SACRAMENTO, Calif. (June 26, 2006) — U.S. Bank announced it has named Tom Pritchard president of its dealer commercial services division. Before his promotion, he served as national market manager for the bank's dealer commercial services unit. Company executives said Pritchard is a 26-year veteran of banking, with experience primarily in dealer finance. In his […] [Read More]

ORLANDO, Fla. (June 23, 2006) — MenuVantage recently announced it has enhanced its Web-based menu selling system to allow dealers to fine-tune each F&I product presentation for the specific payment needs of each customer. The new product rollback feature is designed to offer F&I managers "goal seeking" capabilities, which automates the entire payment calculation process […] [Read More]

RICHMOND, Va. (June 20, 2006) — CarMax announced Monday that its total first-quarter sales grew 19 percent to $1.89 billion from $1.58 billion in the same period of fiscal 2006. Moreover, comparable-store used unit sales increased 6 percent, according to company executives. Executives attributed the improvement to an overall curbing in wholesale prices, which had […] [Read More]

TORONTO (June 19, 2006) — GMAC recently took first place in dealer satisfaction in retail leasing and floor planning, while BMW Financial Services grabbed the top rank in retail credit for the second consecutive year, according to J.D. Power and Associates 2006 Canadian Dealer Financing Satisfaction Study. To compile the study, J.D. Power executives looked […] [Read More]

HANOVER, Md. (June 16, 2006) — More than 300 attendees, sponsors and exhibitors recently turned out for the National Automotive Finance Association’s 10th Annual Non-Prime Auto Finance Conference in Fort Worth, Texas. In his opening remarks, NAF Association Chairman John Scordo, of Centrix Financial, highlighted the fact that the non-prime market has grown to a […] [Read More]

FORT WORTH, Texas (June 16, 2006) — AmeriCredit Corp. recently announced the recipients of its Auction of Excellence program for the first quarter. Winners include: Midwest: ADESA’s Des Moines Auto Auction in Grimes, Iowa Northeast: Harrisburg Auto Auction in Mechanicsburg, Pa. Southeast: Manheim’s Greater Tampa Bay Auto Auction in Tampa, Fla. Southwest: Lubbock Auto Auction […] [Read More]

FORT WORTH, Texas — AmeriCredit announced it has funded its first Canadian auto loan and is working to re-establish itself as a competitor in the Canadian auto-lending market. In order to renew its lending business in the country, AmeriCredit said it established a new office for AmeriCredit Financial Services of Canada in Mississuaga, Ontario. The […] [Read More]

RICHMOND, Va. — CarMax announced that Thomas Folliard, current executive vice president of store operations, has been elected president, chief executive officer and member of the board of directors. Folliard succeeds Austin Ligon, who is retiring. Executives said Folliard, 41, was a key part of the team that developed and launched CarMax in 1993. He […] [Read More]

LAKE SUCCESS, N.Y. — DealerTrack announced its net income for the first quarter reached $3.4 million, up 66 percent from $2.1 million posted in the same period of 2005. Company executives highlighted the fact that their transaction volume in the subprime area was particularly strong. Executives noted that their net income results include a stock-based […] [Read More]

LAS VEGAS — The best odds in the house last month at the Las Vegas Hilton were not at the craps or blackjack tables; the best odds for the nearly 1,500 dealers from throughout the country were at the National Buy-Here, Pay-Here Conference. In those rooms where the talk was on the buying and selling […] [Read More]