DES PLAINES, Ill. — Wheels Inc. announced a new member to its board of directors earlier this week. Appointed to serve as a board member was Greg Besio, who is the executive vice president and chief administrative officer at Aon Inc. His duties at Aon include heading up such global shared service functions as: corporate strategy, procurement, real […] [Read More]

DETROIT — General Motors said it returned to profitability in the first quarter, reporting net income of $900 million and operating income of $1.2 billion on total revenues of $31.5 billion. The automaker recorded adjusted EBIT of $1.7 billion. GM said this was determined following adjustments it made for the favorable impact of selling the Saab brand. GM […] [Read More]

IRVINE, Calif. — CDMdata has rolled out a new Pre-Owned Classified Package on Kbb.com's The Trusted Marketplace that can help CDM dealer customers increase the exposure of their used-vehicle inventory and connect with potential buyers. The program allows dealers to generate phone and e-mail leads directly from in-market shoppers and also provides dealers with a customizable "Storefront" on […] [Read More]

PARK RIDGE, N.J. — The acquisition of Dollar Thrifty Automotive Group by Hertz Global Holdings took another step toward coming to fruition late last week. Officials from the companies revealed that they have filed a notification and report form with federal antitrust authorities under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 "We look forward to obtaining […] [Read More]

REDWOOD CITY, Calif. — Average auction prices in April were the highest of any month so far in 2010, after they climbed following a "slight dip" in the month's second week, according to OPENLANE. The company said there was "continued strengthening of used-vehicle prices in April." Officials noted: "Overall U.S. auction prices experienced a slight dip in […] [Read More]

SANTA MONICA, Calif. — Edmunds.com expects Memorial Day to be a busy time for dealerships. Site analysts described potential sales traffic during the holiday weekend as "especially strong this year." Edmunds.com indicated that new-vehicle sales have been relatively weak so far this month. The site even suggested that May SAAR may drop slightly from April's 11.2 […] [Read More]

DES PLAINES, Ill. — The National Insurance Crime Bureau spotted another widespread drop in the amount of vehicle thefts nationwide; this time it was last year as compared to 2008. Officials now believe vehicle thefts throughout the country have trended downward for six consecutive years.  Based on data obtained from the National Crime Information Center, NICB indicated that […] [Read More]

INDIANAPOLIS — This weekend, ABC Atlanta's Red Top Auto Auction plans to host its first-ever Collector Car Auction, which is slated to include an offering of more than 400 collector, classic, specialty, muscle and antique vehicles. The event will have several racing celebrities in attendance, including: —NASCAR team owner Robert Yates, who is auctioning off […] [Read More]

FORT WORTH, Texas — AmeriCredit announced late last week the pricing of a $600 million offering of automobile receivables-backed securities. This securitization is through lead managers Deutsche Bank Securities, J.P. Morgan and Wells Fargo Securities. Executives mentioned that co-managers are Credit Suisse, RBS and UBS Investment Bank. AmeriCredit explained that it plans to use net proceeds from […] [Read More]

IRVINE, Calif. — Explaining their recent financial performance as a continued recovery from the "Great Recession," executives from Consumer Portfolio Services detailed a decline in revenue and pretax loss during the first quarter of 2010. CPS indicated that it posted a first-quarter revenue total of $44.6 million. The sum represented a decrease of approximately $21.5 million, […] [Read More]