WOODCLIFF LAKE, N.J. — BMW Group Financial Services of North America recently announced that up2drive.com has been selected as a finance offering on Edmunds.com. An auto financing Web site that features convenient loan services, up2drive.com is designed to empower consumers through every step of the car buying, refinancing and selling process. Launched last September, up2drive.com marked […] [Read More]

LAKE SUCCESS,  N.Y. — The legal battle between DealerTrack, RouteOne and Finance Express is slowly, but surely, coming to a head. In an important hearing held early last week, each company claims a judge found in its favor on certain aspects in contention. In response to the rulings by judge Andrew Guilford, of the U.S. District […] [Read More]

NEW YORK — GMAC Financial Services reported a 2008 second quarter net loss of $2.5 billion, compared with net income of $293 million last year. This downswing was largely due to industry-wide declining residual values on its off-lease portfolios in North America. More specifically, the results in the quarter were impacted by a $716 million impairment of […] [Read More]

HOUSTON — The National Alliance of Buy-Here, Pay-Here Dealers recently announced the launch of a new BHPH employment bulletin board on its Web site. Prospective employees can post their resumes for free, officials pointed out. Applicants can also request that their names not be disclosed to prospective employers without their permission. Employers who are interested […] [Read More]

SARASOTA, Fla. — During the reception on Monday evening of the 2008 Special Finance Convention, which will be held in Dallas Aug. 17 to 19, an awards ceremony for the inaugural group of inductees into the Special Finance Hall of Fame will be held. The Special Finance Hall of Fame will annually induct individuals or companies […] [Read More]

FORT LAUDERDALE, Fla. — Southern Auto Finance Co. announced late last week that its board of directors has named Brian Switalski as company president. In this role, he will be responsible for executing the Company's day-to-day business activities.  Switalski, a seasoned automotive retail finance industry veteran, brings over 20 years of extensive industry knowledge and expertise […] [Read More]

CENTENNIAL, Colo. — Peak5 recently announced the addition of a new senior vice president of operations. Taking on this role is Todd Klem. Klem has extensive experience managing call center and collection processes over the last 20 years. He most recently ran the collection operation in Denver for CitiFinancial Auto. Klem is responsible for overseeing the […] [Read More]

LOS ANGELES — Westlake Financial Services announced it has expanded into three additional states, including North Dakota, South Dakota and Montana. With these three new states, Westlake said it will now originate auto loan contracts in 34 states throughout the United States.  Contracts in these additional states will be accepted beginning Aug. 1. "This expansion furthers […] [Read More]

CHERRY HILL, N.J. — Subaru and Subaru Motors Finance recently announced the launch of a new GAP product for franchised dealers. Subaru Equity Shield is a product designed to protect Subaru customers against unforeseen losses. It is distributed through Subaru Motors Finance and sold exclusively on Subaru vehicles through participating franchised dealers. Marc Sheinbaum, chief […] [Read More]

DEARBORN, Mich. — Ford Motor Credit completed its North America operating lease review over the second quarter and reported today that it is taking a hefty hit after discovering that lease-end residual values will likely be significantly lower than previously expected for full-size trucks and SUVs. In fact, the company is reporting a pre-tax impairment charge […] [Read More]