CARY, N.C. — As many lenders continue to maintain tighter underwriting and higher credit standards, hundreds if not thousands of dealers throughout the country continue to seek out new lender relationships to fill the gap, or they elect to enter the buy-here, pay-here business to fund the credit-challenged consumers themselves. In an effort to assist dealers, […] [Read More]

CARMEL, Ind. — J.D. Byrider has hired a new vice president to run the company's franchise development. Taking on the position is Michael Pearce. He will be responsible for increasing the number of locations by licensing new franchisees to J.D. Byrider's system, as well as bolstering growth in new markets. "During the past 20 years, we've developed […] [Read More]

DETROIT — While many dealers are halting CARS deals due to the government's slow approval and reimbursement, General Motors thinks it may have found a solution to keep dealers in Cash for Clunkers business. The automaker announced today that it will immediately begin providing cash advances on qualifying new-vehicle sales. Thanks to this, GM said its […] [Read More]

RALEIGH, N.C. — The challenges of the current economy have most industries reeling as they experience a decrease in activity. However, the repossession industry is experiencing the exact opposite. Activity is at an all-time high. That's because tough economic conditions call for tough decisions. And in today's economy, that means getting rid of assets. In 2008, […] [Read More]

WASHINGTON, D.C. — On Monday, the Federal Reserve Board and the Treasury Department announced that they have approved an extension in the Term Asset-Backed Securities Loan Facility. However, officials indicated that they do not foresee any additions to the types of collateral eligible for the facility. The extension date pushes TALF until March 31, 2010. "Conditions […] [Read More]

DALLAS — Vehicle Acceptance Corp. announced the addition of its newest branch office in Indianapolis, Ind. "This latest expansion of the nationwide subprime finance company is a strong indication of the healthy and growing buy-here, pay-here marketplace in the region," according to officials. "A stronger presence in the Midwest is vital to VAC's long term growth […] [Read More]

DALLAS — The purchase of an average-priced new vehicle took only slightly more median income than it did in the prior quarter, according to Comerica Bank's Auto Affordability Index. More specifically, it took 22.1 weeks of median family income in the second quarter, the index found. This reading is up 0.3 weeks, thereby representing a slight […] [Read More]

DALLAS — Peak Acceptance LLC has struck up a relationship with Payless Car Sales, in addition to dozens of franchised dealers, and is rolling out throughout the country, according to Rick Collins, a principal behind the company. The new lender was established by much of the management team behind Summit Acceptance, which was ultimately sold to […] [Read More]

SAUSALITO, Calif. — ChannelNet, a leading provider of Web-based customer loyalty solutions, announced today that it has now deployed 5 million personalized Web sites for the auto financing industry. Personal Web sites are basically provided to auto loan/lease customers and designed to take basic self-service functionality to the next step by providing a "truly relevant personalized online […] [Read More]

NORTH RICHLAND HILLS, Texas — Triad Financial recently announced that it has boosted its Better Business Bureau rating from "B" to an "A+," the best possible score. The BBB bases ratings on the number of consumer complaints filed against a company and how well those complaints are resolved. Triad is a long-time accredited BBB member, but […] [Read More]