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]

PORTLAND, Ore. — Brasher's Portland Auto Auction commemorated its 17th anniversary last week with a special sales event that was slated to include more than 1,200 units from such consignors as Volkswagen Credit and Audi Financial Services, Wachovia, Reliable Credit, Santander Consumer, Columbia Credit Union, US Bank and PHH. Several prize giveaways, free lunch and birthday […] [Read More]

IRVINE, Calif. — The latest Hot Car Report from Kelley Blue Book's Kbb.com revealed consumer tastes are trending to more practical vehicles rather than SUVs that have enjoyed great success for years. Four of the five vehicles enjoying the most shopping activity growth on the site were sedans. That group included the Chrysler 300, which had […] [Read More]

BEDFORD, Mass. — Volkswagen's iconic Beetle is slated to be completely redesigned and overhauled and might not even carry the same name, Auto Remarketing learned Friday. The new model will not start arriving at stores for about 18 months or so, Katie Shea, the business development coordinator for Minuteman Volkswagen in Bedford, Mass., told Auto Remarketing […] [Read More]

WESTLAKE VILLAGE, Calif. — Following a sluggish February dampened by auto recalls and wintry weather, incentive programs have lifted dealership traffic in March, leading to much improved new-vehicle retail sales that are expected to climb 25 percent year-over-year, according to J.D. Power and Associates. More specifically, J.D. Power projects U.S. new-vehicle retail sales will reach […] [Read More]