Giving credit to strong results from its recent conversion offers, Ford announced it will be cutting more than $1.9 billion off its automotive debt and plans to become “clearly net cash positive” before the year ends. Moreover, Ford said the conversion offers will help lead an approximate $180 million reduction in annualized interest costs. [Read More]

Fiat chief executive officer Sergio Marchionne recently revealed that his company plans to reopen an Italian manufacturing facility to build Jeep vehicles that combine a Chrysler and Fiat platform. He expects many of these models to be shipped to North America. During a meeting held at Unione Industriale di Torino, Marchionne presented trade unions with a plan to reopen the […] [Read More]

Edmunds.com recently discovered how much higher trade-in values for three-year-old vehicles were in October versus the same month in 2007. The site calculated trade-in values for these three-year-old models were 10.3 percent higher. That rise, coupled with more attractive interest rates than the norm back in October 2007, prompted site analysts to advise consumers to […] [Read More]

According to the the National Automobile Dealers Association, two crucial amendments associated with federal health care reform are expected to be voted on soon in Congress. NADA says the 1099 reporting requirements will take a tough toll on dealers.   NADA leaders explained two amendments to S. 510 offered by Sen. Mike Johanns, a Republican from Nebraska, and […] [Read More]

Hagerty Insurance Agency released on Monday its list of mass-produced 2011 models under $100,000 it believes are the most likely to end up as collector cars several years down the road. Taking the No. 1 spot on the Hagerty Hot List this year is the 2011 BMW 335IS, followed by the 2011 Cadillac CTS-V Coupe and […] [Read More]

CarGurus joined a crowded fray Monday by launching a free online vehicle listings tool that combines a price-guide element into the solution. Site executives explained its vehicle listing tool includes “Live Market Value” pricing guidance. Based on the analysis of more than 2 million active vehicle listings, CarGurus contends “Live Market Value” can take into account numerous […] [Read More]

ALEXANDRIA, Va. — According to an upcoming ABI Journal article about consumers who filed for bankruptcy last year, researchers found that the majority of filers were Caucasian, married, employed, between the ages of 35 and 54, had at least a high school education and made no more than $30,000 annually. These revelations came through a survey […] [Read More]

TROY, Mich. — Open Dealer Exchange announced this week that Crescent Bank & Trust will integrate directly into the dealer management system to enhance the loan approval process. Headquartered in New Orleans, CB&T is a leading indirect subprime lender that does business from more than 20 offices throughout the country. As part of their growth strategy, […] [Read More]

CINCINNATI — Security National Automotive Acceptance Corp. recently announced its chief operating officer has a new role with the company. The company elevated Brian McDonald to president. He now reports to Becky and Ted Catino, co-chief executive officers of SNAAC. In this position, the company wants McDonald to work closely with the Catinos as well as […] [Read More]

NEW YORK — Thanks in large part to unprecedented seasonal strength in the used-vehicle market, Fitch Ratings reported that both prime and subprime auto loan asset-backed securities showed delinquency improvements in October. Another factor helping to push the drops in delinquencies was two months of lower jobless claims, Fitch highlighted. "Historically, high used-vehicle values brought on […] [Read More]