The former Phelan Dodge dealership in this Chicago suburb is about to undergo major remodeling and rebranding with the assistance of government officials. The Berwyn Development Corp. and the city of Berwyn joined forces to assist Kia with a project officials estimate should cost more than $2 million. Local leaders said Kia will purchase and […] [Read More]

DETROIT — Ally Financial announced it has been selected as the recommended provider of F&I products and services for U.S. Saab dealerships. Ally Financial will offer its Repair Advantage line of vehicle service and maintenance contracts to customers via Saab dealers, in addition to a comprehensive suite of ancillary F&I products, which includes guaranteed asset protection […] [Read More]

FARMINGTON HILLS, Mich. — Daimler Financial Services announced this week that it officially changed its legal name. The company now will be known as Mercedes-Benz Financial Services USA and will continue to serve as the captive finance unit for an array of segments. That group includes Mercedes-Benz USA and its dealers and retail customers, smart USA dealers […] [Read More]

IRVINE, Calif. — A significant drop in third-quarter total operating expenses wasn't enough to offset a sharp decline in revenue, sending Consumer Portfolio Services to another pretax and net loss. The company indicated this week its pretax loss for the third quarter was $3.5 million. In the year-ago quarter, CPS shared its pretax loss settled at […] [Read More]

DALLAS — More than 500 attendees from throughout the nation and Canada gathered for the National Alliance of Buy-Here, Pay-Here Dealers Underwriting and Collection Conference held in Dallas. Ken Shilson, CPA and conference chairman, stressed that this was the largest underwriting and collections conference in BHPH history. "The conference included several interactive panels covering collections, underwriting, […] [Read More]

AOL Autos recently shared three strategies aimed at making repossessed vehicles more appealing to consumers. The site emphasized that purchasing a repo unit can be a pathway to a more luxurious model from nameplates such as BMW, Jaguar and Cadillac. “Repos can be a good deal if you are smart and know what the market value […] [Read More]

Recent economic pressures have changed the landscape for how loan defaults will be managed.  Lenders and repossession agents now face an even greater threat of legal action from debtors.  In contrast to a year ago when repossession assignments were hitting record volumes, the recent economic upturn has had the opposite effect with repossession volumes dropping […] [Read More]

Manheim St. Louis recently held a sale in commemoration of its 50th anniversary that brought in 1,300 dealers to the auction and attracted 400 dealers on Manheim Simulcast. Dealers could choose from 1,800 vehicles for sale at the event, which also included various prizes. Among the prizes were reconditioning service discounts, gift certificates, trip and […] [Read More]

KAR Auction Services said Friday that its $1.865 senior credit facility has been amended, while also revealing that the company has rolled out a cash tender for notes. [Read More]

For the second time in less than a month, Nissan North America issued a voluntary safety recall of more than a half million vehicles. The recall announcement  from late last week — which covered vehicles in the U.S., Canada and other parts of the world —  is to replace the lower steering column joint and shaft on […] [Read More]