RANCHO SANTA MARGARITA, Calif. — Finance Express, which provides Web-based financial services and technology to independent dealers, announced that Universal Special Auto Finance has joined its platform. "The strength of Universal Special Auto Finance rests on the strength of our business partners," said John Scordo, executive vice president of business development for Universal Special Auto Finance. […] [Read More]

DETROIT — Now that GMAC is no longer linked exclusively to General Motors, it plans to grow its portfolio, moving from defense to offense. While plans are not set in stone, one opportunity the company plans to pursue is expanding its indirect auto lending to non-branded stores owned by dealers who also have GM-branded stores, […] [Read More]

FORT WORTH, Texas — As a part of AmeriCredit's growth plan, it announced its subsidiary, AmeriCredit Financial Services, is in the process of purchasing Long Beach Acceptance Corp., the near-prime auto finance subsidiary of ACC Capital Holdings. AmeriCredit Financial Services said it is currently acquiring all outstanding capital stock of Long Beach. The purchase is an […] [Read More]

Eden Prairie, Minn. — Van Wagenen Financial Services has teamed up with Lee & Mason of Maryland to provide insurance and tracking services to financial institutions. As a part of this partnership, both companies' sales forces will be combined into a single entity, executives announced. "We are particularly enthusiastic about the synergies that arise from this […] [Read More]

HARRISBURG, Pa. — Independent dealers in the Keystone State will now have the opportunity to meet and discuss examination and licensing issues with the Commonweath Department of Banking staff at education sessions hosted by the Pennsylvania Independent Auto Dealers Association. "We have been able to arrange a great opportunity for PIADA members," said Jeff Dreier, the […] [Read More]

LAKE SUCCESS, N.Y. — DealerTrack Holdings recently announced that transactions processed through its DealerTrack network for the third quarter came in at 18.8 million, a 29 percent increase from about 14.6 million in the third quarter of 2005. DealerTrack Holdings also reported that GAAP net income for the third quarter reached $5.6 million, up from […] [Read More]

PORTLAND, Ore. — Compli, the National Independent Auto Dealers Association and the American Financial Services Association recently offered input on the proposed Red Flag Rules to educate dealers and executives in the industry on the upcoming changes. Compli said it is reaching out to dealerships to alert them to the potential requirements imposed by pending Fair […] [Read More]

HOUSTON — Everyone knows how important banks and financial institutions are to our national economy and to the capital markets. However, few people are aware of another emerging market called "alternative financial services," which now includes an estimated 80 million unbanked or underbanked consumers. What is the alternative financial services marketplace? The following table illustrates what services […] [Read More]

ALBANY, N.Y. — Chase Auto Finance announced it has opened a new Custom Finance Business Center in Albany to better meet the need of dealers in the upstate New York area. Anji Trinci will manage the new office at 1 Marcus Boulevard, Suite 103 in Albany. She and the center's credit team have more than 40 […] [Read More]

LITTLETON, Colo. — PassTime recently announced a partnership with CAR Financial to connect both companies to a larger network of dealers. Additionally, PassTime said it has teamed up with Automatic Data Processing to provide disclosure forms through ADP's F&I eForms Library. Through its recent partnership with PassTime, CAR Financial said it is now purchasing and servicing […] [Read More]