STAMFORD, Conn. — Wholesale prices were up sequentially again in June, but with pressure from flat pricing on the new-vehicle side of the market, the slope of the month-over-month used-vehicle price gain slowed significantly from what the average monthly upswing had been from January through May, according to RVI Group. Specifically, there was a 15.1-percent year-over-year increase in […] [Read More]

AUBURN HILLS, Mich. — After several dealers won reinstatement via arbitration and announced their intention to sue Chrysler over the Letters of Intent they received, Chrysler issued a response. Basically, the Letter of Intent lays out certain requirements that must be met or agreed upon before reinstatement officially takes place. In essence, Chrysler claims it is […] [Read More]

REDWOOD CITY, Calif. — OPENLANE officials highlighted their "record-breaking" performance levels on Monday, ticking off across-the-board growth during the second quarter. The company indicated its U.S. open auction at OPENLANE.com broke quarterly sales records thanks to year-over-year growth of 14 percent. Turning north, executives mentioned OPENLANE's Canadian business during the second quarter grew by more than […] [Read More]

CHICAGO and FOUNTAIN VALLEY, Calif. — Hyundai will soon become the 29th brand to join the certified pre-owned program on Cars.com.  As part of the program, the CPO inventory of Hyundai entire dealer network will be uploaded to Cars.com, which will include Hyundai certified branding on all of the CPO vehicles listed. The launch is expected […] [Read More]

DAYTON, Ohio — Reynolds and Reynolds and COINdata recently reached an integration partnership intended to strengthen a critical part of the vehicle sale process. Executives explained the agreement means the Reynolds LAW 553 Universal Retail Installment Sale Contract now is the standard retail sale contract in all docuPAD products. They explained that docuPAD is COINdata's electronic, on-screen interactive […] [Read More]

HAUPPAUGE, N.Y. — GrooveCar recently revamped its website with a host of added features and promotions geared to boost the potential for credit unions to capture more direct auto loan accounts on new and used vehicles. Officials from the financial intermediary emphasized the measures were taken to place more focus on the ability of credit unions while […] [Read More]

DES MOINES, Iowa — Wells Fargo Dealer Services' president told SubPrime Auto Finance News this week that the Wells Fargo Financial restructuring will have no impact on indirect dealer auto loans. Indeed, Tom Wolfe told SubPrime, "The restructuring of Wells Fargo Finance concerns another area of Wells Fargo that focuses on ‘direct-to-consumer' lending. Wells Fargo Dealer […] [Read More]

DETROIT — This morning, Ally Financial announced it will rebrand its GMAC consumer and dealer-related auto finance operations in the U.S., Canada and Mexico with the Ally name. This follows the transition of the parent company to Ally Finance Inc. in May 2010. The rebranding of the auto finance operations will take place during August. The […] [Read More]

ATLANTA — The importance of the repossession industry to our economy is something that is often overlooked or misunderstood. Lenders of all types and sizes rely on hundreds of repossession agencies throughout the country as a crucial form of recourse when loans default. As repossessions soared during the last two years, new processes and technologies gave […] [Read More]

NEW YORK — LexisNexis Risk Solutions recently rolled out a new tool intended to boost skip-tracing productivity for collectors and recovery agencies. The company contends LexisNexis Accurint for Collections Skip Wizard can simplify skip-tracing and turn novice collectors and recovery agents into skilled skip-tracers without expensive training. Executives explained Skip Wizard can improve efficiency and productivity […] [Read More]