DEARBORN, Mich. — Alan Mulally's total compensation for last year, including the grant date value of long-term stock options and other stock-based awards, was $17.9 million, according to Ford. A preliminary notice about Ford's 2010 annual meeting of shareholders, which was filed to the U.S. Securities and Exchange Commission, indicated that Mulally earned $1.4 million in […] [Read More]

WESTCHESTER, Ill. — To make sure it stays in tune with its buyers' needs, Insurance Auto Auctions announced recently that it has appointed J.D. Power and Associates to conduct a third-party, independent benchmarking study that will focus on buyer preferences and overall satisfaction. "IAA chose J.D. Power and Associates to lead this study because of their extensive […] [Read More]

CARY, N.C. — Cherokee Automotive Group Analytics released the last results of its initial three-part study today. Of the participants surveyed, 57 percent are in the remarketing industry, while 33 percent are in both the remarketing and repossession industries. About 10 percent are just in the repo industry. When asked what is the most critical part […] [Read More]

DETROIT — General Motors has spoken out via newspaper advertisements about a bill in the Kentucky legislature that it believes would be detrimental to the state's economy and the automaker. GM's $50,000 campaign includes ad spots that were slated to run Sunday in the Louisville Courier-Journal, Lexington Herald-Leader, Ashland Daily Independent, Paducah Sun, Owensboro Messenger-Inquirer and […] [Read More]

LOS ANGELES — Westlake Financial Services announced late last week that it has created a new division to specialize in portfolio acquisition services. The company is willing to buy from dealerships, brokers and finance companies looking to sell all or part of their portfolios. The new division, called Westlake Advanced Lending & Portfolio Services, was created […] [Read More]

VIENNA, Va., and DALLAS — Through a new deal, Santander Consumer USA can now instantly verify name, address and phone numbers of consumers sharing information via their local dealer or at RoadLoans.com. To complete this verification, Santander Consumer USA teamed up with TARGUSinfo to add On-Demand verification to all the auto loan applications the lender receives […] [Read More]

MINNEAPOLIS — Wolters Kluwer Financial Services announced this week that it has added a new resource for buy-here, pay-here dealers to its CompliSource solution. CompliSource for Buy-Here, Pay-Here Financing can offer comprehensive compilations of information available about current state laws and regulations, as well as pending legislation, related to the financing and collection of motor vehicles […] [Read More]

HOUSTON — Ken Shilson, founder of the National Alliance of Buy-Here, Pay-Here Dealers, recently completed the latest industry benchmarks and shared some of the results with SubPrime Auto Finance News. According to Shilson, 2009 was a very challenging year. "A credit crunch, rising inventory costs, Cash for Clunkers and various other economic factors combined to create […] [Read More]

RALEIGH, N.C. — Given a choice, every lender would prefer to keep the debtor in the vehicle. Once an asset goes out for repossession, the outcome is usually a loss that must be charged off. Even in today's booming used-car market and with the higher asset valuations lenders are experiencing at auction, the likelihood that a lender will […] [Read More]

LOS ANGELES — Westlake Financial Services announced late last week that it has created a new division to will specialize in portfolio acquisition services. The new division, called Westlake Advanced Lending & Portfolio Services, was created to expand the company's product offerings and provide a new source of liquidity for the automotive financial market, according to […] [Read More]