LAKE SUCCESS, N.Y. — DealerTrack announced this week that its number of active financing sources connected to its network reached a new threshold. Company executives highlighted that the figure now stands at 850, including GMAC Financial Services. The company reiterated that dealers can use DealerTrack to electronically submit credit applications. Those applications are carried on to […] [Read More]

DETROIT — A 27-year veteran of GMAC Financial Services and its former parent General Motors, Bill Muir, head of the company's global automotive services, announced his intention Monday to retire within the next year. Muir will continue in his current role until a replacement is named. After that time, he will remain with GMAC for a "period […] [Read More]

FARMINGTON HILLS, Mich. — Mercedes-Benz Financial announced it has received approximately $2.5 million in payments from customers via their mobile devices since launching its iPhone app last October. Given this success, the company has decided to launch an iPad app as well. "Our customers' response to the convenience of managing their accounts with their iPhone or […] [Read More]

CHICAGO — Nationwide Acceptance Corp. announced late last week that it has opened a new division that will specialize in providing credit lines to buy-here, pay here dealers in the markets the company serves. Asset-backed senior credit lines are available from $1 million to $5 million and will be offered in Arizona, California, Idaho, Illinois, Indiana, […] [Read More]

SHELBY TOWNSHIP, Mich. — Todd Wysocki, president Michigan Auto Title Services, recently hired a new executive to serve as vice president of strategic planning and analytics. Coming over to MATS from Hyundai Motor Finance is Matthew Yoo. MATS is looking for Yoo to leverage key factors of success in the title industry and proprietary process developed […] [Read More]

WEST PALM BEACH, Fla. — Manheim Palm Beach recently held its Fifth Annual One Hundred Grander Sale, which brought in 270 dealers attending in person and 176 participating online through Manheim Simulcast. The event included a consignment of 68 vehicles, each of which was valued at more than $100,000. Included in the lineup of vehicles offered was a […] [Read More]

GAINESVILLE, Ga. — Auction activity and prices continue to move higher, according to the latest report on wholesale trends from Black Book. For the seventh straight week, more than 60 percent of the wholesale value adjustments that Black Book made were positive. In fact, this past week marked the third time in the reporting period that […] [Read More]

TULSA, Okla. — Dollar Thrifty Automotive Group announced a $200 million financing transaction on Friday to finance more fleet vehicles. The company's chief executive officer highlighted that DTAG can again access the capital markets at competitive rates. Explaining the financing in more detail, the company said its Rental Car Finance Corp. subsidiary issued $200 million of Rental Car Asset […] [Read More]

REDWOOD CITY, Calif. — Stable prices were, once again, the norm at auctions during March, according to OPENLANE, which said its overall monthly indices saw a 2-percent month-over-month increase. For most of March, the OPENLANE U.S. Market Index hovered at 108 — climbing one week to 109 — compared with its February level of 106.  Looking at price trends, OPENLANE […] [Read More]

MIAMI — Apparently, more consumers are looking to escape their leases to take advantage of the strong incentive deals now available in the market, according to LeaseTrader.com. Drivers who entered leases after the credit collapse generally signed up for contracts that didn't include much in the way of incentives or aggressive pricing, officials pointed out. Now […] [Read More]