DETROIT — A little more than a year after its bankruptcy proceedings and less than a week after naming a new chief executive officer, General Motors has ended the industry speculation. It has filed for an initial public offering. The automaker appears ready to largely untangle itself from the U.S. government by paying much of the bailout […] [Read More]

PARK RIDGE, N.J. — Hertz Global Holdings got the green light Tuesday from the Securities and Exchange Commission to purchase Dollar Thrifty Automotive Group. The SEC signed off on the company's registration statement. And now Dollar Thrifty is seeking the go-ahead vote from its stockholders when they have a special meeting on Sept. 16. Dollar Thrifty began sending […] [Read More]

WASHINGTON, D.C. — Mazda Motor Corp. revealed to government officials earlier this week that the manufacturer is recalling more than 300,000 Mazda3 and Mazda5 vehicles in North America so dealers can fix problems with the power-steering system. The units involved in this recall are from the model years 2007 through 2009. The OEM built these versions […] [Read More]

FREDERICK, Md. — Leaders of the National Auto Auction Association shared their enthusiasm for this year's National Auto Auction Week, which begins today. NAAA officials indicated they plan to celebrate the industry's seven decades of entrepreneurship, vital economic impact and community service by hosting several special events and activities. "NAAA auctions will take this special week […] [Read More]

WASHINGTON, D.C. — National Highway Traffic Safety Administration officials described themselves as "very concerned" about a complaint surfacing in connection with the immense steering system failure of a 2010 Kia Soul. NHTSA's Office of Defects Investigation indicated it has received one complaint that alleges the steering shaft de-coupled from the steering wheel. Officials said it resulted […] [Read More]

STAMFORD, Conn. — While used values were still stronger than where they were a year ago, the steepness in the year-over-year wholesale price upswing continued to mellow in July, according to RVI Group.  Specifically, the RVI Used Car Price Index was 1.227, an increase of 1.5 percent from the prior month and a 14.4-percent upswing from the […] [Read More]

SAN FRANCISCO — Honk, a social-media-driven automotive shopping website, rolled out new enhancements Wednesday geared to make the process even more interactive for users. The site's new Dashboard now is meant to give potential buyers a central location to manage their entire vehicle-shopping process from discovery to purchase. As users identify their needs and track opinions […] [Read More]

SALT LAKE CITY — Prime Acceptance Corp. recently shared how a partnership with National Creditors Connection is helping the company to re-establish contact with overdue customers who are not responding to phone calls or letters. The initiative is meant to keep these consumers in vehicle loan contracts rather than have to go through more repossession and charge-off process. Basically, NCCI provides Prime […] [Read More]

CARMEL, Ind. — J.D. Byrider selected a new vice president of store operations earlier this week. Taking on the task of managing all aspects of J.D. Byrider's 13 company-owned locations is former Wells Fargo executive Todd Gunderson. Management stressed that Gunderson also will be responsible for sales, underwriting and risk management, collections, and service and inventory management. […] [Read More]

DES MOINES, Iowa — Wells Fargo Preferred Capital announced it has increased the revolving credit facility for Westlake Financial Services from $240 million and one year to $365 million and three years. Wells Fargo Preferred Capital is the lead agent and holds $250 million of the revolving facility. "This facility expands the Wells Fargo relationship with […] [Read More]