DEARBORN, Mich. — Ford has officially found a buyer for Volvo. The company signed a definitive agreement with Zhejiang Geely Holding Group Co. Limited on Sunday. Basically, the Chinese manufacturer will purchase 100 percent of Volvo Car Corp. and related assets for $1.8 billion.   The payment will consist of a $200 million note and cash. The sale is expected […] [Read More]

FREDERICK, Md. — Manheim's Tom Webb and Ira Silver, the National Auto Auction Association's economist, will share their latest analysis during a free NAAA Webinar titled "The Recovery Becomes An Expansion." Webb and Silver will forecast trends for both the retail and wholesale markets during the event that's scheduled for 1 p.m. ET on April 15. More […] [Read More]

CHICAGO — In-market shoppers who use Cars.com can now get friend feedback on vehicles they are considering by posting these units to social networks.  On Monday, Cars.com rolled out a new sharing tool that basically can push out potential vehicle selections through Facebook and Twitter. Cars.com highlighted that integration with Facebook and Twitter is a natural next step in […] [Read More]

DALLAS — The StoneEagle Group has signed on to be a part of DealerTrack's OpenTrack program, which can allow StoneEagle customers to boost efficiency and profits by providing them with bidirectional access to dealership data. Officials explained that OpenTrack's six touch points into the dealer management system lets StoneEagle offer "optimum performance and results" to its dealer […] [Read More]

NEW YORK — Jumpstart Automotive Group, which produces industry publications such as Car and Driver and Road & Track has a new chief executive officer. Being tapped for the CEO role by parent company Hachette Filipacchi Media U.S. is Nicholas Matarazzo, an executive who is returning to the company. During his first stint with the organization, […] [Read More]

TOKYO — Thanks to a hybrid system technology licensing agreement it entered with Toyota, Mazda plans to develop and build a hybrid vehicle that will likely go on sale in Japan by 2013. Essentially, Mazda will take the hybrid technology supplied by Toyota — which is what is used in the Toyota Prius — and blend it with its Sky engine (which […] [Read More]

HANOVER, Md. — The National Automotive Finance Association announced the keynote speaker and presenters this week who are slated to take center stage during the 14th annual Below-Prime Credit Auto Financing Conference. Serving in the keynote role for the event that's scheduled for June 2 to 4 at the Renaissance Worthington Hotel in Fort Worth, Texas, will be […] [Read More]

ATLANTA — Chip Perry, the president and chief executive officer of AutoTrader.com, shared some dramatic data about the plummeting decline of click-through rates for dealers' online advertising. Perry stressed that manufacturers and dealers alike must transition away from leads and clicks as success measures. He insisted that that industry professionals learn to understand the Internet as […] [Read More]

FORT WORTH, Texas — AmeriCredit announced late last week that it has priced an offering of subprime auto-asset backed securities under its receivables trust platform called AMCAR. The offering is priced at $200 million and the underwriters include Credit Suisse and RBS. Net proceeds will used to provide long-term financing of receivables. The securities will be […] [Read More]

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]