detroit’s Fisher Theatre as being “just the tip of the iceberg” of the company’s product transformation. That metamorphosis, along with the […] [Read More]

Derived from analysis of first-quarter online shopper activity at automaker websites, iPerceptions learned visitors who said they plan to purchase a new vehicle during the next six months rose from 49.5 percent in the fourth quarter of last year to 51.7 percent in first quarter of this year. iPerceptions’ automotive industry report released this week […] [Read More]

A cluster of General Motors franchise dealers in and near Joplin, Mo., recently weathered quite a storm and are continuing to pick up the pieces and do the best they can to support their local community in healing. They recently broke out their checkbooks and more to help the community recover from the single deadliest […] [Read More]

Automotive social media and brand reputation company GOSO announced Tuesday that it will be offering its products to all industries starting this week and will be expanding operations to a second office. The company that was founded in 2008 began piloting some of its Facebook applications last month, but surpassed its expectations by signing up thousands […] [Read More]

For many decades the desire to consistently own a new vehicle has been an American dream. In fact, many years ago, vehicles were built with a limited ownership time almost in mind. Some models would begin to break down after a few years. But in today’s age, used vehicles are taking on even more prominence as quality climbs and consumers look […] [Read More]