ROYAL OAK, Mich. — Detroit Trading Exchange was created to serve as an independent marketplace, along the lines of a virtual Wall Street, to provide an infrastructure for companies and dealers to buy and sell all sorts of auto leads, such as subprime. After working with Car.com, which was sold to Autobytel in 2004, Pete Bonner, Don […] [Read More]

LAKE SUCCESS, N.Y. — About 19.5 million transactions were processed in DealerTrack's network during the fourth quarter, a 52-percent climb from about 12.8 million processed during the same time frame of the prior year, according to officials. For the complete year, the company said it processed 71.5 million, up 36 percent from 52.5 million in 2005. […] [Read More]

YORBA LINDA, Calif. — Flex Fund Financial Services announced it has named Paul Coon vice president of the company's salvage services division. Officials said Coon has served in the auto recycling and collision repair industries for 22 years, holding various sales, training and management positions. Most recently, he worked at Hollander, a Solera Co., where he […] [Read More]

FAYETTEVILLE, N.C. — Competition in the subprime market has never been fiercer as an increasing number of lenders are getting into this area and more franchised dealers are jumping in to improve their profit margins. No one is feeling this competition more than buy-here, pay-here dealers who have had to buy deeper down in the spectrum, […] [Read More]

DENVER — Flatiron Financial Services Inc. (Flatiron) announced that it has acquired substantially all the assets of Centrix Financial LLC pursuant to a sale/auction approved in the U.S. Bankruptcy Court for the District of Colorado. In a statement issued by Flatiron, the remaining Centrix assets are expected to be liquidated.  Flatiron, identified in a statement by […] [Read More]

COSTA MESA, Calif. — Experian recently launched an updated version of its Collections Triggers. The new version was designed to provide collectors with notification when a debtor's ability to pay appears to be improving. This can be especially critical for financial services organizations looking to optimize late-stage and charged-off receivables, according to officials. "Most consumers who […] [Read More]

WASHINGTON, D.C. — The American Financial Services Association recently shared its latest information on happenings in the auto industry, touching on dealers' acceptance of e-contracting, New York leasing suit and more. AFSA Vehicle Finance Panel Tackles E-Contracting At the recent AFSA Vehicle Finance Conference, one of the highlights was a panel featuring Gary Lorenz, Wells Fargo […] [Read More]

NEW YORK — Chase, Capital One and Wells Fargo recently released data showing how each company faired during the full-year and fourth-quarter. In each company's respective report, executives took time to discuss the performance of their auto finance segments. As results from larger, national players can in some ways be indicative of how the market is […] [Read More]

SOUTHFIELD, Mich. — Established 15 years ago in Michigan, Automotive Credit Corp. began by providing indirect lending services to a select group of dealers in the state. Today, the regional lender works with both franchised and independent dealers and has slowly expanded its geographic footprint from its Midwest base to cover 11 states: Michigan, Ohio, Indiana, […] [Read More]

BATON ROUGE, La. — AppOne recently reported on its growth that occurred during 2006, saying it focused on increasing participation in its dealer and lender networks and continued the national rollout of its products and services. An overview of the company's expansion for the year included: —A 259-percent climb in the number of independent dealers in […] [Read More]