AUSTIN, Texas — Innovative Funding Services recently named a new chief operating officer. Appointed to the post was Robert McKie, who was previously the vice president of sales at Wells Fargo Financial in Eden Prairie, Minn. "With the incredible growth we have experienced over the last year, we needed an industry expert to guide our next […] [Read More]

ALPHARETTA, Ga. — LeasePlan USA announced Monday that it has appointed a new senior vice president of operations. Filling the role is Tim Martin, who has been with the company for more than four years. Most recently, he served as vice president of Atlanta operations for LeasePlan. In his new position — which became effective Friday — Martin […] [Read More]

SANTA MONICA, Calif. — Reflecting on the tumultuous auto market in the past year and looking ahead to the next 12 months, Edmunds.com analysts project that the used-vehicle price strength of 2009 — caused largely by low inventory levels and healthy demand — will likely continue into 2010 thanks to "tight" supply and sustained demand. "Used-car prices rose […] [Read More]

STAMFORD, Conn. — Used-car prices are likely to climb 5 percent this year and continue to show growth through the next four years, according to the RVI Group. The company is anticipating the year-over-year upswing in used prices to reach a peak of 13-percent in 2012 before starting to stabilize. Specifically, the RVI forecasts that the Manheim […] [Read More]

RICHMOND, Va. — CarMax found that used-vehicle shoppers coming to its Web site in 2009 had diverse tastes. While the Honda Accord was again the most sought-after vehicle, newcomers such as the Jeep Wrangler and Chevrolet Silverado broadened the scope of potential purchases. CarMax officials determined that the Honda Accord topped their list of most-searched vehicles […] [Read More]

IRVINE, Calif. — When shoppers went to Kelley Blue Book to review options for a new-vehicle purchase in 2009, they flocked to models from two nameplates significantly more than all others. Kbb.com officials determined the most-researched new vehicles on their Web site in 2009 predominately were made by either Honda or Toyota. In fact, of the […] [Read More]

MT. LAUREL, N.J. — Automotive Resources International, a global fleet solutions provider, announced that Bill McKee would retire as president, effective July 31. However, he will immediately take on the role of chief executive officer. Meanwhile, promoted into the position of president will be Carl Ortell, an executive who has been with ARI since 1987. Ortell started […] [Read More]

FOUNTAIN VALLEY, Calif. — Giving its dealers even more selling points and tools to build consumer confidence, Hyundai announced it is enhancing its Assurance Program by adding its America's Best Warranty and 24-hour Roadside Assistance services to the package. The vehicle return program — which allows Hyundai customers to turn in their rides if they lose their income […] [Read More]

In what was a very tumultuous year for the auto finance industry, reflected by the top 10 stories, companies went out of business, cut back on lending for more credit-challenged customers and much more. SubPrimeNews.com kept our thousands of readers up-to-date on the turmoil as it happened, including GMAC seeking and gaining bank holdings status, Chrysler Financial […] [Read More]

SOUTHFIELD, Mich. — Earlier this month, Credit Acceptance announced the completion of a $110.5 million asset-backed non-recourse secured financing. For this transaction, the company said it contributed loans having a net book value of about $142.3 million to a wholly owned special purpose entity which will transfer these loans to a trust. Ultimately, this entity will […] [Read More]