SAN FRANCISCO — In addition to announcing the name change of international locations from Wachovia to the Wells Fargo name and brand, the financial institution also reported that its bank business unit has purchased substantially all the North American factoring portfolio of the GMAC Commercial Services Division. GMAC has been looking to focus more closely on […] [Read More]

PALATINE, Ill. — Recent published reports included comments from consumer groups about how license plate recognition technology used by recovery agencies could be compromising privacy. However, a pair of LPR technology providers and a well-respected industry legal adviser all refuted these claims. One provider, MVTRAC, used its two decades of recovery and remarketing experience to create […] [Read More]

DAYTONA BEACH, Fla. — To the professionals in the repossession industry — and yes there are hundreds of them in this business — there's nothing funny or entertaining about Operacion Repo, so-called "reality TV."  Although it slips by pretty quickly in the credits, it has a disclaimer up front that the scenes are staged, coyly referring to them […] [Read More]

DALLAS — The American Recovery Association deemed its recent North American Repossessors Summit a triumph as hundreds of recovery agencies and industry service providers gathered for a two-day event of constructive dialogue. The sold-out summit on March 13 and 14 drew more than 300 attendees who participated in various panel discussions and listened to speakers from […] [Read More]

OKLAHOMA CITY, Okla. — Just like the energy generated by basketball during March, Dealers Auto Auction of Oklahoma City said lane activity was buzzing during sales at the auction this month, including a "March Madness City" event that created quite a bit of dealer interest. The auction tipped off March with a Chrysler Financial sale on […] [Read More]

AUBURN HILLS, Mich. — Apparently, Chrysler Group has already sent 36 letters of intent or sales and service agreements for reinstatement to dealers whose contracts were rejected under the bankruptcy proceedings last year. And now, the automaker is looking to reinstate 50 additional dealers and is in the process of sending out another round of letters […] [Read More]

TORRANCE, Calif. — Late Friday, Toyota Motor Sales U.S.A. announced that, working in cooperation with Attorneys General across the country, the automaker will be extending on a nationwide basis the additional services being provided to Toyota and Lexus customers in New York affected by the company's recent recalls. [Read More]

DETROIT — Ed Whitacre, chairman and chief executive officer of General Motors, said late last week that his company plans to make its second quarterly loan payment to the U.S. Treasury and Export Development Canada on Wednesday, ahead of schedule. More specifically, Whitacre said, "In keeping with our commitments to the U.S. and Canadian and Ontario taxpayers, […] [Read More]

YONKERS, N.Y. — A follow-up to the Consumer Reports 2010 Car Brand Perception Survey revealed that Toyota loyalty is slipping in light of ongoing recalls and deteriorating public perception of the automaker. Officials indicated that among consumers who drive a Toyota regularly, 60 percent said they would most likely purchase a Toyota the next time they […] [Read More]

CHARLESTON, S.C. — American Auto Auction Group recently announced a new partnership to aid its quest to acquire independent auctions throughout the country. The group's newest agreement is with Baird Capital Partners, the U.S.-based private equity group within Baird Private Equity that manages more than $2 billion in assets. "As a 20-year industry veteran, I am […] [Read More]