LAKE SUCCESS, N.Y. — DealerTrack customers now have access to Red Flags Reporting. The Red Flags Rules are expected to be enforced starting Nov. 1.  The addition is designed to help dealers in providing an audit trail and ensuring employees are complying with the Red Flag Rules. DealerTrack's Red Flags Reporting can allow dealers to assess how each of their employees is […] [Read More]

SARASOTA, Fla. — CarBiz recently announced that it has appointed a new chief operating officer, and the company also reported that its second-quarter earnings climbed significantly year-over-year. Named as COO was Paul Whitley, who was previously the director of finance for CarBiz. "Paul is a great addition to the executive team," commented CarBiz chief executive officer […] [Read More]

NEW YORK — Sixty-plus-day delinquency levels on U.S. prime auto loan ABS jumped 10.4 percent in August to 0.85 percent, which approached the 10-year record high set back in the first quarter, Fitch Ratings reported this week. The decade high is 0.87 percent, which was recorded in the first quarter. Fitch attributed this surge in part […] [Read More]

WASHINGTON, D.C. — Although overall consumer delinquencies reached a record mark during the second quarter, auto loans — both direct and indirect — showed significant improvement during the period, according to the American Bankers Association. Specifically, direct auto loan delinquencies dropped 55 basis points to 2.46 percent, while indirect auto loan delinquencies were at 3.26 percent, compared with 3.42 […] [Read More]

DALLAS — Drive Financial rolled out its revamped finance program for dealers late last week, and some of the changes include restructured tiers and various provisions that give dealers greater flexibility in setting up deals for customers. To shed some light on the new program, Tom Dundon — chief executive officer of Santander Consumer USA — recently spoke […] [Read More]

IRVINE, Calif. — Consumer Portfolio Services announced it has acquired a new credit facility from Fortress Credit Corp. in the amount of $50 million. The facility will be secured by auto receivables that the company now has or will have after purchasing notes from dealers.  "We are very pleased with this new facility as it will […] [Read More]

DES MOINES, Iowa — Wells Fargo Preferred Capital announced it has provided Automotive Credit Corp. with a senior credit facility worth $50 million. "Wells Fargo Preferred Capital's industry knowledge and expertise gives us great comfort as we enter into a relationship with them," explained Jim Blasius, president and chief executive officer of ACC. "Their commitment to provide […] [Read More]

NEW YORK — While fears abounded about dealers' ability to pay floor planning, especially at General Motors and Chrysler, with sales being down so much historically, the early payment analysis is in. And largely, it is positive. According to DBRS, the performance of dealer floor plan asset-backed securities has proved resilient through the recession and "near […] [Read More]

OLD BRIDGE, N.J. — EZ Dealer Finance announced this week that it now has multiple used-car leasing sources for its application system. Ultimately, this means dealers have more options to offer to their customers. "We will give independent dealers more options to put their customers in vehicles and make it less likely that a customer walks," […] [Read More]

DALLAS — This morning, Vehicle Acceptance Corp. named a new national sales director and a new branch manager for its Carmel, Ind., location. Taking on the role of national sales director is Allan Couch, while Jeff Baldwin will lead the new office as branch manager. The company said Couch has years of experience with a Fortune 200 […] [Read More]