SOUTH AMBOY, N.J. — DCH Auto Group asked its dealerships to be creative to generate funds for relief efforts in earthquake-hit Haiti. Some stores responded with a campaign centered on carnations; another focused on the chance to dress down. At DCH Tustin Acura in Tustin, Calif., the dealership ran a campaign called, "Carnations for Donations." Customers […] [Read More]

REDWOOD CITY, Calif. — In an effort to help lenders save costs, OPENLANE and the American Recovery Association recently created a program to sell repossessed vehicles online. The centerpiece of the remarketing program is providing recovery agents the chance to auction vehicles online for lenders directly from their lots. Officials from both organizations contend that their program can help […] [Read More]

FARMINGTON HILLS, Mich. — RouteOne recently completed an integration to process credit applications electronically for a North Carolina-based lender. Dealers who conduct lender services through Regional Acceptance Corp. can now use RouteOne's platform for a reduced fee. Regional Acceptance is a wholly owned subprime lending subsidiary of BB&T Corp., a financial holding company with assets in excess […] [Read More]

SOUTHFIELD, Mich. — While Credit Acceptance announced last week that it intended to offer $225 million of first priority senior secured notes due in 2017, the company came back out this week saying that it has priced $250 million of these notes. The issue price is 97.495 percent of the principal amount of the notes. The […] [Read More]

HOUSTON — After being cautious amidst the turmoil of the economy, First Investors Financial Services' chairman and chief executive officer told SubPrime Auto Finance News on Monday that his company is growing again, including expanding both originations and dealer base. While he couldn't give specifics about the planned growth, he said it will be done in […] [Read More]

IRVING, Texas — Steadily rising amounts of auto loan defaults aren't necessarily translating into plenty of business for all repossession agents. That's the assessment of Les McCook, executive director of the American Recovery Association. In fact, McCook shared recent conversations with member agents and other industry leaders that revealed two startling assessments. He indicated that often […] [Read More]

RALEIGH, N.C. — Consolidated Asset Recovery Systems is often asked how lenders can address escalating charge-offs and losses. You may find the answer surprising. Basically, CARS provides managed repossession and remarketing services. The company is at the forefront of an industry that has been greatly impacted by the recent economic crisis and is seeing dramatic changes […] [Read More]

CARMEL, Ind. — ADESA Atlanta and ADESA Jacksonville are collaborating next month for a two-day heavy-duty truck and equipment sale that will take place at two separate facilities in Florida. There will be a total of more than 500 units offered during the event, which will be open to both dealers and the general public. The […] [Read More]

RICHMOND, Va. — In what could be a potentially good sign for the used-vehicle industry, CarMax said late last week it looking for candidates to hire for roughly 600 store positions throughout the nation, with a majority being sales jobs. CarMax is also looking to hire in service operations, the business office and purchasing. The company emphasized […] [Read More]

McLEAN, Va. — NADA Used Car Guide is offering a free online seminar this week that can show dealers strategies for improving their appraisal processes. The "Best Practices for a Dealer's Appraisal Process" will be held at 1 p.m. (EST) Tuesday and is designed to demonstrate how vital the right appraisal can be in boosting customer satisfaction […] [Read More]