ORLANDO, Fla. — The American International Automobile Dealers Association named its new chairman while honoring a former holder of the post with the organization's lifetime achievement award. Receiving the honor as the David F. Mungenast Sr. Lifetime Achievement Award winner was Tim Smith of Calabasas, Calif., a longtime AIADA member and past chairman. Smith was bestowed […] [Read More]

DAYTON, Ohio — With reports of security breaches and data swipes making headlines in various business sectors throughout the U.S., the importance of ensuring a secure dealership management system has never been larger. The result of a data breach is not pretty, possibility leading to legal and compliance entanglements. To ensure that its dealer clients have a secure system, Reynolds […] [Read More]

CLEARWATER, Fla. — Nicholas Financial posted significant increases in year-over-year growth for both net earnings and revenue during the third quarter and shared plans to expand its footprint in both the Southeast and Midwest. For the fiscal quarterly results, company executives revealed net earnings, excluding change in fair value of interest rate swaps, increased 117 percent […] [Read More]

SOUTHFIELD, Mich. — After reducing loan volume throughout most of 2009, Credit Acceptance has begun to grow its originations. For the fourth quarter, the company posted 7.6 percent growth in unit origination volume and grew originations by 2.1 percent in terms of dollars. Explaining its fourth quarter results, the company credited this renewed growth to the […] [Read More]

NEW YORK — DBRS has released its final rating methodology for U.S. auto lease asset-backed transactions. The company indicated its final methodology does not have any substantive changes from the proposed lease methodology, which was published on Dec. 14 with a request for comments. Executives explained the methodology provides an overview of the key factors which […] [Read More]

JEFFERSON CITY, Mo. — A class action lawsuit was recently filed in Missouri federal court claiming that dealers and auction companies are "bearing the financial brunt" of Toyota's recent recalls and stop sales order and deserve to be compensated for the extra costs incurred. The lawsuit, filed by Shawn Foster of Davis, Bethune and Jones in […] [Read More]

FREDERICK, Md. — The National Auto Auction Association recently sent out a zone notification announcement to let members know that there will be an NAAA board of directors meeting next month to vote on redline revisions to the association's by-laws and a regulation requiring active participation of regular members. The meeting will be held at 5 p.m. […] [Read More]

ORLANDO, Fla. — DrivingSales honored a vast array of companies for their services to the auto industry late last week as it rolled out its inaugural Vendor Ratings Awards at the National Automobile Dealers Association Convention and Expo. DrivingSales explained that these awards are intended to measure dealer satisfaction with vendors by allowing dealers to publicly rate […] [Read More]

CARMEL, Ind. — ADESA subsidiary PAR North America recently appointed a new executive sales director. Holding this position and overseeing national accounts in the central region of the U.S. will be Paul Appold. Company executives noted Appold will based out of PAR North America's corporate headquarters. Appold also will team with Susan Gordon, PAR North America's […] [Read More]

FORT LAUDERDALE, Fla. — In a fourth quarter that saw that company's adjusted net income rise substantially, AutoNation said its new-vehicle sales performance sparked an 8-percent increase in quarterly revenue.  Specifically, quarterly GAAP net income from continuing operations was $62 million, down from $73 million a year ago.  However, officials explained that the fourth quarter of 2009 included […] [Read More]