PARK RIDGE, N.J. — Hertz Global Holdings just moved a step closer to acquiring Dollar Thrifty Automotive Group. Hertz is hoping to grab DTAG, while Avis Budget Group waits in the wings and hopes DTAG will select its offer instead. Less than a week after rival Avis Budget Group turned in a bid to buy Dollar Thrifty, […] [Read More]

DEARBORN, Mich. — Volvo Car Corp. is now officially under new ownership. The sale of the Swedish car brand from Ford to Zhejiang Geely Holding Group has wrapped up, and the Chinese company now owns 100 percent of Volvo Cars. It was also revealed that taking the reigns atop Volvo Cars as president and chief executive officer will be Stefan […] [Read More]

GAINESVILLE, Ga. — The auction market was as stable last week as it has been in three months, according to Black Book's Ricky Beggs, who in his weekly analysis pointed out that late-model units have been slow selling, particularly the 2010 variety. "The toughest models to get high percentage sales conversions on the auction block continues to be […] [Read More]

BREA, Calif. — In  a trend that is becoming  extremely popular among automakers, American Suzuki Motor Corp. is launching a reward points and sweepstakes program to be run through its website, Facebook, Twitter and YouTube pages.   The Suzuki AllPoints program — where almost 250 prizes will be handed out — consists primarily of the "Live Large" video contest […] [Read More]

TORRANCE, Calif. — As the Toyota Prius celebrates its 10-year anniversary, the automaker is asking Prius fans to join in the fun via Facebook. In essence, the automaker is looking for the most passionate Prius fan in the U.S. to host its official 10 Years of Toyota Prius Anniversary Celebration in the winner's hometown. Toyota is […] [Read More]

ATLANTA — AutoTrader.com is using its site to help garner more support for St. Jude's Children's Research Hospital. How is the company doing this? It announced that visitors to the site will see special display ads with "donate now" throughout the site that highlight the work of St. Jude. Also, people who purchase advertisements to sell […] [Read More]

TROY, Mich. — Open Dealer Exchange and Westlake Financial Services reached an agreement Tuesday that's geared to help dealers with credit applications. The partnership is meant to integrate credit applications directly into the store's dealership management system. Executives from both companies believe the partnership can streamline dealers' workflow during the vehicle-buying process and provide expanded capabilities in […] [Read More]

MINNEAPOLIS — Wolters Kluwer Financial Services revealed recently that another finance company has joined its AppOne platform. This time, executives from Consumer Portfolio Services made the decision to use AppOne, which can assist with the automation of indirect lending, credit approval and compliance processes for lenders and the auto, RV and marine dealers they serve. CPS […] [Read More]

NEW YORK — Ally Financial had plenty of positive financial news to share Tuesday as executives announced the company posted its second consecutive quarter of profitability and its sixth profitable quarter in a row for its core automotive business. Ally reported net income of $565 million for the second quarter of this year. That figure compared […] [Read More]

HANOVER, Md. — The 2010 Non-Prime Automotive Finance Survey results came out late last week and in a review of the data, SubPrime Auto Finance News discovered some interesting trends. Some of the findings include that asset-backed securities funding is growing, market consolidation continues and collections can be the key to overcoming the economic turmoil. Moreover, the […] [Read More]