SAN DIEGO — Subprime retail sales will continue to increase in the coming years, and the inevitable result — a rise in repossessions — will fuel growth in the subprime wholesale market, agreed a panel of subprime lenders at the National Remarketing Conference held in San Diego Nov. 1-3. The panel — which consisted of Randy Mayer, vice president […] [Read More]

BATON ROUGE, La. — AppOne recently announced the release of Menu One, a new feature that displays enhanced financing options or aftermarket products through the company's Web-based portal. The company also said it has teamed with First Advantage Credco to provide reports from all three credit bureaus. Additionally, AppOne recently formed an alliance with Genesys Systems […] [Read More]

DEARBORN, Mich. — Ford Credit Canada Limited announced that Ford Floorplan Auto Securitization Trust, a newly established securitization trust sponsored by Ford Credit Canada, has completed its initial public offering of asset-backed notes in Canada. The offering generated proceeds of approximately C$1.1 billion ($964 million), which the Trust used primarily to purchase a revolving pool of […] [Read More]

WASHINGTON, D.C. — In the months leading up to the American Financial Services Association's 11th annual Vehicle Finance Conference & Expo, the group has been busy honoring an auto finance veteran, naming new executives, installing a new chairman and more. The Vehicle Finance Division of the association will host its 11th Vehicle Finance Conference & Expo […] [Read More]

TRENTON, Maine — What better dealer management system for a buy-here, pay-here dealership than one created by those that specialize in the BHPH industry? At least, that was part of the Linnehan family's strategy when they introduced The ANSWER, an accounting-based DMS created through USA Computer Systems. "The genesis for The ANSWER was borne out of […] [Read More]

WESTLAKE VILLAGE, Calif. — The domestic automakers financing incentives earlier this year, which included zero-percent APR on 72-month loans even for subprime customers, are one factor contributing to the new popularity of 72-month loan terms in the new-vehicle financing business, according to Power Information Network's PIN Insights. According to PIN, 72-month loans recently surpassed 60-month loans, […] [Read More]

WASHINGTON, D.C. — Interest rates for new-car loans through auto finance companies dipped in the third quarter, coming in at an average of 3.24 percent, according to the Federal Reserve Board. More specifically, the measurement hit its lowest point of the year so far during July when it dropped to 2.07 percent. It slowly crept back […] [Read More]

WASHINGTON, D.C. — The American Bankers Association recently disputed some commonly held myths about the new bankruptcy law, which reached its one-year anniversary not long ago. Additionally, the association also discussed second-quarter late payments, including both direct and indirect auto loans. Commenting on the new bankruptcy law, the ABA said, "Bankruptcy reform has created a […] [Read More]

HOUSTON — The National Alliance of Buy-Here, Pay-Here Dealers is preparing for its two-day collection academy in Atlanta, Jan. 10-11 at the Manheim DRIVE Center. One of the highlights of this year's event will be some newly introduced benchmarks from NABD. The benchmarks will feature statistics such as: which customers work best for business; what […] [Read More]

CHESTER, Pa. — Wells Fargo Auto Finance recently announced the winners of its Stagecoach Awards for the third quarter. The recipients of this award were recognized as Wells Fargo Auto Finance's best dealers and selected from nearly 21,000. This is the seventh installment of the Stagecoach Award. It was first awarded in March 2005. Winners […] [Read More]