SAN DIEGO — National loan servicer First Associates recently tapped a veteran with more than 20 years of industry experience to be its executive vice president and equity partner. Taking on this role is Laurence Chiavaro, who has been charged by First Associates to direct development of business relationships. The company is looking to Chiavaro to […] [Read More]

RICHMOND, Va. — CarMax doubled the amount of rooftops it has in Ohio this week. The company already operated two facilities in the state capital, Columbus, but now showrooms are up and running in both Cincinnati and Dayton. The new Cincinnati store is located at 12105 Omniplex Court and consists of 66,202 square feet. The dealership […] [Read More]

NEW YORK — According to Fitch Ratings delinquencies and losses on prime auto loan asset-backed securities hit their lowest levels in May since the summer of 2007. However, officials cautioned that this trend was "mainly due to seasonal factors." In fact, Fitch does not see this strong performance continuing. "Performance will come under seasonal pressure during […] [Read More]

FORT WORTH, Texas — At the recent Below-Prime Credit Auto Financing Conference, Dan Berce, president and chief executive officer of AmeriCredit, described how his company survived what many have called another "Great Depression." AmeriCredit's management team started to see the capital markets collapse in the fall of 2007. The keynote speaker at the National Auto Finance […] [Read More]

SANTA MONICA, Calif. — Analysts from TrueCar.com believe the generous discounts and customer incentives automakers handed out in May are spilling over into June. According to the site's TrueTrends Report for June, domestic manufacturers are leading this charge. Brand discounts for nameplates such as Chevrolet, Ford, GMC, Chrysler and Lincoln are regularly topping 10 percent. When […] [Read More]

DETROIT — General Motors and Opel/Vauxhall have decided to withdraw all applications for government loan guarantees throughout Europe. Apparently, while the reasons behind asking for government guarantees has not changed, according to the company, the process of receiving assistance has been "more complex and longer than anticipated and the results are still not finalized or certain." […] [Read More]

SAN FRANCISCO — Jumpstart Automotive Group learned on Tuesday that another automaker not only has passed Chevrolet in consumer shopping interest within its 11 industry websites, but increased its advantage by 10 percent. Executives claim Ford overcame Chevrolet at the midway point of 2009 to become the No. 1 shopped and researched brand across the Jumpstart […] [Read More]

ATLANTA — For dealers unable to attend the National Independent Automobile Dealers Association's Annual Convention ongoing in Las Vegas, Amanda Savage from The Wholesale Institute offered some tips on how to boost a store's online showroom. Among the 10 recommendations, Savage covered several topics often discussed through TWI, Manheim's free traveling workshop series. She was expected to […] [Read More]

TORRANCE, Calif. — Scion announced today that it has launched a special vehicle customization challenge for active duty military personnel. The "Battle of the Builds" contest is designed to attract attention and tap into the creativity and teamwork of today's U.S. military and challenge them to design a customized Scion xB. On May 3, teams of […] [Read More]

CARMEL, Ind. — ADESA has rolled out a new program nationally that it says can give both buying and selling dealers greater confidence in the wholesale marketplace. Through the Dealer Preferred program, ADESA noted that sellers get the top lane placement online and at the physical auctions, while buyers can enjoy a 60-day buyback guarantee and […] [Read More]