FARMINGTON HILLS, Mich. — Daimler Financial Services Americas announced Monday its plans to restructure its customer service, collections and remarketing operations of the Mercedes-Benz Financial sector in Westlake, Texas. Details of the plan include moving 180 positions of the Daimler Truck Financial sector in Lisle, Ill., and 35 other Mercedes-Benz Financial employees from various offices nationwide […] [Read More]

OSHAWA, ONTARIO — General Motors of Canada announced late last week it is offering several new deals for consumers. Included in these incentives are the following: —Coverage for a 1 percent GST reduction for cash/finance customers until the updated GST rate is implemented Jan. 1. —Cash incentives ranging from $1,500 to $10,000 on such models as […] [Read More]

POWAY, Calif. — First Advantage CREDCO announced Monday it has partnered with software company Advent Resources. As part of this deal, the company is planning to use Advent Resources customer relationship management program in its prospector Internet, bankruptcy and lead operations. Officials note that the incorporation is designed to help dealers more efficiently pursue and manage leads in […] [Read More]

DETROIT — Comerica Bank released its Auto Affordability Index for the third quarter late last week and found that the relative cost for an average-priced new vehicle for families has increased, though only by a small margin, and that families are making more money, as well. According to officials, to purchase such a vehicle, it would […] [Read More]

PASADENA, Calif. — VantageILM announced late last week it has hired a new national director of sales. Filling the position is Jim Kubera, who comes to the company from Hyperion Software. Kubera's responsibilities are slated to include management of sales- and marketing-related functions, employing a strong sales team and executing marketing and sales strategies. "As VantageILM's […] [Read More]

ATLANTA — L2C recently launched a new feature that can help auto lenders, according to the company. The function, Link2Credit Score, is designed to provide lenders better appraisal tools in determining risks of potential borrowers. The program, which has been available since June, has capabilities for assessing both prime and subprime loans. The software is designed to […] [Read More]

LAKE SUCCESS, N.Y. — DealerTrack Holdings revealed its third-quarter financial results late last week and found that transactions processed are on the upswing, officials reported. The number of transactions processed increased to 23.8 million last quarter, hiking 26 percent from this time last year, officials noted. Total subscriptions also saw a significant rise to 27,469, a […] [Read More]

WASHINGTON, D.C. — As many in the industry are aware, the final red flag rules go into effect on Nov. 1 of next year. Are dealers and financial institutions prepared? SubPrime Auto Finance News interviewed several experts this week to get an overview of what exactly the rules mean to dealers and financial institutions and how these […] [Read More]

SCHAUMBURG, Ill. — According to the latest data from Experian Automotive, the top 10 lenders represented 30.31 percent of all financed used vehicles in July. Melinda Zabritski, director of Automotive Credit for Experian Automotive, explained that while the top lenders lead the market in volume, their buying patterns are significantly varied. "GMAC, Toyota Financial Services, […] [Read More]

SOUTHFIELD, Mich. — Reporting its third-quarter results, Credit Acceptance indicated that its loan portfolio grew; however, increases in operating expenses and finance charges that expanded slower than loan receivables led the company to report lower income than the prior year. For the period, the company posted net income of $14.7 million, compared with $15.3 million […] [Read More]