It is likely that October’s new-vehicle sales pace will have been little bit stronger than anticipated, according to KeyBanc Capital Markets senior automotive analyst Brett Hoselton. He said the industry remains on track to reach a fourth-quarter seasonally adjusted annualized rate of 12.6 million units. [Read More]

Earlier this week, Toyota filed a Reply Brief in Support of its Motion to Dismiss the consolidated class action that the company is facing over claims of an alleged electronic defect causing unintended acceleration. Toyota contends that no defects in its Electronic Throttle Control System have been brought to light by the plaintiffs, and the […] [Read More]

Hertz Global Holdings extended its string of quarterly increases in adjusted pre-tax income to five in a row during the third quarter. Company executives said Wednesday that their third quarter adjusted pre-tax income totaled $253.6 million. That amount constituted increase of $58.3 million or 29.9 percent from the income level the company generated in the […] [Read More]

Nissan North America management offered an update this week on the number of franchise dealers who have completed electric vehicle readiness training and are among the first to add EV charging infrastructure to their store operations. As the automaker prepares for Nissan LEAF deliveries in December, company officials indicated that by the end of this […] [Read More]

SOUTHFIELD, Mich. — A continued stretch of stable returns propelled Credit Acceptance Corp. to more positive gains in consolidated and adjusted net income during the third quarter. The company revealed earlier this week that its consolidated net income totaled $42.0 million or $1.48 per diluted share for the quarter that ended Sept. 30. In the year-ago […] [Read More]

ALEXANRIA, Va. — American Bankruptcy Institute officials determined this week that October filings represented a slight rise from the previous month, but a decline from the year-ago period. Relying on data from the National Bankruptcy Research Center, the institute reported U.S. consumer bankruptcy filings totaled 132,173 nationwide during October. It marked a 1.4-percent increase over the […] [Read More]

NEW YORK — Revealing preliminary third-quarter results, Ally Financial said that for its auto finance business one of the areas it sees as a strong growth opportunity is the used-vehicle market. And the company has already been ramping up originations for this market segment. Year-over-year originations for this segment climbed from $800 million in the 2009 […] [Read More]

COLUMBUS, Ohio — Huntington announced Wednesday that it is expanding its auto dealer financing business into five additional states, including Massachusetts, Rhode Island, Vermont, New Hampshire and Maine. Nick Stanutz, Huntington's senior executive vice president and head of the auto finance and dealer services group, said, "We currently are the number one auto dealer lender in Ohio and […] [Read More]

While also breaking ground on a brand new site, ADESA revealed a significant acquisition late Wednesday as the auction company secured six facilities from the Premier Auction Group. Included in ADESA’s acquisition are Bay Auto Auction in Bay City, Mich.; Dealers Auto Auction of Michigan in Clare, Mich.; East Tennessee Auto Auction in Fall Branch, […] [Read More]

On Wednesday General Motors officially commenced its initial public offering in the amount of $13 billion. Rumors and speculation flew all week as to whether the move would come and just how much the IPO would be. Turns out, the company kicked off its IPO just at about the time it announced its preliminary third-quarter […] [Read More]