ORLANDO, Fla. — Due in large part to the troubled capital markets, Experian Automotive reported that captives lost a relatively large share of outstanding loan balances in the third quarter of last year, compared with the third quarter of 2008. In fact, captives were down 5.4 percent or about $12 billion. Meanwhile, outstanding balances in the […] [Read More]

LOS ANGELES — Westlake Financial Services announced this week that it now has a new revolving securitization from Wells Fargo Preferred Capital. The facility, which will be funded through a Westlake subsidiary, Westlake Funding III, is for $100 million and will mature over three years. The new facility is in addition to Westlake's existing $240 million […] [Read More]

TORRANCE, Calif. — In an effort to boost sales after the recent turmoil over recalls, Toyota rolled out what it calls the "most far-reaching sales program in its history" on Tuesday. Basically, the March Sales Event — a national marketing campaign that runs through April 5 — will feature financing, leasing and customer loyalty offers.   This includes zero-percent […] [Read More]

FRANKLIN, Tenn. — Nissan said Wednesday morning that it is recalling close to 540,000 trucks and minivans throughout the world — a substantial portion of which are in the U.S. — to inspect and, if necessary, fix brake pedal pins and fuel-gauge components on the vehicles. The automaker emphasized that there have been no reports of accidents or […] [Read More]

GENEVA — The three finalists for each category in the World Car of the Year program were announced Tuesday at the Geneva International Motor Show. These final contenders for the World Car of the Year, World Performance Car, World Green Car and World Car Design of the Year awards will vie for their respective honors, which […] [Read More]

SOUTHFIELD, Mich. — R. L. Polk & Co. rolled out a new Web-based system on Wednesday meant to aid dealers and direct marketing agencies when ordering lists for use in vehicle sales and service campaigns. Company officials hailed Automotive Lists Online as a system that can identify consumers that are most likely to own a particular […] [Read More]

SANTA MONICA, Calif. — Edmunds.com is prepared to give $1 million to whoever can crack the mystery of unintended acceleration in recalled Toyota vehicles. The site announced preliminary plans this week to reward researchers who can accurately address the situation that's confounded automaker executives and government experts alike. Officials are challenging participants to demonstrate in a […] [Read More]

INDIANAPOLIS — Auction Broadcasting Co. executives announced Wednesday that they will soon hold a grand opening for their newest location in St. Louis.    Mike Hockett, ABC chief executive officer, said that St. Louis is a market he has been looking into for more than 10 years. The 70,000 square-foot facility is on 62 acres and […] [Read More]

LAS VEGAS — OVE.com announced this morning that it has honored 10 brick and mortar auctions throughout the country with Otto Awards for being outstanding partners. The awards, which are named for the company's ferret mascot, were presented at a gala awards ceremony yesterday evening at Caesars Palace in Las Vegas during the NAAA Conference of […] [Read More]

DETROIT — Coming on the heels of a recall of more than 1 million vehicles, General Motors shuffled more than a dozen top executives into new roles and responsibilities on Tuesday, prompting Mark Reuss, the GM North America president, to stress that now this arrangement is "my team." Among the wide-sweeping changes are dividing teams of […] [Read More]