FORT WORTH, Texas — AmeriCredit Corp. announced Monday that it has expanded and extended its warehouse credit facility. The borrowing capacity available under the facility has now increased to $1.3 billion from $1 billion. AmeriCredit said the facility includes commitments from eight lenders. "The revolving period of this facility matures in February 2011. The company uses […] [Read More]

WALNUT RIDGE, Ark. — Veteran executives in the buy-here, pay-here industry sometimes can sense if vehicle repossession is on the horizon. And knowing when to repossess is vital to offsetting and lessening the high risk that comes with being in the BHPH business. For instance, Fran Cavenaugh found that keeping close track of a customer's payment […] [Read More]

IRVING, Texas — Further piecing together of what's been a fractured repossession industry is what the leadership of the American Recovery Association hopes to accomplish during the second annual North American Repossessors Summit. This year's version titled "The Future of the Recovery Industry: 2010 and Beyond," is open to any recovery agency whether they're members of […] [Read More]

ORLANDO, Fla. — Manheim recently unveiled its sixth annual Barbara Cox Anthony Automotive Woman of the Year Award, and receiving this year's honors was Lorraine Schultz, founder and chief executive officer of the Women's Automotive Association International. Schultz was recognized for her contributions not only to the auto industry but to various charitable organizations, as well. […] [Read More]

CARMEL, Ind. — KAR Auction Services chief executive officer Jim Hallett spent nearly as much time discussing ramped up efforts for greater dealer consignment of vehicles at ADESA as he did reviewing the entire company's financial performance during a conference call Friday. Hallett recapped his view about the current status of the wholesale vehicle market and […] [Read More]

DALLAS — America's Auto Auction recently revealed it acquired another auction location, raising the group's total to eight. The company secured Gulf States Auto Auction in Pensacola, Fla. Later this year, the company plans to rename this newly acquired facility America's Auto Auction — Pensacola. Executives said the facility has five auction lanes and encompasses more than 15 acres. […] [Read More]

SOUTHFIELD, Mich. — In the aftermath of the automaker temporarily stopping sales of eight of its vehicles, U.S. Toyota brand dealers could lose significant used-car revenue, in addition to even steeper losses on the new-car side, according to a recent report from Bloomberg. Specifically, Bloomberg — citing National Automobile Dealers Association chairman John McEleney — indicates that each dealer […] [Read More]

SANTA MONICA, Calif. — When January's new-vehicle sales figures are finalized, it is projected that market share for Toyota will fall to its lowest level in almost four years and the automaker is the only one of the seven major manufacturers expected to show a double-digit decline in year-over-year sales, according to Edmunds.com. Specifically, Toyota's January […] [Read More]

ATLANTA — Auto Auction Services Corp. announced late last week it has appointed a new director of customer service, and filling that role is Joe Miller, who has been with AASC since September. Before joining the company, Miller worked in management and marketing roles for Gartner Inc., The Hackett Group and Bearing Point Inc. [Read More]

MIAMI — Taking a similar path as auction and rental companies, LeaseTrader.com has halted any transactions involving Toyota vehicles involved in the sales stoppage. Site officials said that the this move will continue until documentation proving inspection or repair of the respective Toyota vehicles are completed. [Read More]